Owner won’t transfer reservation until paid in full

Looking to rent a timeshare. Owner has provided proof of reservations, under his name. But states he won’t change over reservations until paid in full. Is this normal? Should I request it be changed over after the 25% deposit I pay him?

Short answer, yes. You should have a contract stating terms of how much, when monies are due, along with when the actual reservation would be put in your name. When we have rented our units we have started with an amount, along with a time line of when remainder would be paid , and consequences of non payment in given time frame, and when transfer of reservation is given. I have never assigned reservation of a week without full payment. If you did not receive a contract stating any or all of the above I would ask for one(even have been given proof of ownership) it only protects both you and the owner.

katelynnm wrote:

Looking to rent a timeshare. Owner has provided proof of reservations, under his name. But states he won’t change over reservations until paid in full. Is this normal? Should I request it be changed over after the 25% deposit I pay him?

It is reasonable (it is standard operating procedure, actually) for a timeshare owner to require payment in full before placing a reservation in a tenant's name. A properly prepared rental agreement should address this requirement in very clear and specific detail.

Why would any owner do otherwise? After all, his / her annual maintenance fees must be paid in full long in advance of the usage week. It would be unwise and reckless to place a reservation in someone else's name merely on the basis of a 25% deposit. Even the 25% deposit you mention is low --- most owners (understandably) require 50% as a minimum deposit and understandably will only change the reservation name when the other 50% is received (and clears).

I'm sure you would see it exactly this way if YOU were the owner and roles were reversed.

Should I change the reservation name from my name to the renters name without payment?

doreena35 wrote:

Should I change the reservation name from my name to the renters name without payment?

Absolutely not. Your prospective tenant may very well be an honest person, but if you put the reservation in someone else's name without even receiving any payment first, a less than honest person really has no further motivation to pay you soon --- or at all. Even an honest person could "change their mind" later and you need to build in some financial "consequences" for any late "bailout" by the would-be renter. Payment should be received in full before making any changes in the reservation name --- and this should all be completed well in advance of the occupancy date.

You really should have a formal, mutually signed rental agreement that spells all this out (and much more) ) in clear and precise detail, leaving no room for any "misunderstandings" or conveniently "incorrect interpretations". This is a business transaction and it should be treated as such, with a detailed contract being executed between two fully informed parties who are in mutual agreement, as expressed under the signatures of both parties. Anything less is just too "loosey goosey" --- and not legally enforceable.