Sometimes you may have a managed property sell and you will continue to manage the property but for a different owner.

Below is a simple step by step process to follow when you need to change an ownership.

Note: Do not link/unlink owners on a property as this will effect the Income & Expenditure statements. It's important to follow the steps below only

Step by step

Navigate to Property > Tenancy/Management > Tenancy tab > Dates/Payment Schedule

1. Enter the settlement date into the vacate date section for the current tenant. Ensure rent is only paid to the vacate date. 

If rent is paid past the vacate date then reassign the last rent receipt and assign any extra monies to unallocated to be receipted back in once the new tenancy is created

To reassign or reverse, go to Ledger > Click on Dropdown Other > Reassign or Reverse

• Reassign if the transaction if it has already been reconciled
• Reverse if the transaction if it hasn't been reconciled

You cannot reassign or reverse monies if the owner doesn't hold a balance of that amount

2. Remove the current Reference Number from the current tenant record. Keep a record of this number as it will need to be added onto the new tenancy once created.

Tenancy/Management > Tenancy > Dates/Payment Schedule

Also, keep a record of the Bond Reference Number and the Bond amount to enter into the new tenancy once created

Tenancy/Management > Tenancy > Bond Summary

3. Check for any outstanding tenant and creditor invoices. Process payments as required

Invoices > Select Owner and then Tenant 

4. Once all invoices have been paid, Disburse any money that is still in the tenant’s unallocated monies so that this can be receipted into the new cloned property

Property > Unallocated Tenant Monies

This will generate an ABA file, ensure that you untick this so that it is not paid out to the tenant.

This process can be completed as part of end of month

5. Enter the new Owner Contact into Vault

Contacts > Add Contact

Take note of current paid to dates, tenancy start date and tenancy end date. This will be required when you create a new tenancy record.

6. Go to the Property tab and click Options and Create a Copy

Do not copy owner(s)

Proceed to new Property. This will take you to the screen of the new property.

7. Click on the Owners tab to link the new Owner to the Property. Add owner bank details and other relevant information

8. Go back to the original Property and put (SOLD) in front of Property Number so that when you are searching you can easily identify the correct Property

9. Now link the Tenant, this can only be achieved by firstly going to the Property & selecting Re-Advertise/Set As Available

Click on Application Accepted and enter the information for the Tenant, Tenancy start dates and end dates.

Click on Save/Proceed

Once the record is saved, click on Proceed to Property 

Click on the Status Available and change to Leased.  Make sure there is no letting fee attached to the management, otherwise this will automatically charge

10. Set the paid to date by going to Tenancy > Dates/Payments Schedule. The paid to date should be the property settlement date.

Enter the Payment Type and the tenants DEFT Reference Number if required

11. Attach any additional Tenants

Go to the Tenants tab, click on Options and select Attach Another Tenant.  Select the Tenant to attach.

12. Register the Bond

Go to Tenancy/Management > Tenancy > Bond Summary

If the bond has been lodged already and is with the bond authority, remove the system generated Bond.

Click on Register Bond at the bottom right of the screen and enter the Bond details

13. Enter all Owner Fees and Charges

Click on Save Fees/Settings at the bottom right

14. Receipt the Tenant money that was disbursed from previous Tenancy if any

15. Once all accounts have been paid and you have completed payout to the (SOLD) Owner at EOM, you can set the (SOLD) Property to Management Lost.

Go to the Property > Management Lost. Click on Yes/Continue to confirm.

16. If there is an outstanding ledger balance, the system will not allow you to proceed with setting the property to a lost management.

Ensure all funds are disbursed prior to proceeding with the lost management.