What many people do not realize is that by utilizing a lease-to-own purchase, they can afford their dream home though it may initially look beyond their means. By using this facility, there are some benefits that you can enjoy, one of which is that it gives you time to repair your credit.

Most of the lease-to-own companies will work with you notwithstanding your imperfect credit. During the course of the lease-to-own period which usully runs between 2 to 3 years, the company will work with you to help repair, rebuild and re-establish your credit. Through this method, it is envisaged that by the time the term is complete, your credit would have been in a much better standing to qualify for mortgages.

Using lease-to-own also allows you to start home ownership with less down payment. If raising 10% down payment beyond your means, you can look at lease-to-own homes where the usual rates are between 3% to 5% for down payments.

Lease-to-own homes also allow you to lock into the purchase price of today as the price of the house will not fluctuate but rather, is tied down to the lease-to-own purchase agreement.

Legal Title
In the Deed system, the legal title on the estate passes upon the act of parties. In the Torrens system, the legal title passes upon the act of the State i.e. when the relevant authorities make an endorsement indicated the transfer of legal title.

Title
In the Deed system, the title to the land is manifested through the chain of deeds. In the Torrens system, the Issue Document of Title (also commonly known as the Land Grant) provides the record of the ownership.

Convenience
In the Deed system, a potential buyer for the piece of land would have to sieve through various sale and purchase agreements and deeds to satisfy himself that the vendor is the current owner. In the Torrens system, a search at the registry would indicate the ownership.

Adverse Possession
The doctrine of adverse possession is recognised in the Deed system. Not so in the Torrens system.

Security
As security for lending and similar transactions, the owner mortgages and conveys the land to the mortgageee. In the Torrens system, the title continues to be vested in the owner. The register merely shows that the title has been pledged (charged) to the chargee.

Just like any other business, it is important that such property owners ensure that they protect their interests by entering into a good and solid leasing agreement with their tenants. Drafting a leasing agreement is not as simple a task as writing a letter. Various terms and conditions have to be drawn up to protect the interests of both parties. A trip to the solicitors’ office may be necessary.

Nowadays, there are ready-made lease agreements or lease forms which are available for free for everyone’s use. There are thousands of lease forms available online but make sure that you insert all the specific details and amend them where necessary. Some wonder where can one find such ready-made leasing agreements or leasing forms. Just search the net.

When in doubt, there is nothing better than to seek your solicitor’s advice.

There are four main pieces of legislation governing land matters in Malaysia namely, the National Land Code (Penang and Melaka Titles) Act 1963, the National Land Code 1965, the Sarawak Land Code and the Sabah Land Ordinance. By reason of the codifying of the law pertaining to land matters, the application of doctrines of equity relating to English land tenure is not permitted. Section 6 of the Civil Law Act 1956 prohibits the usage of English land law and rules of equity relating to the same in Malaysia but equitable principles which do not conflict with the general framework of the Torrens system may be applicable.

“Loveless to Leiper’s: The Natchez Trace Corridor Initiative” identifies loosely the boundaries of the target area – beginning at the famous Loveless Motel and Cafe near the northern terminus of the national park to the Tennessee Valley Divide, just south of Leiper’s Fork, a registered National Historic District in Williamson County.

The Natchez Trace Corridor encompasses some 10,000 acres in the westernmost section of Davidson County and southwest Williamson County. The area includes the original Natchez Trace footpath as well as 26 buildings that are listed on the National Register of Historic Places.

The original Natchez Trace was a 500-mile wilderness trail, stretching from Natchez, Miss., to Nashville, Tenn. In the 1700s, the Middle Tennessee portion of the trail was dubbed “Chickasaw Trail” by the residents of Fort Nashborough because it went through the Chickasaw Nation territory.

As the trail ventured southwest through what is now Alabama and Mississippi, the British maps of the late 1700s called it the “Path to the Choctaw Nation,” signifying the Choctaws control over that portion of the pathway.

In the early 1800s, the “Trace” was used as a supply road and by boatmen who navigated from the uppers of the Ohio River down to New Orleans where they sold their flatboats and goods, then made their way home on foot or horseback. A perilous journey through Indian Territory and riddled with bandits, the trail later earned the nickname “Devil’s Backbone.”

“Today, the Natchez Trace Corridor is a working landscape of farms, historic lands and homes and natural water and wildlife resources. Our goal is to protect this special and irreplaceable region for future generations,” said Jean C. Nelson, president and executive director of the Land Trust for Tennessee.

The non-profit Land Trust was founded in 1999 by current Tennessee Gov. Phil Bredesen and works with willing landowners to preserve the scenic and natural values of their land.

Currently, the Land Trust has some 2,000 acres of protected land within the “Loveless to Leiper’s” project boundaries. As important, said Nelson, is to focus on protecting the scenic land immediately adjacent to the Natchez Trace Parkway. The state’s laws for scenic highways only restrict building heights to 35 feet within 1000 ft of the Parkway’s boundaries, leaving many of the scenic views vulnerable to development.

“Most people who travel the Parkway likely believe the adjacent land is protected by the National Park Service, but it isn’t. To protect those views and the land for future generations, it is imperative that we all focus now on this area before development begins to creep in,” Nelson said.

LTTN officials have met with the superintendent’s office of the Natchez Trace Parkway, based in Tupelo, Miss., to discuss the project. LTTN has also held briefings with Williamson County officials and nonprofit organizations, including the Franklin/Williamson County Chamber of Commerce, the Heritage Foundation of Franklin and Williamson County, the Harpeth River Watershed Association and the Williamson County Planning Commission.

“The ‘Loveless to Leiper’s’ project needs to be a public-private partnership to be successful. We are continuing to engage land owners in conversation about our vision, and many in the business community and county government are willing to assist us to make this a success,” Nelson said.

Much of the project scope will include landowner education, donated conservation easements, property re-sales to conservation buyers, and limited development with open-space conservation where appropriate.

The donated conservation easement serves as the Land Trust’s primary tool for conserving land. A conservation easement allows a willing landowner to achieve three important goals: keep ownership of the land, conserve the important assets of the land through customized restrictions on future development and obtain certain tax advantages.

“For years, there has been a series of tax incentives for conservation easements. Just recently, Congress voted to and the President signed into law a new set of tax incentives that are significantly enhanced. These are, however, short-lived federal tax incentives, so we believe there has never been a better time for a landowner to join us in this conservation effort,” Nelson said.

The new tax rules, in effect only through the remainder of 2006 and until Dec. 31, 2007, raises the maximum deduction a donor can take for donating a conservation easement from 30 percent of their adjusted gross income (AGI) in any year to 50 percent, and allows qualifying farmers and ranchers to deduct up to 100 percent of their AGI. The regulations also extend the carry-forward period for a donor to take tax deductions for a voluntary conservation agreement from 5 to 15 years.

The Glen Leven estate is the largest piece of Nashville’s Civil War battlefield still intact, said Civil War preservation expert Doug Jones.

Susan McConnell West, who died Nov. 26, left Glen Leven to The Land Trust for Tennessee in her will, officials said. The Greek Revival house, built in 1857, is on Franklin Road south of Thompson Lane.

West’s will stipulated that the land can never be developed or subdivided. The decision thrilled historic preservationists, open-space advocates and people who simply don’t want to see another important site give way to retail development or condominiums.

“It’s just another incredible opportunity for the city, for the state,” said Jones, a board member and immediate past president of the Battle of Nashville Preservation Society.

“This is national news. Anybody who’s interested in American history should be extremely pleased about what has occurred.”

Home’s future undecided

The Land Trust for Tennessee, a not-for-profit organization, typically works to save large tracts of land through conservation easements, which put permanent restrictions on future uses. It generally doesn’t acquire houses, president and executive director Jean Nelson said.

The house and 65.94 acres are appraised for tax purposes at more than $1.08 million, according to the Davidson County property assessor’s office. Tax appraisals are typically lower than a property’s open-market value, especially if the property is ripe for development.

Land trust officials just received the Glen Leven property in the past three weeks and haven’t decided what they’ll do with the home, Nelson said.

They plan to gather public input and review Oak Hill zoning ordinances before making any decisions.

“This is a holiday present to the community,” Nelson said in a telephone interview.

Preservation ‘amazing’

Glen Leven was built using handmade bricks by John Thompson, a wealthy businessman and landowner for whom Thompson Lane is named. West was a great-great-great-granddaughter of John Thompson’s father, Thomas, who arrived at Fort Nashborough in 1780.

The two-story house stood between the Confederate and Union lines at the start of the Battle of Nashville in December 1864. It served as a hospital for Union troops after the battle moved south; one story has it that the piano became an operating table, though it’s not clear if that’s fact or legend, said David Currey, executive director of nearby Travellers’ Rest Plantation.

Nelson said in a news release that the road from The Hermitage to Travellers’ Rest apparently ran along the back of the property that would become Glen Leven, “so we know Andrew Jackson likely traveled over this land to visit his friend, Judge John Overton, to discuss presidential campaigns.”

Jackson was elected president in 1828.

Not only is the land the largest existing piece of the Nashville battlefield, Jones said, it’s one of the largest remaining battlefield tracts in the South.

Metro Councilman Parker Toler, who heard about West’s decision at a meeting last week, said the land’s preservation has been “amazing.”

“It certainly is something we absolutely need to save, without a doubt,” Toler said. “It’s certainly a public asset.”

The bill, applicable for 2006-07 benefits:

* Raises the deduction a landowner can take for donating a conservation easement from 30% of their income in any year to 50%;
* Allows qualifying farmers and ranchers to deduct up to 100% of their income; and
* Increases the number of years over which a donor can take those deductions from 6 years to 16 years.

The Pension Protection Act of 2006, which contains the new conservation tax incentives, is now headed to the White House for President Bush’s signature.

“We hear from many family farmers who want to protect the land that they have lived and worked on for generations, as well and individuals who have recently purchased land to start a new family legacy.” said Jeanie Nelson, executive director of the Land Trust for Tennessee. “This new bill will help make permanent land conservation more financially possible for all of them.”

The Land Trust for Tennessee, like other conservation organizations nationwide, is thrilled by the new legislation. Since its founding, The Land Trust has been working with landowners and families in Tennessee to help them accomplish their conservation goals, often through individual conservation easement donations. They see the tax incentives as a way to thank landowners who sometimes give up millions of dollars in development rights to protect land that is special to them and their communities.

Using permanent conservation easements, The Land Trust for Tennessee currently protects 10,667 acres, the majority of which is in Middle Tennessee.

This special property is part of one of the most botanically rich coves in the South Cumberland Plateau. A portion of the cove, known as Shakerag Hollow, is owned by the University of the South and is well known and loved by students, alumni, hikers, wildflower enthusiasts and botanists from around the region. Recently, the unprotected portion of Shakerag Hollow went up for sale and the community – led by the South Cumberland Regional Land Trust (SCRLT) – raised $150,000 to purchase the property outright from the owners. In order to guarantee that it will be conserved in its natural state in perpetuity, SCRLT asked The Land Trust for Tennessee to create and accept a permanent conservation easement on the land. The property will now be given to The University of the South with the requirement that it will be kept in its natural state for passive enjoyment and academic study in perpetuity. The Land Trust for Tennessee will be responsible for the stewardship and monitoring of the conservation easement in order to ensure it protection over time.

According to Dr. E. O. Wilson, an internationally renowned botanist and author of numerous books on biodiversity, the protection of this cove means “that one precious remnant of the original forest area of the Eastern United States will remain in its original, pristine state.” Dr. Wilson, a biology professor emeritus at Harvard University, was so impressed by this area on a recent visit that he donated funds to purchase the first acre of land to kick off the fundraising campaign.

More than 400 individuals, businesses and organizations from around the state and across the country joined with SCRLT to purchase the property. The partnership between the SCRLT and The Land Trust for Tennessee created the momentum for a successful campaign and a guarantee of permanent conservation. The University of the South’s enthusiasm in accepting the property to protect the fragile resources means that the entire cove will be available for educational study and passive hiking as part of the University’s 10,000 -acre Domain.

Daniel Rather, who co-chaired the Shakerag Conservation Initiative with his wife Boo Rather, said with pride, “This is remarkable, the coming together of so many partners and supporters to see that this unique habitat and laboratory for botanical study to remains in its natural state. We are so grateful to everyone for their part. It is truly a community effort in the largest sense of the word.” Over the past 10 years, SCRLT has conserved 1,100 acres through local acquisition efforts including Bluebell Island and the Jumpoff Forest Reserve.

For The Land Trust for Tennessee, this is one of the best kinds of conservation projects; where so many came together on a coordinated effort to conserve such a unique and fragile natural area. According to Jeanie Nelson, president and executive director, “Working with SCRLT and the University of the South created such a wonderful example of cooperation. It was clear in everyone’s minds that this was one place that could not be permitted to slip away. We are delighted to work with committed partners on such a community-driven initiative. We see this is as a model for protecting vital habitat that means so much to so many people. As a state-wide organization committed to assist local communities in meeting their land conservation goals, this will be a shining star for many to draw encouragement from.” The Land Trust for Tennessee protects nearly 6,000 acres, primarily through the donation of permanent conservation easements and is active in 26 counties across the state.

On Earth Day 2004, this is the perfect type of celebration – one that is cause for joyful acknowledgement that this most special and unique place will remain as nature intends for the present and future generations.

Nancy Holland continues to work on the farm with her husband, 90 year-old Kermit Holland.

“This farm and the land mean everything to us. We don’t know what we would do if we could not pass this farm down to our family to continue to care for it. Working with The Land Trust for Tennessee has given us the confidence to know that our dreams can be realized for more generations of Hollands to farm this land,” said Nancy Holland.

The farm is 200 acres of row crops and pasture for their cattle, interspersed with small areas of woodland. It is in the midst of the community of McKenzie and will be an oasis of green as the community continues to grow. The next generation of this family is raising their children on the farm and they are active participants in the farm operation.

Jack Holland was the first in the family to contact The Land Trust and his sister, Jill Holland, has been the family contact throughout the process of completing the conservation easement. It has been truly a family affair with care and thought for future generations.

As committed family farmers, the Holland family know better than anyone the labor of love that is a part of farming life.

“It is a way of life,” said Jill Holland, “and not an easy one, but we are so fortunate to be able to take this step to show other farm families that there is a way to keep the land from development, and to meet the family’s needs while doing something important for the community. Our kids have had the chance to learn from an early age that hard work means something. We want to ensure that their family’s history will be preserved in the future.”

Jean Nelson, president and executive director of The Land Trust, wholeheartedly agrees with Jill and Nancy Holland.

“The Hollands are a wonderful family to serve as leaders in conserving Tennessee’s family farms. They know the reality of farming and also the importance of protecting this valuable resource of agricultural land and their family’s legacy. Each year, Tennessee is losing important agricultural land to other uses at one of the highest rates in the nation,” said Nelson. “It is important for The Land Trust and farmers to work together on voluntary options to keep land available for farming in the future.”