Yes. Owning a Pacaso is true real estate ownership. You purchase a share in a property-specific LLC. The home is fully managed and designed specifically for co-ownership. Our limited company structure gives second home seekers a streamlined way to own part of a luxury property, without the hassles of owning and maintaining an entire home. On top of that, ownership through a limited company offers liability and financial protections, as well as the peace of mind of having Pacaso as the company manager.
Generally, to the extent such costs are not covered by insurance, the LLC indemnifies owners acting on behalf of the LLC in good faith and in accordance with the LLC operating agreement. Owners who act on behalf of the LLC with gross negligence or willful misconduct, or violate of the terms of the LLC operating agreement, will not be indemnified by the LLC.
Owners are not individually responsible for life-limited items that eventually need repair or replacement, like a dishwasher; those are paid for by the LLC reserve fund. However, each owner is responsible for replacing or repairing items damaged as a result of their actions, such as a broken window.