Home Buying in Wellington>Question Details

Carolyn Card…, Home Buyer in Fall River Mills, CA

what is mandatory equity membership?

Asked by Carolyn Cardona, Fall River Mills, CA Fri Jun 22, 2012

I want to buy in Wellington but I keep seeing mandatory equity membership requirements, how does it work?

Help the community by answering this question:

Answers

10
Mandatory equity membership means the country club community you are interested in requires you joining their club. You pay this fee once and sometimes you get a portion of it back when you sell your home. On top of this equity fee there is generally a social membership and a golf membership that is another fee. Many country clubs require that at a minimum you join the social membership. Buying into a country club community is a lifestyle choice. Since it's a big financial commitment it should be the type of lifestyle you want.

Please let me know if I can be of further help to you.

Sincerely,
Nicole Marks Mason, Realtor
http://www.buysellboca.com
561-445-8743
2 votes Thank Flag Link Fri Jun 22, 2012
Hi Carolyn!

I also add that one cannot obtain financing (banks can't give a mortgage on this) on the equity part of your purchase because you are purchasing the membership from the club itself and not the owner of the real property. Further, oftentimes (more likely always) the proposed new member will also need to pay an initiation fee - - and no portion of that is refundable to you when you sell. That's a sunk cost..

The country club lifestyle is not the cup of tea for everyone. There are many other communities within Palm Beach County and in and close to Wellington that offer wonderful amenities without any additional cost to your HOA fees. And they can be quite reasonably priced.

I'd love to help you narrow down your search to the most appropriate properties.

JOAN LORBERBAUM MOORE
Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
JoanMooreRealtor@gmail.com
561-573-3238
1 vote Thank Flag Link Fri Jun 22, 2012
Hi Carolyn,
If you are looking for a gated community, without additional "country club/equity membership" fees, please contact me, 7 days a week via phone (561-662-5400) or email (realtorannamarie@gmail.com). I am a licensed realtor with access to several properties within resort-like communities that do not require memberships to country clubs. Click on my website link below to visit my site - where you will get a free search account and see more property details, maps, virtual tours, school information, and more - all for free and without any obligation. Looking forward to hearing from you soon!
Anna Marie Losito
Lic. Realtor, Velocity Realty
http:// http://www.Realtorannamarie.Listingbook.com
Call with questions: 561-662-5400, 7 days a week!
1 vote Thank Flag Link Fri Jun 22, 2012
Hi Carolyn,
If you are looking for a gated community, without additional "country club/equity membership" fees, please contact me, 7 days a week via phone or email. I have several properties within resort-like communities that do not require memberships to country clubs. Click on my website link above for my contact info and to visit my site - where you will get a free search account and see more property details, maps, virtual tours, school information, and more - all for free and without any obligation. Looking forward to hearing from you soon!
Anna Marie
1 vote Thank Flag Link Fri Jun 22, 2012
Contact me at RealtorAnnaMarie@gmail.com and I would be happy to send you a detailed brochure on the way these memberships work...call me 7 days a week: 561-662-5400
0 votes Thank Flag Link Sun Sep 16, 2012
You can get a mortgage to purchase property like this,

http://www.pro-option.com
0 votes Thank Flag Link Sat Jun 23, 2012
Joan brought up a very key point regarding not being able to finance the membership. That could clearly be a deal breaker both for buying and re-selling a property.
0 votes Thank Flag Link Fri Jun 22, 2012
Mandatory equity membership means you are required to purchase club membership in addition to paying mandatory hoa fees. Often the minimum type of membership is that of the current owner. Common membership levels are social, tennis and golf. The portion returned to you when you sell varies by community. In some instances a home may cost $250,000 and have a $120,000 golf membership attached. Make sure you do your due diligence on the specific membership, equity, costs and restrictions. Let me know if you have specific questions.
0 votes Thank Flag Link Fri Jun 22, 2012
Carolyn,

We can find you the perfect property to fit your needs! Contact us! http://www.martinrealestate.net

Thanks!

The Martin Team
Wellington, FL
0 votes Thank Flag Link Fri Jun 22, 2012
Hi Carolyn,

A mandatory equity membership is usually a requirement in a golf/country club community. There is usually a portion that is returned to you when you sell the house, and a portion that is kept by the community. In addition to the membership there is usually an annual fee for dues for membersip to the club.

Do you want a golf/country club community or just a newer gated community?

You can contact me directly and I will be happy to help you find exactly what you are looking for.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
http://www.floridahouseseller.com
0 votes Thank Flag Link Fri Jun 22, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer