How to Record a Property Sale or Lost Management

Property Sale or Lost Management

The Property Sale or Lost Management form is completed by a Property Manager and submitted to the Trust Accountant for processing.

Location:
Properties > Property Sale or Lost Management

Use this form when:

• A property has been sold, or

• The management agreement has ended.

Important – Property Sold but Management Retained

If the property is sold and management continues:

• Duplicate the property with the new owner’s details.

• The previous owner remains responsible for:

  • Outstanding debtors and payments up to settlement.

  • Variable outgoings reconciliation to settlement date.

• Property Managers must provide clear settlement instructions to the Trust Accountant.

• The original property is made inactive once:

  • Funds are nil, and

  • Settlement has been finalised.

All charges raised prior to settlement remain against the original property.

Process

1. Property Manager Submits Form

Select:

• Property(s) sold/lost

• Retain Building Management – Yes or No

If Yes (Management Retained)

Before submitting:

• Create a New Owner Company

• Submit payment via Create Payment (if required) to clear balances to the previous owner

If No (Management Lost)

Before submitting:

• Submit payment via Create Payment (if required) to clear remaining property/bank balances

Optional Details

Include where applicable:

• Settlement Date

• Stop Processing Date (normally end of month)

• Debtors – Stop tenant charges date

• Creditors – Last payment date

• Comments – Settlement instructions to Trust Accountant

  • Rental adjustments

  • Outstanding invoices

  • Tenant charges

  • Rental arrears arrangements

• Inactive Date – Property will be made inactive

Click Submit once complete.

Note:
All historical charges remain against the original property record.