Rental Escrow
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Original Message:
My two cents (by Mike N.):
sanchia1 wrote:Phil covered this nicely, but I wanted to add my two cents, which is worth a lot less now during this financial crisis.I am an owner and trying to rent for the first time. I would like to know if anyone has had an issue with getting the timeshare resort to switch the reservation to anothers name? Is this what the Escrow papers help cover? I have read through the other responses, but want to make this as smooth for me as for a potential renter. Does this Escrow cover our butt if the renter goes in and trashes the unit? I just would like a little guidance and advice on what is the best route to go.
IMO, the only benefit of escrow is to protect a renter from an unscrupulous owner, or someone who purports to be an owner. The owner will get the 50% deposit if the renter cancels, but often this is "too little, too late" as the renter is not in default until within 60 days of check-in. By this time an owner may have trouble re-renting the unit.
There is nothing the Escrow company can do if a resort will not change a reservation, so i would ask you resort for their policies. My resorts wanted a letter indicating the name of the other party.
Copies of the reservations and/or confirmations are sent by the owner to the Escrow company.