Ownership Change
Procedures
What to do if you sell or transfer a property to an entity
If the tax ID has changed, we will need to create a new account in appfolio to as this affects the 1099. Follow these steps...
STEP 1: Sign a new W9
We created a DocuSign power form so it's on demand:
STEP 2: Sign new management agreement
Once we get the info from Steps 1, we will email you a new management agreement to sign. How to sign can be found on the MANAGEMENT RENEWAL tab.
STEP 3: Upload new proof of insurance
Notify your insurance agent of the change in tax payor ID. Most insurance companies will want to cancel/rewrite the policies.
Upload a certificate of insurance listing us as Additional Insured.
NOTE: There is a $100 increase in cost for having us manage an "Uninsured Property".
FAQ - Tax Payor Change
Can't you just change the tax payor name?
If you filed a name change with the secretary of state and kept the same tax payor ID...yes.
If your tax payor ID changed, then we need a new account in appfolio.
Why go through the work?
The 1099 must match
Will I get two 1099's this year?
That depends on the effective date on your request form. If you enter 1/1, we can have a fresh start.
What if I changed entities earlier this year and forgot to let you know?
That's no problem. We're happy to backdate to 1/1 as long as you submit the request to change tax payors prior to 11/30.
What if I changed tax payors last year or before?
Then you'll need to pay for time with our bookkeeper & management consultant to coordinate all this. It will not be cost effective. You'll want to just chose 1/1 of this year.
Can I date the change for the future?
Of course. We can set it up to change effective the first of next year.
How do I inform you of that date?
There's a field on the Request Form below.
Is there a cost to change entities?
There's no cost for the first change for any property.
There's a $300 fee for second and subsiquent changes.