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How can I rent a timeshare? (by Mary D.):

fredc76 wrote:

I am ready to pay for a rental. The owner asked for a check and promise to add my name to the reservation list. This is obviously not comfortable to me. Besides paying for an escrow to handle this? Do you have other tips? How much is an escrow service cost for rental?

Fred - first off, I wouldn't pay in full. You should offer a good faith deposit and should have a written contract specifying the details of the deal, such as when you will pay the balance. A good contract should include the dates involved, the parties etc. I rent out my unit and have also been a renter. You also want to specify that the owner must have the maintenance fees paid up. If they don't pay, you may show up and management won't allow you in. He should also add when you can get into the unit as well as check out time.

To protect both parties, you need an enforceable contract. Then if something goes wrong, you can fight to get your money back. A verbal agreement may not be legally binding (usually not in cases of real estate - not sure in this case). At the very least, I would ask that he show you proof that you're on the reservation BEFORE you pay. He has nothing to lose if you don't pay; he can just take your name off. If the reverse happens, you pay and he does NOT put in your name, you could be out of luck. Hope this helps. I've been doing this long time and learned that you must spell it all out.