Change a Property’s Ownership

Change a Property’s Ownership

The change of ownership guide will take you through step by step on how to change a property’s ownership.  
 
Important Information: Combined database for sales and property management  
  1. It is important that when your sales division list a property managed by your property management department that they use the existing property card 
  2. If your sales department have created a new property when processing a change of ownership, your property management team will need to ensure that they use the existing property in use in the property management department.  
 

Enter Lost details to management Agreement  

  1.  Property Management  
  2. Management Agreements   
  3. Look for the management agreement  
  4. Open Agreement   
  5. Add lost Details 
  6. Save & Close


Add New Owner to the existing property card 
  1. All Properties 
  2. Look for the property 
  3. Open Property 
  4. Delete old owner from property 
  5. Add New owner to property  
  6. Save & Close   


Create New Management Agreement  

  1. Property Management 
  2. Management Agreements
  3. New Management Agreement 
  4. Search for the property that the new owner details have just been changed
  5. Select property
  6. Enter all the details for the new management agreement 
 
TIP: Prior to Saving the new agreement click on tenancies to check that the tenant details from the old agreement have pulled through to the new agreement 
 
 

Calculating Management Fee refund and funds to be transferred to new management agreement 

  1. Management Agreements
  2. Look for old agreement
  3. Right Click
  4. Click on Financial Status Report 


  1. Enter Settlement date 


  1. Click Preview 
  2. The Report will provide you with the refund to new owner or the amount owing to the old owner 

 
 Important Notes:  
  1.  The financial status report will provide the user a list of unpaid supplier invoices and owner charges which this can then be made aware to the old/new owner of the property. 
  2. The agent can either recover these funds from the old owner or settle this with the solicitors.  
  3. The financial Status report provide the user with a calculation of rent that needs to be transferred to the new owner 
 

Journal Transfer Rent and Management Fees 

 
1. Rent: Prior to processing the journal transfers check the ledger balances to ensure that you have the funds available for the transfer. If there are insufficient funds in the property ledger and you require the funds from the management fee refund to complete the journal transfer for the rent, process the refund of management fee first.  
 
  1. Trust Account 
  2. New Journal Transfer 
  3. From Management Agreement to Management Agreement 
  4. Select the old agreement first 
  5. Select Transaction code “Journal Transfer Property Debit” on the old agreement 
  6. Enter amount to be journal transferred 
  7. Select the New Agreement 
  8. Select Transaction code “Journal Transfer Property Credit” on the new management agreement
  9. Click Transfer  
  10. This then moves the rent from the old agreement to the new agreement 
It is important that the correct transaction codes are selected for the owner statements and financial statements.



2. Management Fee
  1. Trust Account 
  2. New Journal Transfer
  3. From Company Ledger to Management Agreement 
  4. Select Transaction code “Management Fee” on the Company Ledger
  5. Enter amount to be journal transferred   
  6. Select the Old Agreement
  7. Select Transaction code “Commission Refund” on the old management agreement
  8. Click Transfer
  9. This then moves the Management Fee from the Company Ledger to the Old Agreement 
It is important that the correct transaction codes are selected so that this reflects correctly in the company account and the owners statements and financial statements 


Charging Management Fee to the New Management Agreement 

  1. Calculate the management fee to be charged on the rental Journal Transferred from the old agreement to the new. 
  2. Management Agreement 
  3. Owner Charges 
  4. New Owner charge 
  5. Enter the transaction code Management Fee 
  6. Enter Property Address
  7. Enter Amount 
  8. You can add notes, but it is not required 
  9. Save & Close 





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