Every new owner of a rental unit, whether fee owner or contract purchaser, shall furnish to the City Administrator the new owner's name, address, phone number and fax number and the name, address, phone number and fax number of the new owner's designated local property manager within 60 days of taking possession of the rental property upon closing of the transaction. No new registration fee is be required of the new owner during the year in which such possession takes place, provided that the previous owner has paid all registration fees and has complied with all requirements of this subchapter and any violations of health, zoning, fire or safety codes of the city. If any change in the type of occupancy as originally registered is contemplated by the new owner, a new registration application will be required.