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Re: Renting a timeshare: How safe is it? (by R P.):

adahiscout wrote:

As an owner, I find that advice uncomfortable. I tried to rent an excellent week through a Wyndham related organization a while back which did not pay the owner at all until after the reservation was used. Result? The person who agreed to rent canceled out at the last minute so I was left holding a useless reservation without any chance of getting my investment back. These ARE NOT HOTEL ROOMS. The owners are paying hundreds in maintenance fees for their units each year. The renter should expect to make a deposit which is not refundable after an agreed upon date far enough ahead of check-in for the owner to find another user or cancel the reservation entirely and rebook. I ask for this deposit when I prove that I hold the reservation and do not put it into the renter's own name until full payment if received. I suppose that the money could be held in escrow but payment should not be dependent on the renter using the unit if the unit was reserved as per the contract. Trip insurance may be available if the renter must cancel for health reasons. MD

This is why a rental agreement should always be in place stipulating the terms of the rental and the deposit required. There are some owners that do not accept cancellations at all ..... they demand the entire rental fee upon signing the rental agreement .... Denise (moderator on Tug is one such person).