Unit ownerships help you structure how funds flow to owner accounts, it is important to take time to set these up correctly as they will power automatic transfers for rent collection and other billing mechanisms.
Setting up ownership structures
There are two ways to set up the ownership structure for a unit:
- Create a unit
- Attach an owner to a unit
Create a unit with an owner
See the create a unit documentation to see how to create a unit with an owner.
Attach an owner to a unit
Navigate to the owner you'd like to attach to a unit, then use the Actions menu and select Attach unit. Choose the unit you’d like to attach the owner to from the list, you can also search for the unit. You will then be able to see the current owners of the unit if there are any, the owner will be pre-populated in the Select new owner section. Use the Select an owner button to find any additional owners to attach to this unit, you can add multiple owners and allocate their percentage ownership. Click Confirm change of owner to complete the change.
Managing unit ownerships
To change the ownership structure of a unit or an owner's percentage ownership of a unit, you need to initiate a change of ownership.
Navigate to the unit you'd like to change the owner for, then use the overflow menu (•••) and select Change owner. You will be able to see the current owners of the unit if there are any, you can change the owner in the Select new owner section. Use the Select an owner button to find the owner to attach to this unit, you can add multiple owners and allocate their percentage ownership. Click Confirm change of owner to complete the change.
Archiving unit ownership records
Navigate to the unit you'd like to archive the current ownership records for, then use the overflow menu (•••) and select Change owner. Select Account from the dropdown, this will remove the current owners from the unit. Click Confirm change of owner to complete the change.
When you change the owners of a unit, any current owners attached to the unit will be automatically archived once the change is completed. To view archived ownership records, navigate to a unit and click Archived under the Unit ownerships section of a unit record.
Owner fees
This section show the current owner fees for the unit. You can add a Management fee, Tenant find fee, Renewal fee, and a Tax rate to use for these prices. The tax rate can be set to exclusive or inclusive. To modify these details, click Edit.