Procedure for Renting

What is the sequence of events for completing a transaction once an aggreement has been made? Is there normally a deposit and what is a typical deposit amount? When is the final payment usually due?

I have received a hard offer to rent my unit. What is the next step? Is there an escrow comany that handles rentals?

thomas472 wrote:

I have received a hard offer to rent my unit. What is the next step? Is there an escrow comany that handles rentals?

Yes. First American Title does these for RedWeek members. Go to the Vacation Escrow link bottom right of the RedWeek.com home page. Click on "learn more". They provide a rental contract, too. Cost is $50 each for the buyer and the seller... safest for both of you.

And what if you don't have enough time? - I want to rent a unit during holidays from another owner.

How both parts can be secure?

If you don't have enough time to use an escrow service, then these are the things I would do in renting an upcoming week:

1. Make sure the owner actually owns the week he's renting and that it's not an exchange (rental of exchanges is prohibited by the exchange companies). You can verifty his ownership with the resort or have him fax you verification of ownership.

2. The owner can also fax (or email) a written agreement to you listing the week being rented, the rental price, your name and address, his name and address, telephone numbers of both parties and a section for both signatures and the date signed.

3. You can pretty much get a feel for an owner/renter or seller/buyer by corresponding with them or talking with him/her on the telephone as to their integrity, although this is not always the case.

4. Both you and the owner then choose a payment method.

jayjay wrote:

If you don't have enough time to use an escrow service, then these are the things I would do in renting an upcoming week:

1. Make sure the owner actually owns the week he's renting and that it's not an exchange (rental of exchanges is prohibited by the exchange companies). You can verifty his ownership with the resort or have him fax you verification of ownership.

2. The owner can also fax (or email) a written agreement to you listing the week being rented, the rental price, your name and address, his name and address, telephone numbers of both parties and a section for both signatures and the date signed.

3. You can pretty much get a feel for an owner/renter or seller/buyer by corresponding with them or talking with him/her on the telephone as to their integrity, although this is not always the case.

4. Both you and the owner then choose a payment method.

Thanks, I'll do that! :)

Wait a minute, JayJay, there are "Guest Passes" so actually, you can pass the timeshare along to someone else in lieu of you yourself going.

Has anyone put together a contract which I could use for an upcoming rental?

There's a contract that First American Title created which includes their vacation escrow arrangement. This is a great way to ensure a safe transaction dealing with someone that you do not know. Check the link below. Should make your renter feel safer too.

http://www.redweek.com/help/rental_process/escrow/

Randy

You can also download a rental contract at www.tstoday.com for a fee. They also have sales contracts that you can download.