Is escrow enough for renting ?

For the person who is renting the timeshare week, is using an escrow service enough so you don;t get scammed or is there more you should do? Thanks for any help.

guys27 wrote:

For the person who is renting the timeshare week, is using an escrow service enough so you don;t get scammed or is there more you should do? Thanks for any help.

=========== Even before entering into the escrow agreement, you should somehow verify, with the resort, that the person actually owns the unit being rented. Since I've never used an escrow company in my past transactions, I cannot vouch for any particular company. RedWeek promotes First American Title Ins Co as a rental escrow company; access their website and read the agreement. The owner has to provide proof of the reservation to First American. When final payment is made, the owner then notifies the resort that a renter will be occupying the property. The owner has to provide a copy of the notice to First American and the renter. If the owner defaults or the unit is not what was advertised, the renter can get his/her money back (minus the escrow fee). I don’t know if First American verifies the information provided by the owner. The agreement only protects you against losing payments made to the owner through First American. I can imagine an unscrupulous owner contacting the resort and canceling or changing the reservation. If you arrive at the resort you find out the unit was not as advertised (i.e. studio instead of a two bedroom), you get your rental money back, but you won’t be reimburse for additional expenses you incurred. From an owner’s standpoint, if the renter defaults, the owner gets the renters deposit. However, since the renter will not be in default until 60 days prior to check-in, it might be difficult for the owner to re-rent (or do an exchange) the unit in that short time period. Good Luck Mike

Agree with all of the above...There are situations where the reservation may have been made using points ie Wyndham so being a owner may actually be with the internal resort system rather than the resort itself. I assume this is verifiable through the seller himself and is also able to be verified by finding out how the reservation was secured. ie points ect. jim

Thanks for the help!