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Original Message:
Information rental agreements, (by Mike N.):
jbl3 wrote:Here's what I did when I've rented out a few times. I provided a rental agreement that described EVERYTHING in detail (deposits, cancellation policy, who's responsbile for extra fees, etc). I also made sure to note any restrictions such as smoking or petsI 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.