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Membership Sale Advice

Posted In: Golf Forum

      • 使用者
        albatross on #19173

        If I am the holder of a corporate membership, how can I sell my membership without having to pay the extremely high transfer fee wanted by the club? Any suggestions would be greatly appreciated.

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      • 使用者
        sandy mcdivot on #26581

        @albatross wrote:

        If I am the holder of a corporate membership, how can I sell my membership without having to pay the extremely high transfer fee wanted by the club? Any suggestions would be greatly appreciated.

        Come now, are you seriously? You signed a binding contract with your Club which entitle it and you certain rights and one of them the members for X amount of money for membership transfer. It’s in the Contract, isn’t it? You signed it, didn’t you? You need a lawyer.

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      • 使用者
        cyril on #26579

        Simple. Marry someone and you will receive Dollar X for the “special service”. Add her/his name into the membership which is free, and you can demand for Dollar Y for the “additional name”. Hence you can sell your cake and eat it, and receive Dollar X+Y.

        I would like to know how can I avoid property tax, SSD, stamp duty, personal tax….

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      • 使用者
        albatross on #26582

        Hello Cyril and Sandy,
        While I appreciate your helpful words, perhaps a few details are needed. I purchased a corporate membership several years ago for a limited number of courses fro $360 000. An additional nominee was added a year or so later for $280 000. In order to increase the value of the membership, it was upgraded to add additional courses for another $360 000 a price we were assured by the club would not be altered. A month later an upgrade could be purchased for $120 000. Attempts to receive reimbursement from the club have gone unanswered. A total of of $900 000 has now been invested in the membership that is worth approximately $330 000 on the secondary market. While I certainly understand “market conditions” and “buyer beware”, I don’t believe that the management of the course has been forthright and has done little to retain membership value. My attempts are just to minimize my already considerable losses and to rid myself of any association with this particular golf club.

        I am now prepared for further cynicism.

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      • 參與者
        happygolf on #26578

        Your situation is analogous to someone who had initially bought a MH Dongguan gold membership and then later added another nominee and thereafter further upgraded to diamond, corporate with 2-nomiees.

        It is difficult to escape the transfer fee but I’ll give a suggestion (not sure if it works; just brainstorming)

        I think you can sell at two levels – membership level and company level.

        1. sell membership only – you cannot escape paying the transfer fee as there is a change of direct ownership.

        2. sell company – you may try to escape the transfer fee by: i) the company creating a list of authorized persons whereby even if you sell the company, those signatories won’t change (e.g. an accounting firm); and ii) creating two company layers and you just sell the top ownership. Having said, all these will need to be planned in advance. e.g. step 1) you tell the club that there will be a reorganization of your company but the ultimate beneficiary owner does not change; just the signatories change; step 2) several months later you quitely sell the higher level holding company.

        Although it might work, the buyer of the company will shoulder high risk and admin cost.

        Hope other forumers can give some finetuning to my suggestion.

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      • 使用者
        cyril on #26583

        Anyone willing to upfront a substantial amount of money, and with decent legal advice, will not walk into a legal minefield by helping seller to avoid transaction cost. Beside, there is also the cost of renominee fee although typically at 10% of transfer fee. I would say the simplest method is to rent it out hence you don’t need to deal with club management in future

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      • 使用者
        popo on #26584

        Most of the corporate membership is bought by a shell company with the intention to transfer the company as a whole.
        So the shell company has no business transaction.
        The only cost of transferring the ownership of the company is to pay the club for the change in nominee, which is normally much cheaper than the transferable fee.
        I hold 2 corporate membership in a club, and both were purchase this way.

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      • 使用者
        ck-golf on #26585

        好明顯樓主無用Shell Company 買啦…otherwise, 佢唔會問呢個問題…
        現架無計架啦…硬食轉名費(Transfer Fee) Instead of 更換提名人費 (Nomination Fee) …..深表同情 😥

        以下係小弟個人感受…大陸D球會真係RUN 得唔係好好…越大越衰…佢地只顧搵水而無視會員利益…D Sales 仲好煩添…呵呵~
        都係買番香港 D 球會有保證 D..

        如果唔係要招呼朋友/客人…大陸都係得閒去打下散波算… 🙄

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      • 參與者
        dts on #26580

        To me, if I consider to purchase membership, I would look at the 2nd hand market. It will be lower the lose as much as possible, even you resell afterthat.

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      • 使用者
        sandy mcdivot on #26586

        Blah, blah, blah. Come now, same club, same complaints. Writings had been on the wall for such a long time. If I were a betting person, I will definitely put my farm on the club side. Legally and underhandedly, no member can ever, EVER, gets the upper hand, sell it cheap, pay the transfer fees, and even if you are in the red by doing so, think of it as paying your tuition fee of learning a real-life lesson.

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      • 使用者
        prince on #26587

        I bought my MH Jade (corporate 1) back in 1997 when it costed me $390K. All along I have refused to upgrade as I dislike the way the club kept launching new membership types which are cheaper and eligible to play on more courses. As I hardly use the club now I also intend to sell it, but it’s now worth something like $130K. To sell now you will definitely suffer a loss. I can certainly understand your frustration but to rent it out made be a better option. Don’t let your rage cloud your judgment. I have also heard MH may stop issuing new membership (but I am highly sceptical as the club would do anything to make money), if that’s true it can be good news for us. It is not unlike stock you bought at the peak and now worth only a fraction of what you paid.

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      • 使用者
        sandy mcdivot on #26588

        @prince wrote:

        I bought my MH Jade (corporate 1) back in 1997 when it costed me $390K. All along I have refused to upgrade as I dislike the way the club kept launching new membership types which are cheaper and eligible to play on more courses. As I hardly use the club now I also intend to sell it, but it’s now worth something like $130K. To sell now you will definitely suffer a loss. I can certainly understand your frustration but to rent it out made be a better option. Don’t let your rage cloud your judgment. I have also heard MH may stop issuing new membership (but I am highly sceptical as the club would do anything to make money), if that’s true it can be good news for us. It is not unlike stock you bought at the peak and now worth only a fraction of what you paid.

        Now, this is a reasonably way/suggestion to handle a less than favorable situation. Just can’t win all the time, minimize your losses if you have to, when you still can.

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