Change of Property Ownership

Firstly, you will need to copy the property & lease, inactivate the old and make changes to the new, here are some steps to follow:

STEP 1:

Go to Property > Property Tools and click on Copy Property / Ledger 

• Select Property 
• Create new property code
• Click on Property & Lease / Ledger & Sub-Ledgers 

STEP 2:

Create a new owner company for the new owner. 

STEP 3:

In the new property change the principal owner, owner shares to the new owner company and update management / sundry fees if required. 

STEP 4:

Vacate any leases from the original property as per the settlement date.  

STEP 4:

You will need to then sort out tenant charges.

Eg. If you have raised rent the lease under the original property which is due to be paid to new owner, you will need to reset and delete these charges .

Then you will need to re raise these charges under the new property / lease you created. 

STEP 5:

OLD PROPERTY - ensure there are no funds within the property – if there is you will need to disburse prior to closing the property. 

At the top of the manage property just flip the property status toggle to inactive and enter the relevant date 

You can then also make any relevant companies (owners) inactive if required via Companies > Manage Company 

Find the relevant company and under Account Details change is this company active to NO.

You will always be able to refer to any company, property, and ledgers within Cirrus8, it will not remove or delete the data.