Ownership FAQs

Routine maintenance and repair are ongoing processes like annual preparations for the cold and snow conditions or minor repairs like fixing/replacing wi-fi router in order to keep the home in owner-ready conditions.

In that case OWNERO steps in to service the loan as guarantor protecting other owners. If not resolved within the period of 90 days, we will foreclose on that share and manage the resale without disruption to the other owners.

OWNERO creates a local LLC-type company for each property. This legal form protects owners and represents them.

The reserved fund is repairs and replacement reserve that should be funded by owners for the purpose of major repairs or unexpected expenses. It is kept on the company’s account in cash. Any spending from the fund is subject to competitive bid process held by OWNERO. Owners have the right to use the funds for replacing life-limited items. They also can request a vote to replace, add or upgrade any items.

OWNERO manages the property on behalf of all owners and in their best interests. OWNERO is empowered by owners to make any minor decisions in respect of routine matters. Any major decision requires to be brought to an owners’ vote. OWNERO acts as neutral party and resolves all internal disputes between co-owners if they arise.

The second home should be a hassle free escape, the place to relax. Therefore, OWNERO offers fully managed co-ownership. Our services include interior design and furnishings, cleaning, property management and maintenance, taxes and expenses management, resolving disputes and overseeing the property holding company, 24/7 concierge support. Also OWNERO provides the array of services on demand. Whether you need a linen kit, toiletries kit or food kit to fill the fridge by your arrival, just let us know. On-demand cleaning, washing, dry-cleaning, ironing can be also arranged through an App or through the Concierge. However these services are provided at small additional cost. Before each stay an owner can log in and note in the arrival form anything that should be prepared, like pop or movie stars prepare their riders. You can choose whatever you want, make any arrangements you may prefer to feel yourself unique in your dream home. You can subscribe to OWNERO local travel tips and updates. We will be sending you a personalized newsletters on what is happening locally and what and when is worth to visit or opposite. Moreover, we provide the owners who already invested in their second home with the possibility to travel the world in style and luxury at no extra cost with OWNERO/Travel™ option.

All operating expenses are passed to the holding company at cost, no markups are added. OWNERO can increase these expenses only if the services providers do so. OWNERO always negotiates the best conditions possible, acts solely in the owners’ interest and does everything to get the best service at the best price.

As an owner you pay your part (depending on how much ownership you have) of property tax, management services, contribution to the reserved fund , repairs, cleaning, preventive maintenance and insurance. All these expenses are passed through at cost. In addition, OWNERO charges a low monthly convenience fee of UER 180.00 per 1/4 to give the owners some well-deserved headspace.

OWNERO is an open book business. Balance sheets and cash flow statements are distributed on a yearly basis. In addition, any cost statements, expenses’ breakdowns, bills, invoices, etc. are always available upon request.

Yes. Co-owners have the right to eliminate OWNERO as a home manage but we are almost 100% sure it will never happen. We take your home as ours. It would be a real shame for us since we are set to provide the 5-star services and make all “dirty work” invisible for our owners, both in terms of the cost and quality. Our goal is that the owners never notice what is happening behind the curtains. When everything is ok, it is usually taken for granted. When the problems become visible, and, we know, they will one day, our promise is to make them invisible again ASAP. But if it turns out that we are not so good as we promise, owners are free to replace us through a vote.

First, OWNERO does comprehensive background check. Then we talk to the prospect owners in order to get confident that they understand and accept the rules and agree about common-sense OWNERO Code of Conduct.

Property taxes vary depending on the location of your home. Funds for the taxes are included in the operating expenses. OWNERO manages this process as the property holding company’s manager and provides all necessary documents and forms that can be requested by individual owners. For any personal tax inquiries owners should consult with a tax professional.

It can happen only in the very unlikely event that three shares are in default for more than 90 days and the shares were not sold for the loan-to-value ratio of 50%. Before a property can be sold, each owner will have the right to purchase the defaulted shares at a great discount. If no owners want to purchase these shares, the most probably OWNERO will do it and then resell it on the market. But again: it is very unlikely event, and OWNERO is always ready to step in to protect the other owners.

Yes, all OWNERO homes are insured according to our standards. Owners always can vote to expand the insurance policy and increase the coverage.

In this unfortunate circumstances OWNERO will step in and pay. Then we will seek to recover any means spent from that specific owner. If the owner does not refund OWNERO’s expenditures, such an owner will be in default.

The material changes require the owners’ vote, OWNERO has extremely limited authority to make only some minor non-material changes on the owner's behalf.

OWNERO is fully responsible to the owners regarding any maintenance or management issues. We are one window for all owners’ inquiries, including repairs, preventive maintenance, emergencies or whatever else. Your home is maintained by the best local pros chosen by OWNERO. We try our best to make the maintenance and repair process invisible for the owners but sometimes bulbs, locks or washing machines don’t wait. Whatever and whenever you need our maintenance involvement, just contact your OWNERO Concierge.

Owners are responsible for items damaged by their actions, e.g. broken flower vase.

This is the contract OWNERO offers for all second home owners. All co-owned second homes are under standard OWNERO management contract by default. Taking the management over co-owned homes by the third neutral party is both a necessity and a great benefit for the co-owners. Although for the owners of the whole second homes this kind of service is not a must, it could be a great relief as well. With an exception of scheduling and coordinating all other hassles are the same for the whole home and the fractional owners.

It can be done through OWNERO rental pool only. Generally the home is reserved for the use of the owners, their guests or other OWNERO homes’ owners, but if you can’t or don’t want to use your time in your home you can submit it to the OWNERO rental pool. In that case OWNERO is fully responsible before the co-owners for any damages, etc. Owners are getting their rental income and pay a modest fee to OWNERO for the rentals’ management.

Yes. It is distributed annually.

It depends on if there is a will in place or not. If yes, the share ownership will be transferred according to the will. If not, the share ownership will be transferred to the owner’s heirs and they will step into the ownership as a group.

All expenses are transparent and 100% fair. With the goal of changing the way how people buy and own second homes worldwide we are always act as an open book for our owners and partners. All bills, invoices and operations reports are available for the owners upon request.

If someone acts on behalf of the holding company with willful misconduct or gross negligence or in case of violating the terms of operating agreement, such an owner can be held liable.

Yes. The scheduling system will be open for you on day 8 after closing. Feel free to book whatever dates you like.

Yes. Once you complete the purchase we will arrange all the necessary paperwork. Also we will collect your post and take care about any mail or delivery arrangements.

Still have questions? We are happy to answer.

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