Less-than-fee acquisition definition
Less-than-fee acquisition means the purchase of an interest in property that is less than the entire fee simple estate (which is one in which the owner is entitled to the entire property with the unconditional power of disposition during the owner’s life and which will descend to his or her heirs and legal representatives upon the owner’s death intestate). The most common less-than-fee acquisition alternatives are purchase of development rights, conservation easements, land protection agreements, life estates, and purchase of specific rights or interests.