How It Works
1. Who may use the WeCoOwn listing platform?
Anybody who wants to buy a new property such as a yacht, a jet, a luxury car, a race horse, an artwork or a vacation home via a co-ownership legal structure. They are called potential or prospective co-owners.
On the other hand, any existing owners of any of these high priced discretionary properties may decide to sell a part of the ownership to other prospective co-owners under a “co-ownership” legal structure to share the ownership and the potential use of these properties under a managed “shared consumption” method.
The listing platform is designed for them to meet first. Once they have decided to co-own together. WeCoOwn would assist them in corporatizing the assets via a proper legal structure in each country and help them with the fractional share ownership based on the percentage of their financial contributions.
2. Where are the services currently being offered?
The properties being offer during our initial launch period are yachts, boats, jets, small aircraft, luxury cars, race horses, artworks and vacation homes. We will also offer the complimentary use of our proprietary co-ownership property management software to facilitate the shared consumption between co-owners met through our platform.
3. What are the different types of membership? Is there a free membership?
There are three types of WeCoOwn memberships:
a) Basic Membership (Free Membership) – Any one who may want to showcase what assets they currently have and may in the near future become a listing member either to sell, to rent, to find co-owners, to participate as a co-owner or to buy the property outright. For example, the member could use co-ownership listing function to become a potential buyer looking for other co-owners to join in the purchase of a property together or the member could be an existing property owner who is looking to sell a part of his/her ownership in a property. The membership is absolutely free.
Basic Membership is available to everybody. The members will be free to list properties to sell, to buy properties, to charter or rent a property, to list to find other co-owners and to join others to co-own a property.
The number of listings are limited to 2 listings. The cost is free.
b) Premium Membership is intended for a higher level use of the platform and the software application by the owners and co-owners to manage their properties. In addition to the privileges that Basic Members have, they will have access to the expanded use of the co-ownership property management software to manage the properties that they own on an on-going monthly basis.
The number of listings are limited to 10 listings. The cost is $99 per month on a pre-paid month to month basis. The subscription could be cancelled before the end of the any month but there is no refund for the remaining prorated period of that month.
c) Professional Membership is designed for corporate accounts, licensed brokers, agents and professional management companies who conduct either fractional share programs or time share programs for their own clients.
Professional Members will have almost unlimited listings (500). The cost is $499 per month on a pre-paid month to month basis. The subscription could be cancelled before the end of the any month but there is no refund for the remaining prorated period of that month.
Professional Members may also have an option to set up a white-labeled app for their own clients. For more info on this program please send your inquiry to email@example.com.
4. What information do I need to sign up a membership account?
Basic Members could use their email address, login credentials for their existing Facebook or Linkedin account to create a new account with WeCoOwn. The Premium Members and Professional Members are paying members and hence will need personal identification, corporate information and the documents to verify as the proof of property ownership.
5. How do I set up a listing?
For Basic Members, you will only need the descriptions of the property. Clear high resolution photos and videos are encouraged. A listing price is required as well as the property’s current location. The property ownership documentation is optional.
For Premium Membership and Professional Memberships, a property ownership documentation is required.
6. What is the cost of the services at WeCoOwn?
Listing is free for Basic Members unless a premium or professional listing is desired. Premium Membership is $99 per month. Professional Membership is $499 per month.
Many legal and/or documentation services may be provided by our associated or recommended third party vendors.
7. How do I use my co-owned property?
The champion or the initiator of your co-owned properties and/or the professional members will help you make that decision via themselves or a dedicated professional concierge service. The WeCoOwn platform only provides the software to automate the process for members and their fellow co-owners.
8. When can I sell my shares in a co-ownership structure?
Any time you desire based on the permission agreements that you may have had with your other co-owners through an co-ownership operating agreement.
In the secondary market, you could be either a seller or a buyer at any given time under the guidelines of the operating agreements of each individually co-owned property.
9. How do I sell my shares?
The buying and selling of the fractional shares in the secondary market will only be handled under WeCoOwn’s broker dealer affiliate.
WeCoOwn does not get involved in the secondary market trading of the co-ownership shares.
10. Can I add a new type of property?
Yes. You may nominate a new asset class of properties with WeCoOwn’s management team. As long as there are enough expressed interest from potential co-owners on our platform, any class of property assets would be considered and provided on the WeCoOwn platform.
We will also tailor make the co-ownership property management software to be able to handle these new assets classes.