Ownership Options

sbc_oaktree-1Sarasota Bay Club offers three different ways to purchase your new condominium home. Each Resident receives a Life Estate Deed on their condominium that ensures that the unit has clear title and gives the Resident the right to reside in the unit for the rest of their life. When a Resident vacates their unit, the unit reverts back to Sarasota Bay Club and then, based on the Purchase Plan selected, a refund is paid to the Resident or their estate. The Plans are as follows:

The Partner Plan

This Plan is designed for those who want to be able to participate in part of the appreciation on their Unit and at the same time have some protection on the value if the market has a setback when they vacate their Unit. Assuming the Unit has appreciated, within 30 days of the closing of the re-sale of the Unit to a Third Party, the Resident or Resident’s estate shall receive 100% of the Base Purchase Price of the Unit Plus 25% of the appreciation in the value of the Unit, less refurbishment costs, closing costs, and marketing fees. If the re-sale of the Unit to a Third Party is less than the original price, then within 30 days of the closing of the re-sale of the Unit to a Third Party, Resident or Resident’s estate shall receive the higher of the actual resale price or 85% of the original purchase price, less refurbishment costs, closing costs, and marketing fees. The Resident or Resident’s estate shall be responsible for payment of the monthly condominium fee and the real estate tax through the date of payment of the refund. 

The 90% Guaranteed Refund Plan

This Plan provides, when the Resident vacates their Unit, a refund of 90% of the original purchase price less refurbishment costs, closing costs, and marketing fees. Said refund shall be paid to the Resident or the Resident’s Estate upon the closing of the Unit to a Third Party, or one (1) year from Resident vacating the Unit. The Resident or Resident’s estate shall be responsible for payment of the monthly condominium fee and the real estate tax through the date of payment of the refund.

The Income Preservation Plan

This plan is designed to purchase a Unit at Sarasota Bay Club at a price that is 75% of the current Base Purchase Price, in exchange for receiving a reduced refund payment upon resale. Said refund shall be paid to the Resident or the Resident’s Estate upon the closing of the Unit to a Third Party, or one (1) year from Resident vacating the Unit. The Resident or Resident’s estate shall be responsible for payment of the monthly condominium fee and the real estate tax through the date of payment of the refund. The refund amount, expressed as a percentage of the amount actually paid by the resident, is as follows, based on the length of time the Resident has owned the Unit:

 

Please contact the Sales & Marketing Office if you would like to discuss these plans in more detail.

Click Here to download a PDF of our ownership options.