Property Ownership Changes

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Last updated 2 months ago

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Property Ownership Changes

It can be necessary to change owner of a property from one person to another, this would typically be done when a property is sold.

If all that has changed is the owners name and you want the same owner to still have access to past and future reports, this should be handled by simply changing the owner's name.

Ownership Change Case 1: Owner A sells their property to Owner B

The steps below reflect the method to change the ownership of a property from one owner to another. In this case owner A would have access to their accounts for their ownership of the property and owner B access to a separate set of accounts for their ownership of the same property.

Steps are:

Transfer all bookings that fall under the ownership owner A as normal

On the :

Add new owner (Owners tab)
Change ownership of old owner to disabled (Owners ↔ Rooms tab)
Link new owner to property (Owners ↔ Rooms tab)

Once this is done, bookings that are transferred to Trust will go to the account of the new Owner (the currently enabled Ownership). Both the reports for the old ownership and new ownership will be accessible and journal entries, bills, etc. can still be added to both ownerships as normal.

In this case owner B would still need access to the historical records but should not see records after the time of sale, owner A should see records both before and after the sale:

Steps are:

Transfer all bookings that fall under the joint ownership as normal

On the :

Change old ownership of both owners to disabled (Owners ↔ Rooms tab)
Create new ownership linking just owner A to property (Owners ↔ Rooms tab)

Once this is done, bookings that are transferred to Trust will go to the ownership of owner A (the currently enabled Ownership). Journal entries, bills, etc. can still be added to both ownerships as normal.

When owner B accesses their report, they will see records for only the joint ownership. Owner A will see records for both the joint and their sole ownership.

In this case owner A would still need access to the historical records and the records after the sale, owner B should see records only after the sale:

Steps are:

Transfer all bookings that fall under owner A’s ownership as normal

Change ownership of owner A to disabled (Owners ↔ Rooms tab)
Create new ownership linking both owners to property (Owners ↔ Rooms tab)

Once this is done, bookings that are transferred to Trust will go to the joint ownership (the currently enabled Ownership). Journal entries, bills, etc. can still be added to both ownership’s as normal.

When owner B accesses their report, they will see records for only the joint ownership. Owner A will see records for both the joint and their sole ownership.

PreviousManaging Post-Checkout Payments and Accounts Receivable NextClearing Accounts

Last updated 2 months ago

Was this helpful?

It can be necessary to change owner of a property from one person to another, this would typically be done when a property is sold.

If all that has changed is the owners name and you want the same owner to still have access to past and future reports, this should be handled by simply changing the owner's name.

Ownership Change Case 1: Owner A sells their property to Owner B

Steps are:

Transfer all bookings that fall under the ownership owner A as normal

On the :

Add new owner (Owners tab)
Change ownership of old owner to disabled (Owners ↔ Rooms tab)
Link new owner to property (Owners ↔ Rooms tab)

In this case owner B would still need access to the historical records but should not see records after the time of sale, owner A should see records both before and after the sale:

Steps are:

Transfer all bookings that fall under the joint ownership as normal

On the :

Change old ownership of both owners to disabled (Owners ↔ Rooms tab)
Create new ownership linking just owner A to property (Owners ↔ Rooms tab)

When owner B accesses their report, they will see records for only the joint ownership. Owner A will see records for both the joint and their sole ownership.

In this case owner A would still need access to the historical records and the records after the sale, owner B should see records only after the sale:

Steps are:

Transfer all bookings that fall under owner A’s ownership as normal

On the :

Change ownership of owner A to disabled (Owners ↔ Rooms tab)
Create new ownership linking both owners to property (Owners ↔ Rooms tab)

When owner B accesses their report, they will see records for only the joint ownership. Owner A will see records for both the joint and their sole ownership.