On occasions you may want to transfer ownership of a property between landlords. The property transfer feature can be used to initiate a transfer which can take one or two forms:
- Transfer history - if this option is selected then the owning landlord record is simply updated, i.e. the new landlord assumes the complete transaction history for the property.
- New property - this option should be selected if the property has been sold from one landlord to another. In effect a new property record is selected for the gaining landlord. The existing property will still be visible for the losing landlord.
To transfer a property select the relevant property, then click transfer. Select the landlord that you wish to transfer the property too and then select 'Transfer History' or 'New Property Instance'.
When you select 'New Property Instance' you will be able to specify from what date the transfer will be applicable, assign a fee to the landlord for finding them a property if applicable and to edit the Management Fee.
You should transfer the property at the start of a rental period since the rental income (and associated fees) for each period either side of the transfer date will belong to the old and new landlord respectively. If you do decide to transfer the property during a rental period you will need to apply the necessary rent and fee corrections manually - RentPro will not calculate this.
After creating the new property you may want to archive the old property so that there is no confusion between the two, this is explained in the following:
Or you can edit the name of the old property so that you can easily identify it from the new one.