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.
Note: if all that has changed is the owners name and the same owner should still have access to past and future reports this should be handled by simply changing the owners’s name.
Ownership Change Case 1: Property 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 a 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 Trust setup page:
- 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 ownership’s as normal.
Other Ownership Change Cases
Ownership Change Case 2: Property has 2 owners, owner B sells their share to owner A
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 Trust setup page:
- 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 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.
Ownership Change Case 3: Property owned by owner A, who sells a 50% share to owner B
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 Trust setup page:
- 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.