The owner's legal right to develop the property, subject to law and regulation. An owner of land holds a bundle of various rights, including the right to develop the land. When a person conveys his “development rights” to a land trust, for example, he gives up his right (and the right of his heirs and successors) to develop the land. At the same time, the land trust or other recipient itself does not obtain the right to develop the property. Technically, the land trust obtains only the legal right to prevent future development of the property. (See also conservation restriction and fee simple.)