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You are here: Frequently Asked Questions > Owners and Units > Owners - Two owners want to have individual accounts to manage their part in the unit. Is it possible? |
Owners - Two owners want to have individual account to manage their part in the unit. Is it possible? |
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Use the menu Info>Owners and create a new owner.
You choose the same unit number to be linked with, but for the owner's account number, you add a decimal (.01 to .09). Then, use the tab "Unit" and enter the undivided share for this owner only. Don't confuse it with the fraction of the unit itself.
The undivided share is the percentage of the unit owned by one owner when there are several owners for the same unit. All percentages for all owners of the same unit must equal 100%.
You will see the total fraction of the unit being multiplied by the undivided share to show the part for this new owner only. The vote value will be adjusted with the same percentage.
(The vote value is adjusted the first time you change the undivided rate, but after that, changing the undivided rate will have no effect of the vote value, since we don't want to change something you have already changed yourself).
Then, save this owner and open the other one for the same unit (already there before).
Use the tab "Unit" and enter the undivided share for this owner also. Be sure that the total of the two undivided shares is 100%.
The undivided share just tells the system how much of the unit, each one owns.
So, both will be linked to the same unit but they are going to have their own account with all their respective information, their own address, telephone numbers, E-mail address, etc, and evidently their own part of the condo fees.