Processing Resales or Ownership Transfers
Processing Resales or Ownership Transfers
To process a resale:
Select Homeowners > Homeowners. If you are using universal navigation, click Residents > Residents > Resident List.
Search for and select the seller’s account.
NOTE: It is important to review the seller’s ledger prior to completing the resale in the event funds need to be moved, charges waived, etc. Make any necessary corrections and/or changes to the seller’s Transaction History screen before processing the resale.
Click the Resale tab.
Enter the following information:
Resale Date: Enter the sale/settled date (date will prefill to today’s date).
New Owner Status: Select the applicable status for the buyer.
New Account Number: Account number will prefill from the seller’s account.
Owner Number: CINC Accounting will update the owner number to the next available number.
New Owner: Enter the buyer’s name.
Contact Information: Enter the phone numbers and email address for the new owner, if applicable.
Billing Type: Select the billing type for the new owner. This field will prefill with the default billing type of the association.
Routing/Account Numbers: If the new owner wishes to pay by ACH, enter their routing and account numbers. The Billing Type must also be set to Automatic ACH.
Copy Open Violations: Select to transfer open violations to the new owner.
Move Credit Balances: Select to transfer credit balances to the new owner.
Click Save to post the resale. The new property owner(s) will now appear in the list of homeowners on the Homeowners > Homeowners screen. Transactions previously charged to the prior homeowner(s) will transfer to the new property owner(s). If you are using universal navigation, click Residents > Residents > Resident List.
At the time the resale is completed, a batch will be created including any new charges, any charge adjustments, and any payments entered for the resale. This batch will need to be posted from the Homeowners > Batch Posting screen in order to post these transactions to the correct accounts. If you are using universal navigation, click Accounting > Daily > Batch Posting.
At the time of the batch posting, a deposit will be made for any payments in the bank account register and the general ledger. If the association operates in the accrual accounting method, the charges and adjustments will be posted to the general ledger.