GOLF MEMBERSHIP TRANSFER POLICY - Golf Fusion

GOLF MEMBERSHIP TRANSFER POLICY
Amended and Restated
Effective January 1, 2007
Approved by the Board of Directors November 30, 2006
Procedures for Purchasing a Membership
APPLICATION: A prospective buyer must complete an application form and submit it with a $500
Administrative Fee and a $1,000 Pre-paid Membership Fee to the Membership Coordinator. The application
must list the names and phone numbers of two referring members. If the applicant does not have two
sponsoring members they can meet with the Membership Committee for sponsorship. The Membership
Coordinator will first forward the application to the Membership Committee for approval. Once approved, the
Membership Coordinator will complete the sale. Applications received prior to the last day of the month will
be eligible for memberships that commence on the first of the next month.
FORMS: Purchase Bid: A prospective buyer must complete and sign a Purchase Bid form, which includes
the buyer's membership purchase bid amount. A notice to the prospective buyer is included on the form
stating that if a bid is accepted by a selling member and the bid is then withdrawn by the bidder; all pre-paid
fees are forfeited.
PRIORITY: The Purchase Bid form will be time/date stamped as soon as received to break possible ties in
bidding. The earliest time/date stamp will receive priority if more than one bid is received on the same day
and/or if a bid of the exact amount is currently on the “open” bid list. Once the bid has been received, it will
be offered to existing sellers listed on the sellers list. If the bid is declined by all sellers, it will then be placed
on the “open” bidders list in bid amount order from highest to lowest amount.
BIDDING AMOUNTS: Prospective buyers will be given the price of the next membership currently for sale.
If the buyer submits a Purchase Bid that does not match that Offer For Sale, the Membership Coordinator
will call the first priority seller with the Purchase Bid price. If first priority seller does not accept the lower
Purchase Bid amount, the Membership Coordinator will continue to call all sellers in priority sequence who
currently have an Offer For Sale submitted until a match is made. If the Purchase Bid is not accepted by any
seller, the Purchase Bid will remain “open” on file to be matched with new Offer For Sale forms that are
submitted. Prospective sellers may have up to 24 hours to consider counter offers if requested. If the
Membership Coordinator is unable to make any contact with first priority seller within 48 hours of the receipt
of the Purchase Bid, the Membership Coordinator will go on to the next Offer For Sale in priority sequence.
The last three sales amounts will be disclosed.
CHANGES: Purchase Bid amounts may be changed by exchanging an existing Purchase Bid form for a
newly completed one. The full $1,000 Pre-paid Membership Fee will be transferred to the new form, which
will receive a current time/date stamp. Re-bidding maybe done as often as every 10 days in minimum
increments of $1000 and for a maximum of 3 times without payment of an additional $500 administrative fee.
When an “active” bidder re-bids, the current high bid will be disclosed to them prior to the submission of their
new bid.
PAYMENT OF FEES: The total amount indicated by the prospective buyer on the Purchase Bid form will be
paid in two parts. The $1,000 Pre-paid Membership Fee will be submitted with the application and the
balance will be payable no later than the last day of the month prior to the date the membership is to take
effect.
WITHDRAWING A PURCHASE BID FORM: If the Club is not holding an Offer For Sale form that meets the
amount indicated on a Purchase Bid form the prospective buyer may withdraw it and the full Pre-paid
Membership Fee will be refunded.
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GOLF MEMBERSHIP TRANSFER POLICY
Amended and Restated
Effective January 1, 2007
Approved by the Board of Directors November 30, 2006
Procedures for Selling a Membership
FORMS: Offer For Sale Golf Members wishing to sell must complete and sign an Offer For Sale form and
submit it to the Membership Coordinator. The form includes the Selling Price and a notice to the seller that a
$500 Cancellation Fee will be assessed by the Club against the member if said member requests for any
reason that their Offer For Sale be withdrawn after a Purchase Bid form has been received by the
Membership Coordinator that meets or exceeds the minimum acceptable selling price indicated on the Offer
For Sale form.
PRIORITY: All properly completed Offer For Sale forms will be listed by price from Lowest to Highest then
by date submitted in order to break any ties.
PRICING: A Member may sell a membership for any amount desired. However, the Transfer Fee to be paid
to the Club will be 50% of the sale price. The price of all memberships currently for sale will be disclosed to
sellers once they have submitted their signed Offer For Sale form. Please note that all Charter
Memberships will follow the guidelines set in the Club Bylaws Section 3.10 (b) (1)
CHANGES: Minimum acceptable selling prices may be changed by exchanging an existing Offer For Sale
form for a newly completed one, which will receive a new time/date stamp. Such exchanges may be done
only once every 15 days in minimum of $500 increments and for a maximum of 3 times.
PROCEEDS AND TRANSFER FEE: If the amount on a Purchase Bid form that has been properly matched
with an Offer For Sale form exceeds the minimum acceptable selling amount on the Offer For Sale form, the
sale will be processed at the higher amount. The Transfer Fee paid to the Club will be based on the actual
amount of the sale. Proceeds from the sale will be sent to the seller approximately 15 days after the
membership transfer takes place.
REJECTING AN ACCEPTABLE PURCHASE BID: If a Purchase Bid is received that meets or exceeds the
Offer For Sale amount and the member is officially notified but rejects the acceptable Purchase Bid, the
member's Offer For Sale form is deemed withdrawn and a $500 Cancellation Fee will be paid to the Club.
WITHDRAWING AN OFFER FOR SALE: A seller may withdraw an Offer For Sale without penalty if it hasn't
been matched with an acceptable Purchase Bid form. Withdrawal of an Offer For Sale must be submitted in
writing to the Membership Coordinator.
MATCHING BIDS AND OFFERS FOR SALE:
All Offer For Sale and Purchase Bid forms will be held in strict confidence by the Membership Coordinator.
Information on open bids and offers will not be available to the membership or the public; however the last
three sales amounts will be published in the monthly newsletter. New sellers will be notified of the highest bid
on the “open” bidders list as their offer for sale forms are submitted. If a new seller rejects the highest bid
they will be listed on sellers list by amount and date. Sellers on the sellers list, regardless of priority, may
reconsider and accept the top bid on the ”open” bidder list at any time. Unmatched bids and offers will stand
as "open" unless formally changed or withdrawn.
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