GeeDee for Windows

Change of Ownership

Change of Ownership

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Change of Ownership

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Use this item when an existing property that belongs to one lessor is sold to another lessor. The tenant remains with the property. Do not confuse its use with the split or combine lessors item.

 

DO NOT process a change of Lessorship until you have been officially notified that settlement has taken place.

Note: This procedure is NOT reversible. Ensure that the lessors, properties and amounts are correct before confirmation.

 

 

Click to Expand

 

If necessary, create the new lessor record.

 

Click to Expand

 

Using the attached Search and Navigator buttons, find the property being transferred. The existing lessor's name will be displayed.
Using the second set of Search and Navigator buttons, find the new lessor for the property.
Enter the Date of Settlement. If this is before the paid to date of the tenant, and there are sufficient funds on file, then a transfer amount to the new tenant is suggested. If necessary, change this figure to any value that is less than the old lessor's current balance.

 

 

Select Old Rules(a) or New Rules(b) depending on the contract: ( Note most clients would be using the new form 2009 not the old form 2002 )

                           

  2009 General Conditions

 

 6.6 Rent

 (a) The Seller is entitled to all Rent up to and including the earlier of:

 

                   (1) the Possession Date; and

                   (2) Settlement.

 

 (b) The Buyer is entitled to all Rent from and including the day after the earlier of:

   

                 (1) the Possession Date; and

                   (2) Settlement.

 

Press the OK button.

 

change of ownership new rules

 

Two equal transactions are created one debiting the old lessor, and one crediting the new lessor.

 

This creates a new property record with a new unique ID number attached to the new lessor. The old property ID remains connected to the old lessor. It appends the word "Transferred" to the first line of its address. The current tenant is connected to the new property.

 

Lessor Statements can be printed for both the new and the old Lessors.

 

 

Notes:

This procedure is NOT reversible. Ensure that the lessors, properties and amounts are correct before confirmation.
It can be a good precaution to make a backup of the database beforehand.
When the property changing Lessorship does not have a tenant, a warning advising of this will be given.
As per section 6.6 of the "Joint Form of General Conditions", GeeDee will calculate rent due to the new Lessor "from and including" the date of settlement entered.
This function will not process a change of Lessorship for holiday properties. You will need to manually create a new Lessor and Property, then change over any bookings for the property of the old lessor to property of the new lessor.
It is not possible to complete the transfer where the old lessors balance is made up of funds other than rent. EG: where funds have been held back in a previous period, they now appear as "balance forward" not rent. In this instance, follow the instructions below.

 

Change of Lessorship where the process cannot be completed due to funds being held from a previous period.

Note the amount of rent that the system displays as the amount to be transferred.
Override the above amount and enter $0.
Process the change of Lessorship - Property and tenant will be transferred with correct paid to dates.
Draw a property disbursement from the old lessor as a rent refund.
Calculate the amount of management fees that the old lessor would have been charged on the refunded amount and process a negative charge/refund for the amount.
Pay the amount drawn from the old Lessor to the new lessor as a property receipt

 

 

 

 

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