1.Transferring Ownership #

Purpose

Use this procedure to transfer ownership on properties.

REET

Use the ownership transfer feature after REET transactions have been completed for sellers. To reduce data entry for REET ownership transfers, we recommend starting the ownership transfer activity from the REET Search Results window or the REET record (these options are described in Step 1 below) so that the ownership transfer wizard is populated with data from the REET transactions and the REET record.

Prerequisites

  • In order to perform this procedure, the following user right is required:
    • Activities > Ownership Transfer
  • The ownership transfer options have been set in PACS.ADMIN (Tools > System Configuration > System > Ownership Transfer Options).
  • Deed type codes have been set up in PACS.ADMIN (Tools > Code File Maintenance > Sales > Deed Type Codes).

Procedure

  1. In PACS 9.0, choose one of the following options to start an ownership transfer:
    • In the Ownership History section of a Deeds & Sales panel of a property record, select the line for the owner from which ownership will be transferred, and click Transfer Ownership.
    • Search for REET records (Search > REET) with an Excise # Generated status (which you can specify in the REET Status field of the REET Search window), and in the resulting REET Search Results window, right-click a REET record and choose Transfer Ownership. Or open a REET record, and in the Property Information panel, click Transfer Ownership.
    • Choose Activities > Ownership Transfer. Then select a property for the transfer with one of the following options:
      • If there are REET records available for which ownership transfers have not been carried out, do one of the following in the REET Records dialog box:

        REET records

        • To proceed without selecting a REET record, click Skip.
        • To select a REET record for ownership transfer processing, select the REET record and click Select.
      • In the Ownership Transfer Wizard, if you know the property ID or geo ID for the ownership transfer, in the Quick Add/Standard Search section, either enter the property ID and click exemption_propID, or enter the geo ID and click exemption_geoID.
      • In the Ownership Transfer Wizard, if you need to look up the property or geo ID, click Search to use the search wizard and select a property.
      • If you need to review the deed history, select the property in the top grid, and review the deed history in the Deed History of Selected Property section.
  2. Click Next.
  3. In the Seller(s) dialog box, select the sellers that will be associated with this ownership transfer and click Next.

    Note The current owner is displayed by default.

  4. In the Buyer(s) dialog box, click Search to add the buyers. Then do one of the following:

    ownership transfer

    • To automatically allocate the ownership percentage, select the Auto Allocation check box.
    • To manually allocate the ownership percentage, clear the Auto Allocation check box and enter a percent in the Allocation Percent column.
  5. Click Next.
  6. In the Deed section, complete the following options as required:

    ownership tranfser deed 01

    • Deed Type

      Select a deed type. Deed type codes are set up in PACS.ADMIN (Tools > Code File Maintenance > Sales > Deed Type Codes).

    • Effective Date

      Date the deed is effective. By default, this will prepopulate from the REET ID.

    • Recorded Date

      Date the deed is recorded.

    • Book ID
    • Book Page

      An alphanumeric field that captures information from REET; part of the legal description. The book/page data may be received through an import, or entered manually.

    • Number
    • Date Entered
    • ConsiderationComment – You can use this pane to enter comments about the transfer.

      The money involved in the transfer. Prepopulated from the REET ID

  7. Select the following options as required:
    • Generate Letter to

      Generates a letter to the Buyer or Seller when the wizard is completed.

    • Expire Images

      Removes images from the property record so that new images can be added.

      This option removes images, but does not delete them.

  8. To specify that the options selected in the next Property Information dialog box be copied to all properties simultaneously, select Apply option settings selected for the first property to all properties being transferred. If the selections will not be the same for each property, leave this check box deselected.
  9. Click Next.
  10. In the Property Information dialog box, review, change, or select the following data:

    ownership transfer prop info

    • Situs address
    • Buyer address
    • Existing exemptions for the property

      Note Selecting Reset Exemptions will remove exemptions automatically. If you would rather remove them manually, leave this check box deselected.

    • Property group codes
    • Agents currently associated with the property

      Note Any agents currently on the property will be listed here. If required, select the Inactivate Agent check box to inactivate an agent.

    • Remove selected property from Effective Acres Group
  11. Click Next. Then, in the Summary dialog box, review all options selected and click Finish.

Next Steps

From the Ownership History section of the property’s Deeds & Sales panel, select the deed involved in the transfer and click Details to access the Ownership History dialog box. Then complete the Sale Price, Sale Information, Sale Improvement, and Sale Land panels.

If multiple properties were sold as part of the transfer, you can use the Multiple Property Sale Information panel in the Ownership History dialog box to review the data about sold properties.

ownership transfer mult prop panel

Last updated on June 11, 2021
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