**This article applies to users with trust accounts only.
The owner of a property can be changed if it is sold.
Preparation to use Change Owner function:
- Set up an owners ledger for the new owner: Trust Accounts > Rental Ledger Balances > New Owner Ledger - format the ledger name the same as the others, the property is not going to be available to select at this stage.
- Settlement date cannot be in the future, it must have happened.
- Tenant must have already paid up to or past settlement.
- If Maintenance commission is used, all expense invoices must be paid out before changing owners.
The Change Owner function will:
- Void invoices for rent past settlement paid to the previous owner, and associated fees.
- Raise new invoices payable to the new owner, post previously received payments, calculate fees.
- Where a change occurs part way through a rental period, a split invoice will be generated for that period.
- Remove any BPAY creditors loaded against the property.
If the old owner has already been paid out for rent paid past the settlement date, the system cannot change the invoices. In this case, the conveyancing solicitor will need to adjust for this on settlement, outside of Re-Leased.
Changing the owner:
- Open the Property record.
- Click Property Details on the left menu.
- Select the Change Owner link above the Property Owner Name field.
1. Select the new Owner Ledger. New Owner Ledger needs to already be set up in the trust account.
2. Enter the settlement date.
3. Tick or Un-tick relevant options:
Decide which owner receives the settlement day rent;
Decide if current invoices are to be changed to the new owner, if you want to split the money you need to leave this ticked. If the owner is already paid out, and solicitors are calculating settlement adjustments you may untick this option;
Leave the tick on to update current and future rent templates.
Click Save and Continue
Important Note: The owner change wizard does not update Repeating Invoice templates or Outgoings templates, if you have set any up these templates these, and the invoices generated by them, need to be edited separately.
1. Check the confirmation screen details, click Back if you need to make any adjustments.
2. Receipts will be reversed, split and re-applied (for invoices covering settlement date). OR, for invoices past the settlement date, these will be voided, payment is reversed and reapplied to the new owner.
3. Tenant Rent templates which will be updated. NB the process does not make changes to Outgoings templates and Repeating Invoice templates.
Click Confirm Change of Ownership.
You now have the option of starting a disbursement, you do not need to disburse the previous owner at this time, they will still be included in your next normal disbursement.