Gifted Membership Question

[kh2oson]

My brother is gifting me his membership...how does it work for the future dues portion of the membership? Will this be considered as money towards the gift during the ROFR process?
Or will he be required to continue paying that?

 

[Marionnette]

My brother is gifting me his membership...how does it work for the future dues portion of the membership? Will this be considered as money towards the gift during the ROFR process?
Or will he be required to continue paying that?

He's gifting the membership, as in a deed transfer where it is yours to own until the contract expires or you sell? If so, you are responsible for the dues from 2023 forward. He would have to be current on his 2022 dues in order to transfer the deed.

 

[CarolynFH]

My brother is gifting me his membership...how does it work for the future dues portion of the membership? Will this be considered as money towards the gift during the ROFR process?
Or will he be required to continue paying that?

If it’s a gift, since he’s your brother it would be a gratuitous ownership transfer. This thread might be helpful.

 

[kh2oson]

He's gifting the membership, as in a deed transfer where it is yours to own until the contract expires or you sell? If so, you are responsible for the dues from 2023 forward. He would have to be current on his 2022 dues in order to transfer the deed.

yes deed transfer. dues are paid up for the year and the loan is paid off. I just was not clear on the future dues. That works for me! thank you

 

[kh2oson]

If it’s a gift, since he’s your brother it would be a gratuitous ownership transfer. This thread might be helpful.

THANK YOU!

 

[CarolynFH]

THANK YOU!

Good luck, and if you have more questions, ask in that thread. Lots of help here!

 

[CarolynFH]

THANK YOU!

The posts toward the end of that lengthy thread should be the most helpful, especially this one.

 

[kh2oson]

The posts toward the end of that lengthy thread should be the most helpful, especially this one.

Very helpful

 

[Sandisw]

OP has the answers and asked this be closed!