When a property changes ownership, data may need to be transferred from the previous property management company to the new owner.
Property Vista provides an Export Building Data and Import Building Data function to facilitate this transfer. This allows the majority of the building's information to be transferred, potentially including resident information and pre-authorized payment details.
Important: Before transferring pre-authorized payment information, ensure you have the appropriate legal authorization and permissions to transfer and maintain the existing payment agreements.
The export and import processes must be coordinated between the previous and new property management companies.
1. For the Selling Property Management Company
The selling company is responsible for exporting the building data and providing the export file to the new owner.
Follow these steps:
- Navigate to Properties > Buildings.
- Select the building being transferred.
- Open the Actions menu.
- Select Export Building Data.
- Provide the exported file to the new property owner through an approved secure file-transfer method.
After the property has been transferred:
Once the property has been sold, ensure the building is Suspended to prevent further payments from being processed through the previous owner's account.
2. For the Buying Property Management Company
The buying company is responsible for importing the building data received from the previous owner.
Follow these steps:
- Navigate to Properties > Buildings.
- Select the building being transferred.
- Open the Actions menu.
- Select Import Building Data.
- Select the export file received from the previous owner.
- Complete the import process.
The building's supported data will now be imported into the new Property Vista environment.
3. Important Transfer Considerations
Coordinate the Export and Import
The export and import processes must be coordinated between both companies.
The export and import should take place on the same day.
Ensure both parties have agreed on the transfer date and are ready to complete their respective steps.
Resident Notifications
Residents will automatically receive an email notification following the import process advising them of the changes.
Important: Canadian Customers Using Direct Banking
If the previous property owner used Direct Banking, residents must be informed that they may need to update their banking information to reflect the new owner's banking details.
If residents continue using banking information associated with the previous owner, payments may not be applied correctly to the new owner's account.
Ensure residents receive clear instructions regarding any required banking updates before the next payment cycle.