How to Process an Ownership Transfer

This guide provides step-by-step instructions for processing ownership transfers in Vantaca. When an ownership transfer is completed, the system maintains the previous owner's account number for historical record-keeping and assigns a new account number to the new owners for ongoing billing and management.

Important: Before beginning an ownership transfer, ensure you have scanned or uploaded all new owner information packages and closing documentation to an accessible location on your computer or file storage system.

Contents

• Processing the Ownership Transfer
  • Selecting the Property and Creating the Action Item
  • Opening the Ownership Transfer Window
  • Additional Options
    • Copy Action Items
    • Add Forwarding Address
    • Navigate to New Owner Account
  • Form 1098 Considerations for Mid-Year Ownership Transfers
    • Required Fields for 1098 Proration
  • FAQ

Processing the Ownership Transfer

The ownership transfer process involves creating an action item, selecting new owners, configuring settlement details, and reviewing financial adjustments before completing the transfer.

Selecting the Property and Creating the Action Item

To begin the ownership transfer process:

1. Navigate to Homeowners > Homeowner List.
   Note: If you need to change associations, click the association name to search for and select a different one.
2. Search for the property or homeowner name that requires the ownership transfer, and click Select.
3. Click New Action Item.
   The Action Item screen opens.
   
   
4. Provide the following information:
   • Action Type: Select Ownership Transfer.
   • Description: Enter relevant information.
5. Click Attachments, and then Select Files to upload scanned documents related to the transfer.
6. Click Update and Select to create the ownership transfer action item and continue processing the transfer.
    

Opening the Ownership Transfer Window

After creating the action item:

1. Navigate to Homeowners > Homeowner Profile > Action Items.
2. Make sure the correct homeowner is selected, or click the homeowner name (1) to search for and select the appropriate one.
   Note: Click Refresh (2) to display the newly created ownership transfer action item (if not displayed).
   
   
    
3. Click the Hamburger  menu next to the ownership transfer action item, and then Select.
4. If not already open, display the Action Center by clicking the Arrow (1) on the left side of the screen, and then click Transfer (2).
   
   
    

5. In the Ownership Transfer window, select the appropriate Settlement Date, and then click Select New Owner.
   Note: The Charges section will not populate until you select the new owner.
   
   
   
    

6. In the Search screen:
   If the owner exists in the system, search for and Select them.
   OR
   For new homeowners, click New Homeowner.
   
   
   
   Enter the homeowner information in the Edit screen, click Update, and then Select them in the Search screen.
   The new owner displays in the Ownership Transfer screen.

7. Confirm that the Settlement Date is correct and, if necessary click Prorate to adjust charges proportionally.
   Note: The grid's Charge Dates automatically update to the selected date when you select the new owner.
8. If you need to transfer active tenants to the new owner, select Include Tenant(s).
   Note: If you leave this unchecked:
   • Existing tenant leases will close automatically.
   • Move-out dates will update to match the settlement date.

9. Review all charges and adjustments before you complete the transfer:

   • Review the charges and adjustments grid.
   • Verify that charges and adjustments for both the new owner and previous owner accounts are accurate.
   • Confirm the charge dates are correct.
   • To remove prorations, locate auto-calculated prorated amounts and replace with 0.00.
   • Add or remove charges from the previous owner's account using the grid as needed.
   • If special billing amounts are associated with charge tags, select or deselect the appropriate boxes to apply or remove those charges for the new owner.
   • Review homeowner tags that will transfer to the new owner (selected by default) and deselect any that are not needed.

   Note: To move credits from the previous owner to the new owner, complete the transfer first, then create a payment adjustment on the previous owner's account to transfer the credit to the new owner's account.

10. To finalize the ownership transfer, click Update.

    The system will:

    • Auto-advance the ownership transfer action item to the closing step.
    • Create a New Owner Setup action item on the new homeowner's account. For more information, see the "New Owner Set Up Action Type" article.
    • Assign a new account number to the new owners while preserving the previous owner's account number for historical records.

Note: If the previous owner had a Legal Description on file, it will automatically transfer to the current owner.

Additional Options

After completing the ownership transfer, you can perform the following additional tasks:

• Copy Action Items
• Add a Forwarding Address
• Navigate to New Owner Account

Copy Action Items

Transfer open action items (work orders, violation notices, etc.) from the previous owner's account to the new owner's account using the Copy Action Items feature. Additionally, it is recommended to void any action items that are not being copied to the new owner's account. These action items will not automatically void when an owner is marked as a previous owner.

For more information, see the "Copying and Action Item" article.

Add Forwarding Address

To add a forwarding address for the previous owner:

1. Click the blue New Owner name in the Action Center on the left side of the screen to navigate directly to the new homeowner's account.
2. Click the address link under the Mailing heading.
3. Click New Contact.
4. In the Edit Contact screen, change the Contact Type to Address.
5. Enter the forwarding address details and click Update.
6. Click Change Primary Mailing Address and select the new forwarding address.
7. Click Update.

Navigate to New Owner Account

Click the blue New Owner name in the Action Center on the left side of the screen to navigate directly to the new homeowner's account.

FAQ

Q: How do I undo an incorrect ownership transfer?

A: To undo an ownership transfer you will need to do the following:

1. Delete the new account on the Homeowner List screen, click Delete next to the new account created by the transfer. If the account has a balance, zero it out before deleting.

2. Restore the previous owner as current. On the Homeowner List screen, click Previous Owners Only at the top of the screen.

3. Locate the previous owner and click Edit.
4. Clear the date in the Previous Owner field and click Update to restore them as the current owner.

5. Void the ownership transfer transaction. Locate the ownership transfer XN on the now-current account and void it.

Q: Do Additional Information fields carry over to the new owner after an ownership transfer?

A: No. Additional Information fields on the Homeowner record are owner-specific, not property-specific. When an ownership transfer occurs, these fields do not carry over to the new owner. Any additional information for the new owner will need to be entered manually.


Q: A new owner is not being billed for assessments after an ownership transfer. Why?

A: This typically happens when charge tags were not selected during the ownership transfer process. Charge tags must be selected in the Charge Tags section of the Ownership Transfer window to ensure assessments bill automatically.

If charge tags were missed during the transfer, they can be added manually:

1. Go to Homeowners > Homeowner List for the correct association and click Select on the account.
2. Once on the account, click the Tags tab.
3. Select the appropriate charge tag(s).
4. Click Update to save.