OWNER RESALE CYCLE TOPS IQ TRANSFER FOR OWNERSHIP.

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2 OWNER RESALE CYCLE TOPS IQ TRANSFER FOR OWNERSHIP.

3 Selling a Home? When it comes time to sell, it's important buyers know their future HOA bylaws. That means sellers are required to disclose their HOA membership to their buyer so the transaction can be completed according to rules, and so the buyer knows what to expect in regards to HOA dues, rules and regulations.

4 The original sales contract for your house, with the purchase price Providing paperwork for Resale Title and ownership of your home, including a property survey, certificate of occupancy, certificates of compliance with building and zoning codes. Mortgage and financing documents Tax records you need to provide the buyer, such as real estate, school, and other tax information Professional appraisal that was done when you bought your house and any documented changes to the appraisal after. records of homeowners insurance Professional inspections done before putting your house up for sale Receipts and documentation of improvements you ve made to your house, such as additions. home repair and maintenance records Manuals and warranty information on major appliances included in the sale. if you are in a homeowner s association, all related documents, such as CC&Rs (see preparing documents for selling a HOA home)

5 Estoppel Letter is a fancy, legal term for what basically is a payoff letter. An estoppel letter is a legal document provided by the seller's Homeowner's or Condominium Owner's Association, outlining information on -The current owner's financial standing -Past due balances -Current fees due and -Lists all future special assessments due. Each letter has a good through date.

6 Sample TOPS Estoppel letter can be found at: Or you can go to and click on resources and find a sample Estoppel letter.

7 Disclosures Most states' laws mandate that disclosures be on special forms the seller must sign and date. Be sure the buyer acknowledges receipt of the disclosures by signing and dating the forms as well. If your state doesn't require a specific disclosure form, be sure the buyer otherwise affirms receipt of your disclosures, in writing

8 Resale Package Required by law for all homes sold within communities that have an HOA. The HOA resale package will provide all of the documentation the buyer will need in order to have full disclosure of the HOA's rules and regulations as well as the HOA's financial standing/budget etc. This is very important to a buyer because it can affect what the buyer can do with the property as well as disclose if the HOA is in financial trouble. Secondly, the HOA demand is required also in order for the title/escrow company to make sure the HOA is paid for any assessments, dues, and/or fees prior to you selling the property.

9 To change information in TOPS IQ you need the Deed of Sale

10 RESALE PROPERTY HOWTO RESALE THE PROPERTY IN TOPS IQ

11 Owner Resale option

12 Resale Options: Enter Resale Date Date the resale took place. Select One only: Split History by Resale Date: History Goes with Previous Owner: History Stays with New Owner:

13 Split History by resale date

14 New Owner information added Enter Owner Classification Select Recurring Charges

15 Record Type Selection Resale starts on the owner Maintain. Keeping both the previous owner (seller) and new owner (buyer), histories separate without changing the account number.

16 HISTORY GOES WITH PREVIOUS OWNER All History will stay with the previous owner.

17 HISTORY STAYS WITH NEW OWNER All History will move to the New Owners Ledger.

18 ADDING ALTERNATE ADDRESSES AND CONTACT INFORMATION HOW TO ADD ADDITION INFORMATION FOR THE OWNER

19 Adding a renter or tenant to an owner

20 Adding Renters and/or individual property management for mailings Renter Individual Property Management

21 Sending a letter to renter and 2 nd alternate from the CC & R Record

22 Include Second Alternate address for mailings and statements Bills N Statements Mailing Labels

23 GROUP OWNERS ONE OWNER IN A COMMUNITY FOR SEVERAL PROPERTIES

24 Adding properties to one group owner

25 Consolidate by group owner Mailing Labels Bills N Coupons

26 RESALE ACCOUNTING HOW TO RECORD THE ACCOUNTING SIDE OF A RESALE IN TOPS

27 Updating the Misc. owner charges ADDING NEW CHARGES FOR THE RESALE in your community

28 Adding charges to the new owner or seller Add/Waive through owner balances Add/Waive within cash receipts

29 DISTRIBUTING THE MONEY FROM RESALE

30 Select the owner or previous owner using the Select (F7)

31 REFUNDING AN OWNER BALANCE HOW TO SEND THE SELLER A REFUND

32 How do you refund a prepaid balance There are two steps to complete the refund. How do you refund a prepaid balance if the owner has a full check refund? 1. Use a Payment Adjustment to back out the check(s) equal to the amount of the refund. 2. You need to cut a check to actually refund the amount to the Owner. The Owner will need to be added as a Vendor, which can be done "on the fly" as the invoice portion of the screen is filled in. Complete the invoice portion of the screen just using the date of the Payment Adjustment for the "Effective Date" on the invoice.

33 Pay adjust vs Add/waive

34 Refund an owner when no check can be backed out. How do I refund an owner a prepaid amount if there is no check to back out? 1. If the refund is less than a check amount, then just do the Adjustment (add/waive>select prepaid) for the refund amount (minus to reduce amount) offset to Cash (ie.1010).. This will create the following General Ledger Entries: DEBIT - Prepaid CREDIT - Cash 2. You need to cut a check to actually refund the amount to the Owner. The Owner will need to be added as a Vendor, which can be done "on the fly" as the invoice portion of the screen is filled in. ** IMPORTANT ** The expense distribution MUST be charged against the GL Account # for the CHECKING account. Ex This needs to be done so the AP invoice and check transaction will have NO EFFECT ON THE GL. It must "wash" itself out. Now the check can be printed to send to the Owner. It should be dated in the same month as the Adjustment.

35 add/waive>select prepaid) for the refund amount (minus to reduce amount) offset to Cash (ie.1010)..

36 Here's an example of what this will do when both the invoice and check are completed: DEBIT - Cash Checking CREDIT - Cash Checking You want the AP transactions to "wash" out of the GL because the Payment Adjustment has already reduced the Cash balance for the amount of the refund. If AP affected any other account balance, it would distort the account balances.

37 UTILITY TO MOVE HISTORY ENTERED THE WRONG RECORD TYPE ON INPUT: HOW TO CORRECTLY MOVE THE HISTORY USING A UTILITY FEATURE.

38 Entered the wrong record type on input: Owner instead of Developer How to correctly move the history using a utility feature. ** Warning! If you do not feel you understand this utility feature please contact our TOPS support for assistance

39 File > Administration > AR Utility > Select Using the AR UTILITY

40 MOVE HISTORY and locate the property once more.

41 Record Type Changed

42 Questions? Thank You! Diana Kral