Secconda uses a non-trading limited liability company (hereinafter, the Property Company). Such an organization can stand as a unified entity in representation and for the protection of buyers who then become owners. Each Property Company has a bank account, tax identification number, and the title to the property. Specifics will depend on the country where the Property Company is formed, which will be where the property is located.

We offer a variety of services that include the SeccondApp, along with upgrades and innovations for the app, year-round owner support, dispute resolution, ongoing property maintenance and management, monthly owner expense and tax management, and the Property Company oversight.

Each property’s deed is under the name of a property-specific limited liability company (the Property Company) formed specifically for each property, to ensure privacy, efficiency, and liability protection. Each co-owner holds their interest through this Property Company.

Our Property Company asset management fee is a fixed amount that varies depending on the country, with no expected increases.

Owners receive operating expenses at cost with no markup, and with all expense statements available upon request. As manager of the Property Company, Secconda will only adapt fees to changes in household expenses. For example, if there is an increase to the insurance cost of the home, expense statements will increase accordingly.

Each Property Company will have the equivalent to an operating agreement. However, the terminology and documents will depend on where the Property Company is formed. Secconda will only have limited authorization for non-material changes on behalf of the owners, while any material changes must be subject to ownership vote. In any case, this will depend on each country.

Any Owner may bring up a major issue to the other owners for voting. To call for a vote, owners may notify their Representative, and each individual share owned will hold one vote.

We can resolve issues such as minor repairs intended to keep the home in excellent condition. Routine matters would include replacing a broken appliance, replacing a worn hinge, or ongoing home maintenance such as winterizing a deck or applying a coat of paint.

The reserve funds are held in the Property Company’s bank account which is managed by Secconda for exclusive use towards home maintenance and repairs. Major repairs must undergo a transparent competitive bid process after which costs will be covered by the reserve funds.

Of course! Owners can use reserve funds to replace items with a limited lifespan such as appliances. Alternatively, owners may call a vote should they want to purchase or replace items in and around the house such as entertainment systems.

Items with limited lifespans that eventually need to be repaired or replaced will not incur individual responsibility upon any owner, instead the costs are paid by the reserve fund. However, any item destroyed or damaged as a direct result of an owner’s actions will be the responsibility of said owner.

Owners are not allowed to borrow against their share in a Property Company as stated by the terms of our operating agreement.

Yes, Secconda serves as corporate guarantor, thereby protecting other owners should one of them default.

Legal fees incurred on behalf of the Property Company are forwarded to the owners.

The Property Company will indemnify owners acting on behalf of the Property Company, should these costs not be covered by insurance, if and only if the owner acted in good faith and in accordance with the operating agreement. However, the Property Company will not indemnify owners found to have acted on behalf of the Property Company with willful misconduct, gross negligence, or in violation of the operating agreement.

Secconda will handle the payment of property taxes, and we provide annual tax forms for all owners. Funds allocated for taxes are collected as part of the owner's operating expenses. For further assistance, please consult your personal tax professional.

Secconda serves at the pleasure of the Property Company’s owners. Should owners find Secconda’s service inadequate, they may call for a vote, remove Secconda as the manager of the property, and proceed to manage it themselves.

Secconda welcomes owners to retain or sell their share or shares at their pleasure past an initial 12-month period of required ownership. Owners interested in selling are welcome to work with a real estate agent to determine the list price and introduce the share or shares on the open market, identically to how it is done with a whole home listing.

In the rare event that over three shares are in default for over 90 days, Secconda can sell the whole property. Before the property is listed on the market, all co-owners are within their right to buy out the defaulted shares at a discount.