​Should you change the ownership of your property, such as transitioning from personal ownership to an LLC, it’s crucial to inform your account manager immediately. The process to update your ownership information involves several key steps: 1. New Management Agreement: A change in ownership requires a new management agreement. Our sales team will contact you to facilitate the drafting and signing of this document. 2. Updating Financial and Tax Information: Following the agreement update, our accounting team will reach out to collect your new entity's tax identification and banking details for direct deposit purposes. 3. Ownership Change Details: We'll need specifics regarding the date of the ownership transition and any other updates (e.g., contact information changes). Potential Fee: Please be aware that an ownership change may incur a fee, contingent upon the terms of your management agreement. Prompt communication of these changes ensures that all legal and financial documentation, including your 1099 form, accurately reflects the current entity holding property ownership.