Transfer property ownership to another landlord

While you are managing a rental property you may need to change the owner on the system.

There are generally two reasons for this:

1. The incorrect landlord has been set by mistake and needs updated.
2. The property has been sold to a new landlord

You can update the property's landlord via Property > Options > Transfer Ownership.

Fix incorrect landlord

STEP-BY-STEP

1. Select the Incorrect landlord assigned at setup option (the default selection).
   
   
   
   
2. Choose the correct landlord from the New Landlord menu.
3. Click Transfer.

This will update the property to belong to the new landlord, and all transactions, charges, income, etc. relating to this property will transfer with immediate effect to the new landlord.

Property sold to new landlord

STEP-BY-STEP

1. Select the Sale of Property to New Landlord option.
   
   
   
   
2. Choose the correct landlord from the New Landlord menu.
3. Specify the transfer date.
4. Specify the management fee to be applied for the new property. 
5. Click Transfer.

This will create a new property within the system, though it will be linked to the original for traceability. You may want to archive the original property, which will have a "Transferred" badge applied.  

The original property will show a link to the new property (after the transfer), and similarly a new property which was created from a transfer of ownership will have a link to the original property record.

Effect on current tenancies

If there is a current tenancy in place in the property, you should consider this when setting the transfer date. The system will highlight if there is a current tenancy. 

If the transfer actually took place on a date other than the start of a rental period, then money may be due from the old landlord to the new owner. 

A transfer will not be permitted if any of the following conditions are in play. If so, you'll need to disable or delete the relevant schedules or activities. 

• The property has one or more future tenancies.
• The property has active charge schedules (on the property or any current tenancy).
• The property has current tenancies with active rent schedules.
• The property has open maintenance jobs.
• The property is being included in portal feeds. 

If there is a current tenancy, you should terminate that tenancy in the original property, preferably at the end of the last rental period before the transfer date. You should then create a new tenancy on the new property starting on the transfer date. The new tenancy is required since the tenancy agreement is now with the new landlord, although the overall terms of the agreement (including the rent) may remain unchanged.