Categories for timeshare escrow

Tips on Renting a Timeshare: Webinar Recap (Part 1)

Lisa Ann Schreier is the Timeshare Crusader, and writes the Timeshare Crusader Column in the RedWeek Newsletter. A webinar on timeshare rentals, hosted by RedWeek and featuring Lisa Ann, was held last month. Lisa Ann’s purpose in presenting the webinar was “to take a little bit of the fear away from “newbies” about renting a timeshare.”

The webinar booked up quickly and if you were one of the people who did not get to attend the webinar live, we are posting Lisa Ann’s highlights in a 2-Part series.

Tips on Renting a Timeshare:

  1. Listings. You can find a lot of listings on RedWeek – and here’s a helpful hint – shop around. In most geographical locations you’re going to find a lot of listings, so see what’s out there, do some research, find information about the resort online, such as the resort’s own web site, Tripadvisor ratings, and be sure to read the reviews posted on RedWeek.
  2. Negotiate. Once you find what you’re looking for – don’t be afraid to negotiate the price with the owner. We typically don’t negotiate very often – not when we go to the grocery store, for example, so for some it can be a little scary. All the owner can say is no. Make a reasonable offer. Nothing bad will happen, and you might get a better deal. Especially if time is short, and the owner is well-motivated to rent.
  3. Verify. Once you settle on a price, verify the resort and unit details. You want to make sure you’re getting what you think you’re getting. For example, if you are under the impression that it’s an ocean front unit or has a pool view, be certain. Verify the number of bedrooms, etc. Verify with the owner, and with the resort itself.
  4. Sign a contract. The safest thing to do at this stage is to go through an escrow service. RedWeek makes First American Title, one of the most reputable escrow businesses in the country, available for your use. Timeshare rental escrow works this way: The owner or renter initiates the escrow. Both parties pay a $125 fee. The contract is sent out by the escrow company for both parties sign. At that time the renter pays either half or the full amount of the rent, and that money is held by the escrow service until after the renter’s vacation stay. The escrow company will get confirmation from resort that the reservation is in your name (however, you should still call the resort yourself and verify).

    After the vacation stay, if the renter files no complaints the money is released to the owner. This keeps scammers from renting out non-existent timeshares. (A red flag is if the “owner” asks for money via wire service.) The security of escrow does a great service for both parties. After all, the owner doesn’t know you, and you don’t know owner.

  5. Confirm. Confirm the reservation yourself by calling the resort directly. You need to make sure that they know you have the owner’s permission to be staying there. Otherwise, since you are not the owner, the resort will have no record of your name. Send the contract to the resort by FAX. When you arrive at the resort for your vacation, make sure you have their confirmation and a copy of the your contract with the owner.

This might all sound to newbies like a little bit of work, but honestly ask yourself would you not do all of this if you went to a hotel? And the extra step of using the escrow service is simple and easy.

Tips on Renting a Timeshare: Webinar Recap (Part 2)

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Ready to Rent a Timeshare? Use a Vacation Escrow Service

Ready to book that dream timeshare rental vacation? Don’t forget to use a vacation escrow service to ensure a secure and convenient timeshare rental transaction. Through First American Title Insurance, RedWeek.com members can transact rental agreements with other members, without security concerns that may be associated with private transactions. Just make sure you are making your travel plans at least one week in advance of your vacation.

How to Use the Escrow Service:

  1. Once the renter and rentee have an agreement on the price, both parties need to determine that they wish to use First American Title Insurance Co.’s vacation rental escrow service.
  2. The timeshare owner will complete the online Rental Agreement and Escrow Instructions.
  3. The renter will receive an e-mail from First American Title with a link to the agreement started by the owner. He then reviews and completes the application information submitting it to the title company.
  4. First American Title will contact both parties to collect a non-refundable escrow fee from each of them. AT this time, the renter pays 50% of the rental fee as a deposit if more than 60 days remain before check-in, or 100% of the rental fee if there are fewer than 60 days before check-in.
  5. 60 days prior to start of vacation, the renter will make the final 50% payment to First American Title, if that did not already occur upon opening of escrow.
  6. The owner will receive a check from First American Title approximately 11 days after the last day of the rental period, provided there have been no material disputes filed by the renter.

Costs for the Escrow Service (in $USD):

  • $100 for rental price of $0 – $1,000
  • $150 for rental price of $1,001 – $2,000
  • $200 for rental price of $2,001 +

The costs will be split 50/50 by the two parties, unless otherwise negotiated and Visa, Mastercard, Discover, American Express, or checks are accepted as payment.

If you prefer to talk to someone via phone, you can reach the First American Title Insurance Transfer/Rental Department at: Phone: 866-639-9203 (toll-free from U.S. only); 702-792-6863 (outside U.S.)

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Video Clip: How to Sell Your Timeshare on RedWeek.com

Are you new to RedWeek.com? Do you want to post your timeshare for sale but you don’t know how? We’re very pleased to provide you with this quick video clip that outlines the process for How to Sell Your Timeshare on RedWeek.com.

In less than 2 minutes, you can easily see what steps you need to take in order to post your timeshare resale on RedWeek.com. Here’s an overview of what is involved:

  1. Review your ownership documents and find out if your resort allows you to sell the unit yourself and if there are any transfer fees.
  2. Go to RedWeek.com and create a timeshare resale posting. RedWeek.com membership is required. To find your resort, use the search or browse feature.
  3. Click “Sell Your Timeshare”. Then in just a few minutes you can click to easily list all the details of your unit. You can make changes to the listing at any time.
  4. A RedWeek.com timeshare resale posting is just $59.99 for 12 months. Interested members contact you via email to learn more.
  5. RedWeek.com also offers a third party timeshare escrow service for transactions.
  6. If you don’t want to do it yourself, a full service resale option is also available.

Plus, RedWeek.com has received an A+ rating from the Better Business Bureau, so, you can feel confident that you are listing your timeshare with a reputable company that cares about its members.

See the video now:

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