Selling a property (changing the secured party)

When selling a property or transferring ownership to a different entity, you'll need to transfer control of the security deposits held by Whale to the new owner. This guide covers the steps to change the secured party for deposits held by Whale.

Getting Started

1. At least 30 days before closing, notify Whale at support@gowhale.com of the planned transfer. Include the new owner's legal entity name, properties affected, planned effective date, and a contact for the new owner.
2. Whale will reach out to introduce the new owner to Whale so they can decide whether to continue with Whale for these properties.
3. The new owner notifies Whale of their decision (continue vs. exit) at least 15 days before closing so we have time to execute the path they choose. See below for details on the two options.

Option 1: If new owner continues with Whale

1. New owner opens a Whale account (if they don’t have one already)
2. New owner provides updated property name, notification email, logo image, bank info, and deposit settings for each property
3. On the cutover date, Whale updates properties to use the new settings provided and associates them with the new owner’s Whale account
4. Whale notifies renters the secured party for their deposit has changed

Option 2: If new owner chooses not to use Whale

1. Current owner sends Whale written notice of termination for the properties being transferred:

2. Whale shares a detailed report (CSV) of all deposits currently held — renter name, unit address, lease ID, and deposit amount
3. Current owner provides the destination bank account for the principal return.
4. Whale notifies renters that their deposit is being returned to their Landlord and any interest earned will remain in the renter's Whale account.
5. Whale sends Notice of Termination [SACA Exhibit B]
6. Whale transfers all deposits to the Landlord's designated bank account(s)