Membership Transfer Policy
Policy for Transfer of Member Homes at Time of Sale & Prorating for New Members
1)

In the event that a home owned by a Full Member of the Studdiford Property Owners' Association (FM) is sold.

Membership Chairperson sends a letter to closing attorneys verifying that Dues have been paid in full through December of that year, and at the closing the Buyers write a check to Sellers for the annual Dues prorated for the remaining months of the membership year. This is a legal transaction entirely between Buyer and Seller at the closing that is managed in the same way as Property Taxes.

2)

In the event that a home owned by an Associate Member of the Studdiford Property Owners' Association (AM) is sold.

The Membership Chairperson sends a letter to closing attorneys verifying that Dues have been paid in full through December of that year by the Seller at a "grandfathered" rate of $143.75, a level which existed only for homeowners who joined the Association prior to October 15, 2000. At the closing, the Buyer of the home must write two checks: 1) a check to the Seller, a portion of the $143.75 dues prorated for the remaining months of the membership year (see "B" below), and 2) a check to the Studdiford Community Association for the portion of the Full Member Dues (currently $575) prorated for the remaining months of the year minus the amount paid back to the Seller (see "A" minus "B" below). It is currently calculated as follows:

A) Calculate the remaining days of the membership year times $1.56 ($575 FM Dues divided by 365 days) to arrive at the amount payable for the Studdiford membership.

B) Calculate $143.75 divided by 365 days times the number of days remaining in the membership to determine how much money is owed to the Seller.

C) At the closing, the Buyer writes a check to the Seller for the amount due to the Seller (B). That amount is subtracted from the amount owed for the membership (A) to arrive at the amount due to Studdiford Community Association.

3)

In the event that a home owned by an Associate Member (AM) upgrades to Full Membership (FM).

When an AM chooses to upgrade to FM, the Full Member Dues will be calculated based on which month the change is initiated as follows:

During January through June, the AM would pay 100% of the FM Dues minus what was already paid in AM Dues. (Current FM Dues are $575 and AM Dues are $143.75, so an AM upgrading in May would pay $431.25)

During the month of July, the AM would pay 80% of the FM Dues minus what was already paid in AM Dues. (Current FM Dues are $575; 80% of $575 is $460; and AM Dues already paid would be $143.75, so an AM upgrading in July would pay $316.25).

During the month of August and any time thereafter, the AM would pay 60% of the FM Dues minus what was already paid in AM Dues. (Current FM Dues are $575; 60% of $575 is $345; and AM Dues already paid would be $143.75, so an AM upgrading in August through December would pay $201.25).

4)

In the event that a home owned by an Outside Studdiford Swim & Tennis Club Member (OM) is sold.

All Dues are non-refundable.  Membership is transferable.

We will clearly state the following in all Outside Member solicitation materials:

"All fees are nonrefundable." AND "Memberships are transferable to Buyers/New Owners of enrolled properties." Outside Members have the option of negotiating the transfer of their property to the Buyer in an effort to recoup paid Dues. Studdiford Swim & Tennis Club will provide a Transfer of Membership/Enrollment Form that must be completed by the Buyer and signed by the Seller authorizing the transfer.

5)

In the event that families from Woodfall or other non-Studdiford neighborhoods ("Outside Member", or OM) want to join mid-year, the fees are calculated as follows:

From January through March, the OM dues are $575.00 for the calendar year (equivalent to Full Member dues).

From April through June, the OM dues are $632.50 for the calendar year.

During the month of July, the OM dues are $506.00 for the calendar year.

From August through December, the OM dues are $379.50 for the calendar year.


Note:  Outside memberships run from January 1 to December 31 of a calendar year.  Per Diem prorated refunds will be granted when requested in writing before May 31; after this date, no refunds will be granted.