Change Owner

Overview

Change Owner

This article will show you how to change the owner of your property in Reapit PM.

The processes in this article include:

• How to change an Owner
• Additional Notes and Troubeshooting

How to Change an Owner

The Change Owner function in Reapit PM will assist in managing the change of owner process for properties under your management. If an existing owner of a property under your management sells their property and the new owner would like you to continue managing their property, you will be able to easily follow the change owner workflow to complete this.

1. Click on Properties.
2. Click on R****esidential.
3. Search and select the property.
4. Click on the three dots and select Change Owner.

1. Select the Settlement date.

2. Select who is entitled to the settlement day’s rent. Note: This should be negotiated as a part of your property sale settlement agreement. This cannot be changed later.

3. The settlement balances and changes will be displayed. Click on Save & Next.

4. Add in the new owner details by searching or adding a new contact.

5. Click on ****Save & Next.

6. Complete the new owner management agreement details then click on ****Change owner.

7. Your Ownership has successfully been changed when you see a green banner appear on the top right corner.

8. This property and new management agreement will now display the new owners details. Note: You can view the previous management agreement for the previous owner by going to People > Owners and searching for the previous owners agreement.

Additional Notes and Troubleshooting

• After the owner change, no new fees can be charged to the previous owner (exception being On Demand fees).
• No bills can be paid from the previous owner. Any bills against the property will be paid from new owner's balance. If any bill needs to be paid from old owner's balance, ensure this is done prior to changing owner on the property.
• No receipts from tenant (rent or invoice) will be paid to new owner. Everything receipted to the property's tenants will ALL be paid to new owner after owner change. If rent is not yet paid to settlement date at settlement, you may want to consider holding off on completing owner change until rent is paid to settlement date. There is no way to transfer funds between new and old owner files after owner change.
• Any routine inspection created during previous ownership will remain linked to the old owner. We recommend deleting any scheduled routine inspections and recreating them after owner change, in order to link them to new owner.