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Re: rental payment transaction

[Q=mccabin] [Q=adahiscout] [Q=mccabin] Once again thanks for your helpful input. I have been working on a rental contract for a couple days now...looked over several found on these forums and we have typed one up we feel pretty comfortable with. I did put and area in there for MAX # of guests, but now with your suggestion may need to ask for age groups...how many adults, how many children, etc. The Maui Ocean Club does have restrictions on # of occupants...the 2BR 3Bath has a max of 8 or there will be penalities! Also, we like the idea of a time clause for completing the rental....maybe give 'em 2 weeks to get the agreement signed and back to us or it is off?? We have put a date when the final payment is due...60 days b/4 rental time. We have owned there for 6 yrs and love it...this is our first time for renting out a unit! yikes it can be scary! mccabin[/Q] ========== You should probably make it clear to the inquirer that you will accept the first bid that meets your advertised price. Therefore, they should let you know by phone or e-mail if they are putting the contract and payment in the mail so that you can hold it for them. If you have agreed to a reduced price, this goes double in spades! MD[/Q] MD, MORE good info and things to consider in our rental contract! I do have a ?....once the agreement is under way, $$ paid...I will call the MOC and put our renters on as our guests, correct...I am NOT going to just remove our name from this recerv in case they bail later on, right? Also, I can easily email/send them the reservation info, but I am just not comfortable giving out the conf. # until all the $$ is paid. A LOT can be done to a reserv. w/a conf.#!! Thanks for any thoughts, mccabin[/Q] ====== Hmmmmmmm. I have sometimes sent the rentee (?) a copy of the reservation in my name to prove that I have it. This is especially important in the case of a hard to get week like the Daytona 500. They go for well above maintenance fees and I really don't expect some stranger to just take my word that I have it. When payment is made in two parts, the first half is usually not refundable. When the final payment come, I have the unit confirmed in the guest's name and sent to him directly if the resort will do this. Now and then you get into a last minute situation with lots of e-mail and FAX flying around! Remember, you are in less danger of being scamed than the renter is. If he uses your week, you know exactly where to find him! MD MD[/Q] MD...the good info from you keeps flowing in. I have been working on our rental agreement. Our son suggests we have our attorney look the agreement over for final tweaking. What do you think about this? Yes, and expense, but perhaps worth it in the long run. Still have a ?? about this reservation confirmation. If the renter wants a copy of it (we can understand why they might ~ to make sure we are legit) BEFORE the final payment is made, I would agree to send it to them with the conf. # blacked out....just feel unsure about giving them the whole thing before they pay for it...more secure to not give out the conf. # till they make final payment. Thanks for input! mccabin[/Q] Why not use a Vacation Rental Escrow Service? [url]http://www.redweek.com/help/rental_process/escrow/[/url]. It would cost both you and the renter $50 each and would give each of you piece of mind. Thanks, Marty