Overview

The Change of Ownership process in RMS determines the new owner entitled to receive income for the owned area.

• The ‘From’ Date must reflect the actual settlement date of the area. This date is critical and cannot be changed once the new owner contract is saved.

• The ‘To’ Date on the current owner’s contract will be automatically updated to match the new contract’s 'From' Date, ensuring a seamless transition.

• Ownership changes cannot proceed if there is a reservation in the owned area with stay dates that overlap the settlement date.

  • In such cases, the reservation must be split to ensure each owner receives income only for their respective ownership period.

Ownership and Income Distribution

• A maximum of five owners can be added to a single owner contract.

• The Income Share for the Primary Owner will be automatically adjusted based on the income shares assigned to any additional owners.

Additional Notes

• Owner Stays and FOC Stays are legacy fields and are viewable only within the Owner Contract screen.

• The Owner Stay Condition is displayed in the Owner List Report.

• For properties using Trust Pooling, a change of ownership will automatically transfer lot entitlements to the new owner effective from the settlement date.

• For interconnecting areas, ownership contracts should be added only to the Interconnecting Master, not individual sub-areas.

Completing a Change of Ownership

To ensure accurate income distribution, the Change of Ownership process in RMS should be completed on or as close to the actual settlement date as possible.

1. Navigate to the 'Owner' tab, and double-click on the Current Owner.
2. Select the 'Add' icon.
   
    
3. Select 'OK' to proceed with Assigning the the Owner.
   
    
4. Select the Owner Tab.
5. Enter the Income Share Percentage.
6. Select the Owner Email option.
7. Save/Exit.

In these cases, the reservation must be split into separate bookings to ensure each owner receives the correct portion of income.

Adding Multiple Owners

In RMS, an Ownership with Multiple Owners refers to a scenario where a single owned area (such as a unit, room, or apartment) is held by two or more individuals or entities. This setup allows income generated from that area to be shared among all listed owners based on predefined percentages.

Key Features:

• A maximum of five owners can be assigned to a single owner contract.

• Each owner is allocated an Income Share percentage, which determines how income is distributed.

• The Primary Owner’s income share will automatically adjust based on the percentages allocated to any additional owners, ensuring the total equals 100%.

• All owners are recorded within a single Owner Contract, simplifying management and reporting.

• Income from reservations, including accommodation and applicable charges, is split proportionally according to the assigned shares.

1. Go to Setup > Category/Area.
2. Edit a Category.
   
    
3. Navigate to the Area tab. 
4. Select the specific Area to edit.
5. Select Edit.
   
    
6. Navigate to the Owner Accounting tab.
7. Select the Current Owner.
8. Select Edit.
   
    
9. Select Ok to confirm.
   
    
10. Navigate to the Owner Tab
11. Highlight the current Owner.
12. Select the + icon to add the additional Owner.
    
     
13. Select the Owner, (secondary Owners and beyond)
14. Optional: Select the Owner Banking Details.
15. Enter the Share percentage, (the percentage of the Owner share MUST equal 100% between ALL Owners).
16. Select the Owner Email option.
17. Save and Exit.
    

Owner Stays & Letting Information

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1. Navigate to the 'Owner Stays/Letting' tab.
2. Enter the number of Owner Stays.
3. Optional: Enter the Condition.
4. Optional: Enter the number of Free of Charge Stays.
5. Optional: Select the Letting Type.
6. Select the Holiday Letting Date Joined.
7. Optional: Select the Last Refurbishment Date.
8. Save/Exit.