Ownership Transfer
An ownership transfer moves a sold unit to a new buyer. It records the documents checked, charges transfer fees, and on Save (or on approval) makes the new buyer the agreement's customer and replaces its owners.
What it is for
The agreement stays the same; only who owns it changes. When the transfer is saved without an approval, or once it is approved, the system edits the agreement: Customer becomes the To customer, every existing owner line is marked inactive, and the transfer's owner lines are added as the active owners. The instalments still due are then the new buyer's.
The transfer fees on the Transfer Fee tab are collected through a Billing Proposal of billing type Ownership Transfer for the To customer.
The one rule people get wrong: only one transfer of an agreement can be waiting for approval at a time.
Every field in plain words
Top part
| Field | What it means | What to put |
|---|---|---|
| Transaction | The number | Required |
| Process Date | The date | Required; also the date the fee taxes are worked out on |
| Transfer From: Customer, Name, Tax Zone | The present buyer | Required |
| Transfer To: Customer, Name, Tax Zone | The new buyer | Required; different from the From customer |
| Property, Unit No, Name, Sales Agreement | The unit transferred | Required |
| Under Taking, Agreement, Instrument, Death Certificate, Oral Gift | Document references | Free text |
| News Paper Availiable, News Paper Advertisement | Whether the transfer was advertised, and where | Advertisement is cleared when the tick is removed |
| Biometric Transfer, Original Complete File, Family Registration Certificate (FRC), Heirship Certificate | Checks done | Tick each one checked |
| Notes | Free text | |
| Term Condition, Header, Footer | The transfer letter's terms | Default from Real Estate Setting |
The layout also places Power of Attorney and Marriage Certificate, but they are not set up for this screen and never show.
Transfer Fee tab
One line per fee: Payment Category, Due Date, Quantity, Price, Gross Amount, Discount % and Amount, Net Price, Net Amount, Amount Including Tax, Tax Group, Tax Zone. The tax lines can be opened from the grid.
Serial Information tab
Serial Number, Assign To, Line Text: numbered items handed over, such as file or card numbers.
Ownership tab
Customer, Name, Ownership %, Line Text. The To customer must be one of the lines, and the lines must add up to 100 percent.
How to configure it
Make payment categories for transfer fees and give them accounts. Set the Ownership Transfer Term & Condition on Real Estate Setting. If transfers need a manager's approval, set up an approval for this screen; the agreement changes only when it is approved.
Scenarios
- A buyer sells the booked flat to someone else halfway through the plan. From the seller to the new buyer, the new buyer at 100 percent on Ownership, the transfer fee on Transfer Fee. The new buyer then pays the remaining instalments.
- A buyer dies and the unit passes to two heirs. Tick Heirship Certificate, fill Death Certificate, To customer the first heir, both heirs on Ownership at their shares.
What it is connected to
- Sales Agreement is changed by it.
- Billing Proposal collects its fees.
If something looks wrong
- "From Customer and To Customer cannot be same". Pick a different To customer.
- "To Customer is must in Ownership Line". Add the To customer on Ownership.
- "Total Ownership % should be 100%". Fix the percentages.
- "There is an already Transfer is in Approval of this Agreement". Wait for, or reject, the other transfer.