Information rental agreements,

Does anyone have some good sources for (1) rental agreement templates or (2) policy guidelines on deposits and payment deadlines, refunds?

Thanks.

jbl3 wrote:

Does anyone have some good sources for (1) rental agreement templates or (2) policy guidelines on deposits and payment deadlines, refunds?

Thanks.

Are you the renter or the owner? If you are renting from another party, then you also want to make sure the other party actually owns the unit in question and it is NOT an exchange obtained through II or RCI.

I am the owner, and rent other property, but have not rented timeshares to others. I am hoping for basic tips directly from owners about how they have succeeded with deposit and payment policies, and specific rental agreements or procedures they have found successful. I saw the resources link, but have not yet gone all the way through it.

Why are you afraid of renting thru II or RCI. Once you confirm your reservation, don't you get the ammenities as an owner???

jbl3 wrote:

I am the owner, and rent other property, but have not rented timeshares to others. I am hoping for basic tips directly from owners about how they have succeeded with deposit and payment policies, and specific rental agreements or procedures they have found successful. I saw the resources link, but have not yet gone all the way through it.

I told the other party they could contact the resort to verify I owned the unit. Then I contact the resort to give them my permission to confirm my ownership. I even sent them a copy of the confirmation that I booked the week.

A deposit was required with the signed contact with the balance due shortly thereafter.

One party paid with PayPal, another sent me a check. One person wanted to use a CC via PayPal, but for some reason had trouble setting up the account.

I'm not a fan of escrow, but if the renter wanted to use it and pay the entire fee, it would be OK with me.

After all is paid, I notified the resort that someone else is using the unit. Each resort handles this situation differently. One of my resorts sent a separate confirmation in the renter's name. Another just had the renter use my confirmation, but I had to send a letter to the resort stating Mr & Mrs Smith was using the week.

Hope this helps get you started.

This is a great reply. Thanks for your help.

lesb15 wrote:

Why are you afraid of renting thru II or RCI. Once you confirm your reservation, don't you get the ammenities as an owner???

RCI and II aren't in the rental business, they are merely exchange companies.

As I am new to RedWeek.com, I am just reading through all the posts in the forum. A followup to lesb15's question..... I noticed the statement, "make sure the other party actually owns the unit in question and it is NOT an exchange obtained through II or RCI." What is the issue with confirming an exchange to an II or RCI property and then renting it out? It would be good to know that information. Thanks, Rick

rick819 wrote:

As I am new to RedWeek.com, I am just reading through all the posts in the forum. A followup to lesb15's question..... I noticed the statement, "make sure the other party actually owns the unit in question and it is NOT an exchange obtained through II or RCI." What is the issue with confirming an exchange to an II or RCI property and then renting it out? It would be good to know that information. Thanks, Rick

The issue is that it's against RCI and II's rules and regulations to rent out an exchange .... people who have been caught doing so have had their memberships cancelled and their renters turned away at check-in.

jayjay wrote:

rick819 wrote:

As I am new to RedWeek.com, I am just reading through all the posts in the forum. A followup to lesb15's question..... I noticed the statement, "make sure the other party actually owns the unit in question and it is NOT an exchange obtained through II or RCI." What is the issue with confirming an exchange to an II or RCI property and then renting it out? It would be good to know that information. Thanks, Rick

The issue is that it's against RCI and II's rules and regulations to rent out an exchange .... people who have been caught doing so have had their memberships cancelled and their renters turned away at check-in.

It is not against II's rules, you can purchase a guest certificate so that someone other than yourself can use the unit/week for $39.00 and it puts the reservation into your guest's or renter's name. I don't understand how you think II can turn away someone at check-in when the hotel has nothing to do with II's exchange system, other than confirming a reservation.

I have a question because I have a tentative renter for one of my weeks, but they want some info on what happens if they need to cancel. I don't want that to be my problem, so that I end up eating the week at the last minute. Any ideas on insurance they could buy for this issue?

With Interval you can buy insurance for $66.00. That way if the renter cancelled at the last minute, you wouldn't lose your week.

Guest certificates are not for people renting exchanges for profit ... the only reimbursement to an owner renting an exchange is the guest certificate fee and the exchange fee ... anything other than that is against RCI/II rules .... if you don't believe me then call them.

I have no idea why you are referring to hotels .... this forum is about timeshares, not hotels.

nancys314 wrote:

I have a question because I have a tentative renter for one of my weeks, but they want some info on what happens if they need to cancel. I don't want that to be my problem, so that I end up eating the week at the last minute.

Nancy when a renter is more worried about what if they cancel is a red flag! Many owners will have in the contract no refunds for any reason just to be covered. Many renters will grab a good week {holiday weeks} they want and later see a last minute deal and use any excuse for refund. I have seen some great weeks like Hawaii show up on last minute for five hundred dollars but must be used in one or two weeks and these renters see it and want to cancel. This can't be your problem so no refunds!

Many owners will use the rental money to rent another resort for their own vacation.Because of this they can't afford to be returning the renters money.When I have rented I state in the contract that they should be sure they will use the unit because there will be no refunds for any reason

PHILL12

Thanks, Phil, that was helpful info.

jayjay wrote:

Guest certificates are not for people renting exchanges for profit ... the only reimbursement to an owner renting an exchange is the guest certificate fee and the exchange fee ... anything other than that is against RCI/II rules .... if you don't believe me then call them.

I have no idea why you are referring to hotels .... this forum is about timeshares, not hotels.

I am a timeshare owner and I have 12 Bonus weeks at II every year which is clearly mentioned in my contract that I can use it, gifted or rented anytime with a price decided by II

mujaheds wrote:

jayjay wrote:

Guest certificates are not for people renting exchanges for profit ... the only reimbursement to an owner renting an exchange is the guest certificate fee and the exchange fee ... anything other than that is against RCI/II rules .... if you don't believe me then call them.

I have no idea why you are referring to hotels .... this forum is about timeshares, not hotels.

I am a timeshare owner and I have 12 Bonus weeks at II every year which is clearly mentioned in my contract that I can use it, gifted or rented anytime with a price decided by II

I was speaking of exchanges, not bonus weeks. I know nothing about bonus weeks.

Are you speaking of Accomodation Certificates ????

My timeshare resort is an II member, and it’s not against rules to rent out an exchange since I exchange my week to one requested by the renter and I make the reservation by his name. I know nothing about Accommodation Certificates; I know Guest certificates in which all details of Accommodation are included. About Bonus weeks you can reserve in any resort affiliation with II at any time of any unit size with a price decided by II.

mujaheds wrote:

My timeshare resort is an II member, and it’s not against rules to rent out an exchange since I exchange my week to one requested by the renter and I make the reservation by his name.

That much clearly and plainly stated, I believe that you may perhaps misunderstand exactly what actually consituttes an "exchange" in the first place. If, for specific example, you own a "floating" week at your II (or RCI) affiliated resort and you reserve a week there, but then later change your reservation date in order to rent out your OWNED week to someone else, then that is NOT an exchange in the first place, since you are still dealing only with a week that you actually OWN. That's certainly fine and allowed.

What is prohibited by II (and by RCI as well) is exchanging a week that you own for a different week at a DIFFERENT resort AND THEN attempting to rent out that "exchange" (at the resort where you do NOT own) to someone else. You cannot do this. The important and relevant difference and distinction between the two scenarios above is that in one instance, you are renting out a week that you actually OWN, which is always your right and your prerogative. In the other instance, you'd be renting out a week which you do NOT own, but have instead acquired from an exchange company (by "exchanging" your OWNED week for something else that you do NOT own). Renting out what you do not OWN, but have instead acquired from RCI or II, is very clearly and specifically prohibited, with no ambiguity or uncertainty whatsoever in the matter.

I hope this helps to clarify this important difference.

Ken, thanks for clarification

What about Bonus Weeks, it's also prohibit to rent it ?