3rd Party Transfer

Objective

• To capture the process of transferring of property from a customer to another 3rd party .

Introduction

• A customer can decide to transfer a property to a 3rd party based on agreement
• The agreement or consideration may not be known to the company
• Only property that has been fully paid can be transferred to a 3rd party since the customer cannot lay claim to ownership of the property .
• Every company has its policy and processes on 3rd party that differ from company to company.
• For example, some company will require payment of fees by the customer while others will not
• In some companies, it is the 3rd party that will pay any resultant transfer fees
• The advantage is that any company 3rd part transfer processes and policies can be specifically defined to suit the company operations

Process

• This process is usually initiated by the client service (CSO) officer that relates with the customer as defined in workflow approval.
• The process and sequence unique for each company can be defined .
• All open fully paid contracts are listed at the completed contract payment listing while the customer will have a 3-option decision of
  • Allocation
  • 3rd Party Transfer
  • Customer Refunds
• Go to Real Estate >> Transaction>> Completed Contract payments>> Completed Contract Payment Listing
• The CSO activate the 3rd party transfer view button and the 3rd Party Transfer screen appears
• Relevant information about the 3rd party is inputted to the 3rd party transfer screen. Where 3rd party is an existing customer, the extract button should be activated to auto-populate the relevant fields
• On completion, transaction is to be submitted for processing
• At final approval, the transaction is listed at 3rd Party Transfer

Open 3rd Party Transfer

• Go to Real Estate >> Transaction>> Completed Contract payments>> 3rd Party Transfer
• 3rd party transfer listing is displayed
• The status of transaction is open for transfer fee. This is relevant where transfer fee is payable by the customer as condition
• The CSO activities the view button and 3rd Party Transfer Fee Opens

3rd Party Transfer Fee

• Once the view button at the open 3rd party listing is activated , the 3rd Party Transfer Screen will open for the completion of the CSO.
• The CSO completes the relevant field as shown below and sends for approval.
• At final approval, systems automatically issue debit notes against the customer while the debit note document is sent by email to the customer.
• The status of the contract at the 3rd party listing changes to Transfer Fee Payment in Progress
• Once Payment is made for the fees, status will automatically b changed to Open for Transfer
• Where the quantity under transfer is more than one , unit, there is need to match any fee paid by the customer to a specifically transfer series using the Fee Matching Screen
• Go to Real Estate >> Transaction>> Completed Contract payments>>Fee Matching Listing

Open for Transfer Documentation

• Once Payment is made for the fees, status of the contract will automatically be changed to Open for Transfer.
• The Workflow will be defined in line with the company documentation process.
• The relevant Officer will initiate the Transfer documentation screen
• At final approval, system automatically creates a new customer ID as well as Contract ID for the 3rd party