While you are managing a rental property you may need to change the owner on the system. There are generally two reasons for this:
- The incorrect landlord has been set by mistake and needs updated.
- The property has been sold to a new landlord
You can update the property's landlord via Property > Options > Transfer Ownership.
Fix incorrect landlord
Select the Incorrect landlord assigned at setup option (the default selection), choose the correct landlord from the New Landlord menu and 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
You will need to specify the new landlord and an effective date for the transfer. If there is a current tenancy in place in the property, this transfer date must align with the start of a rental period.
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, or rename it with an "old" suffix to avoid confusion between the two.
The transfer will have the following effects:
- The existing tenancy(s) will terminate at the end of the last rental period, and new tenancies will be created for 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) will remain unchanged.
- All income relating to periods after the transfer date will be due to the new landlord, and the associated management fees will also be charged to the new landlord.
- If rent income for periods after the transfer date has already been paid to the original landlord, then this money will be due back to the agency and needs to be transferred to the new owner. This will be handled automatically by the transfer process and may result in chargebacks and credits as appropriate.
- Any open maintenance jobs on the transfer date will transfer to the new property and will become the responsibility of the new landlord.
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. This can be reflected in ShowHouse by adding an expense to the original landlord (due to the agency) and a corresponding credit applied to the new landlord (which will be paid out from the agency).