Transferring Ownership

On occasion, a property owner will sell their property or portfolio and the new owners may wish to retain your management services. In other instances, an owner may wish to create an LLC or business entity for their properties. You can easily handle the transfer of ownership within the software.

Transferring Property Ownership

Transferring property ownership only takes a few easy steps outlined below.

In your Rentec Direct account:

Add a new owner

Information on adding an owner can be found here: Add Owners
Add a new property and assign the new owner to the new property

Information on adding a property can be found here: Add Properties
Move the tenant out of the old property

Information on moving a tenant from a property can be found here: Moving Out a Tenant
Move the same tenant into the new property.

Tip: If you want to retain the tenant's entire ledger history, then you'll want to select 'Use Existing Tenant' option on move-in.

More information on how to move a tenant into a property can be found here: Place a Tenant Into a Property | Move-In

Special Note: You may wish to also migrate any security deposit from one property to another. Once the tenant is moved into the new property, enter the tenant's security deposit ledger for the previous property. Then migrate the funds from the first to the second property.

More information on managing security deposits can be found here: Migrate a Tenant Deposit

Important Note: DO NOT just change ownership on the existing property as this will cause the transactions for the old and new owner to be merged onto the same accounting ledger. You will want to maintain separate records/accounting for the old owner and for the new owner for tax purposes therefore a new property will need to be created.

After a new owner and property have been created and the tenant has been placed into the new property, the old owner and property can then be archived if you'd like to remove them from the Owner and Properties Lists.