Move Out Policy

1. Turn in to the office a Withdrawal Notice, Member’s Handbook, and Membership Certificate. The Membership Certificate must be signed on the reverse by thos persons who names appear on the front, in the same manner as they appear.

2. The Cooprative will inform the member that it does not wish to exercise its option to purchase the Membership. The member must find his/her own purchaser for the Membership who is acceptable to the Cooperative and approved according to the various rules of the Cooperative, State and Federal bodies.

3. The outgoing member(s) will be charged $100.00 for the processing of the transfer of the membership from the old member to the new member.

4. If the out-going member wishes to have the Cooperative assist him in finding a purchaser for the Membership, (See “Unit Conditioning and Resale Policy.”) he/she must sign an Assist of Sale Agreement in the office. There may be an additional charge for this service, as indicated in the Agreement. If an out-going member should sell the Membership to a person on the Cooperative waiting list, the Cooperative may collect the additional fee for the Assist of Sale, whether or not an Agreement has been signed. (NOTE: the fact that the Cooperative agrees to help a member sell their Membership in no way indicates an exercise of the option to purchase by the Board of Directors, and does not relieve an out-going member of the responsibilities under the terms of the Occupancy Agreement.)

5. All prospective purchasers of a Cooperative Membership must meet with and be approved by the Membership Committee, and must meet all Cooperative qualifications for membership before a transfer of Membership can take place.

6. When an approved purchaser is obtained, a mutually agreeable date must be arrived at for the actual transfer of Membership and responsibilities. The office must be notified of the date and time. When that time arrives, both parties must be present in the office to effect the transfer of Membership, and indicate the agreed-upon amount that the Membership is to be transferred for. (The transfer amount is not to exceed the Maximum Transfer Value.)

7. Within sixty (60) days after the date of transfer, the out-going member will receive the Membership refund from the Cooperative. Every effort will be made to make that refund as soon as possible after the actual transfer date.

8. All damages reported to the Cooperative after the transfer of Membership takes place are the responsibility of the new (in-coming) member.

9. Any funds involved in a transfer of Membership must flow through the Cooperative books and the office.

10. Utilities are not to be discontinued or shut off by the out-going member. The in-coming member is to have the utilities transferred to his/her name as of the effective date of the transfer. If utilities are turned off before the transfer date, the refund due the out-going member may be considerably delayed.

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