In Virginia, conservation easements are held by an outside party, under whatever agreement they make with the landowner. Usually costs the landowner to set up because the outside organization has costs associated with supervising the agreement for the next many years. How long it takes to set up depends on the organization, several are potentials. Easy enough to find out who could do it fastest. It's a contract between them and the landowner.
An alternative is a deed restriction, which is not enforced other than making the property unattractive to a buyer. It is the legal cloud that hangs over the property. Even legal deed restrictions can be challenged. And not all buyers will pay attention.
We have a third option, joining an Agricultural-Forestal District, which is a voluntary group of landowners who pledge to each other non-development. There is a set term, often 10 years.
The tax situation doesn't change, only the allowed use. My land is in the third option, but for other reasons peculiar to our county government.
Sounds like you should either enter into a sales contract between you and her, or she should pursue a conservation easement. Her heirs would inherit the mortgage she carried for you, salable to any interested buyer.
I'm assuming that there is no zoning prohibition against subdividing the land. If the local taxing authority is interested in non-development (as mine is), they can be a great source of information, particularly about choices for who holds a conservation easement.
BTW, conservation easement contracts are not foolproof. One landowner here thought the property was protected, sold it, and it didn't take long for the buyer to figure out how to get around a key provision. The seller, the county, and the holder of the conservation easement were mad, but nothing they could do about it.
Good luck. Get solid advice about whatever contract comes up.
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