Change of ownership

[Peter3128]

We have been hosting a property for a number of years.

The property was sold and we were asked to continue hosting on behalf of the new owners.

It now seems that we have very different views on hosting and we are getting in to an adversarial position with the owners which we would prefer not to.

We wish to hand over the booking now and delist the property from our page.

We do not wish to cause any issues to the 8 bookings on the calendar and also do not wish to cause any further ill feeling between the new owners and us.

just walking away will cause problems for everyone involved so how do we deal with this issue?  Many thanks in advance , Peter.  

[Helen744]

@Peter3128i think if you no longer own the place these arrangements which are tricky possibly should have been made long before settlement . , but , as is you will have to help set up a new listing , with your co hosts as both host and co host . Let the guest s know that there is new management for the future and ask them to cancel with refund , and rebook , if they wish . one at a time . How you handle this with the new owners is up to you... good luck... H

[Bob297 · Accepted solution]

@Peter3128 
What I did is the following when I bought a property
I became cohost
Bank account was changed in my name
I closed the calendar for new reservations.
I started a new listing in my name

[Peter3128]

Thank you Bob very much appreciated it's just as i thought , hopefully we can do this without any ill effect to the guests.

[Michael8094]

Thank you for this @Bob297 . Doesn't the Tax Income follow the account owner? Just because you are now receiving funds isn't the prior owner on the hook for taxes to that income?

[Bob297]

@Michael8094

The outcome depends on the specific agreement in place:

a) Tax income may follow the property owner, who can be different from the account holder.
b) Alternatively, you could agree that the income belongs (at least partially) to the previous owner.

Perhaps the new owner has paid compensation to the previous owner for the existing lease agreements. In that case, the rental income would go to the new owner, but they can depreciate the paid compensation against it.