How to Process an Ownership Transfer

Summary:  This article will provide step-by-step instructions to process an ownership transfer in Vantaca.

Processing the Ownership Transfer

Before beginning, be sure to scan or upload the new owner information package and any other relevant closing information to your computer or a file storage location that can be easily accessed.  Navigate to the Homeowner > Homeowner List screen and click Select on the property for which the ownership transfer needs to be processed. If you need to select a different association, use the association link at the top of the screen to change associations.

Search for the Property or Homeowner name and then select that Owner.  From here, create an Action Item by clicking on the New Action Item button.  Click the + New Action Item button to create the Ownership Transfer action item on their account.  In the Action Type drop-down menu select the Action Type of Ownership Transfer.  Add any other relevant or helpful information in the Description field and then click on the Attachments drop-down menu. Click Select Files to upload the scanned documents related to this transfer.  Click Update and Select to create the Ownership Transfer action item and continue processing the transfer.

The newly created Ownership Transfer action item will appear on the homeowner's action items. Click Refresh. Select the newly created Ownership Transfer action item by clicking on the menu icon on the right-hand side of the screen and clicking Select. 

If it is not already open, open up the left side panel, the Action Center, by clicking on the arrow on the left side of the screen. Click Transfer.

This opens the Ownership Transfer window. Select the appropriate Settlement Date and then use the Select New Owner button. Note: The Charges section will not populate until the New Owner has been selected.

If the new homeowner already owns a property under your management, search for that Owner. If not, click the +New Homeowner button, add the Homeowner name and contact info, and click Update.

Select the new Homeowner from the search screen by clicking Select next to their information. 

After the new Homeowner has been assigned, select the Settlement Date and if necessary, use the Prorate button. Note: The grid's Charge Dates will automatically update to the selected date upon selecting the New Owner.

Transferring Tenants? Check the Include Tenant(s) checkbox, this will transfer any active tenants to the new owner. If left unchecked, any existing Tenants will have their Leases closed and their Move-Out Date updated to coincide with the Settlement Date.

Scroll down to the grid below and confirm that the charges and adjustments for the new owner and previous owner accounts are accurate, along with the correct Charge Dates. If you need to remove prorations, simply locate the amounts that were auto-calculated to be prorated and replace those amounts with "0.00". If you need to make additional adjustments, you can easily add or remove charges from the previous owner's account via the grid.

If there are special billing amounts associated with Charge tags, click the check box to remove/apply those charge amounts to the new owner.

Homeowner Tags can be transferred to the new owner if the previous owner had any. These tags will be checked by default but can be unchecked if not needed for the new owner.

Note: If moving credits from Previous Owner to New Owner, complete the Transfer, then on the Previous Owner's account, complete a Payment Adjustment to move the credit/payment from the Previous Owner to the New Owner's account.

Click Update to process the ownership transfer. This will cause the Ownership Transfer action item to auto-advance to the closing step. This also creates a New Owner Set Up action item on the new homeowner's account. Learn more about the New Owner Set Up action type by reading the New Owner Set Up article.

Additional Options

From here, you can perform several additional tasks.

• Copy any open action items (such as work orders or Violation notices) from the previous owner's account to the new owner's account but utilizing the Copy Action Items feature.
• Add a forwarding address to the previous owner by clicking the address link under the Mailing heading, then click + New Contact. In the popup window, change the Contact Type to Address, fill in the details an click Update. Lastly, click the Change Mailing Address button and select the new address.
• Navigate to the new homeowner's account by clicking on the blue New Owner name in the Action Center at the left side of the screen.