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Bond Transaction Closing Procedures
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Bond Transaction Closing Procedures
How to Close on a Bond Transaction
Step 1
: Buyer and Seller agree on a sale price. A fee equal to 5% of the bond sale price (minimum of $500) must be paid by either buyer or seller or split between the two.
Step 2
: Buyer fills out the
Application for Membership
form below.
Step 3
: Seller fills out the
Intent to Sell
form below.
Step 4
: The Board Secretary sends out an email to the membership asking for feedback regarding the new applicant.
Step 5
: The Board (or individual board member(s)) interview the applicant.
Step 6
: The Board votes on accepting the new member.
Step 7
: Closing. The closing is usually conducted by a board member or a representative of the board. The Bond Transfer fee needs to be paid to the club. The seller’s bond (if available) is returned. Exchange of sale price from buyer to seller is made. The new bond is sent, in the mail, by the secretary, to the new member.
Member - INTENT to SELL Form
BUYER - Application for Membership
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