Advice on Renting a Timeshare?

[hurnik]

My comment was about "real estate" - was in regard to someone's coment that you can't use PayPal for real estate transactions, but "real estate" refers to buying and selling real estate - not timeshare rentals. You can use PayPal for timeshare rentals.

Paypal requiries you to use the "Pay for Goods and Services" payment method for all business transactions (renting.) Friends and Family payments are only for gifting money to friends and family.

*Lots of people use the Friends and Family method for payments, for occasional timeshare rentals, and don't get caught. But the renter may know that it's not permitted and balk at using it. Also, if you use that method, you can't send the renter a PayPal Invoice, and the renter has no PayPal protection.



ALL "Pay for Goods and Services" payments have a transaction fee, regardless of the source of the money.

An echeck is just a bank transfer - the payment is pulled from the renter's bank account, and transferred to your PayPal Acct.. The renter decides what the source of their payment will be. They can also pay with a credit card, or funds in their PayPal Acct.

thanks Denise! I've only ever sent Invoices, and everyone has always opted to use a credit card, but good to know.

 

[DeniseM]

This was my personal experience: About 18 mos. ago, PayPal sent me a letter which they asked me to sign, and have notarized, and return to them, stating that I would only use my PayPal account for rentals, and not for buying or selling real estate. I signed it and returned it and continued renting timeshares with no issues.

This has resulted in no change to my rental process - I still send out invoices, and 2.9% is deducted from all PayPal payments that I receive.

I can still send money to my kids or other family members using the friends and family function - no fee.

 

[cassvilleokie]

Clarification: Renting a timeshare is not a real estate transaction. PayPal does permit rentals, and it doesn't fall under the real es

My comment was about "real estate" - was in regard to someone's coment that you can't use PayPal for real estate transactions, but "real estate" refers to buying and selling real estate - not timeshare rentals. You can use PayPal for timeshare rentals.

Paypal requiries you to use the "Pay for Goods and Services" payment method for all business transactions (renting.) Friends and Family payments are only for gifting money to friends and family.

*Lots of people use the Friends and Family method for payments, for occasional timeshare rentals, and don't get caught. But the renter may know that it's not permitted and balk at using it. Also, if you use that method, you can't send the renter a PayPal Invoice, and the renter has no PayPal protection.



ALL "Pay for Goods and Services" payments have a transaction fee, regardless of the source of the money.

An echeck is just a bank transfer - the payment is pulled from the renter's bank account, and transferred to your PayPal Acct.. The renter decides what the source of their payment will be. They can also pay with a credit card, or funds in their PayPal Acct.

Denise,
I got caught in this, here is TOS for Paypal.
What is PayPal's policy regarding the sale of real property?
You can’t use PayPal to buy or sell real property, including buildings, land, or anything affixed to the land.

Besides the direct sale of real property, we also don’t allow transactions that involve:

• Raffles or lotteries offering the opportunity to purchase or the chance to win a specific house.
• Real estate auctions that allow prospective buyers to sort through property listings and place bids on the property they want. There are many variations on what it takes to win. Typically, though, the winner is the highest bidder or the person whose bid is closest to the actual value of the house.
• Reverse auctions offering properties for sale not to the highest bidder, but to the person who has the lowest unique bid. In a reverse auction you usually have to pay an administration or bidder’s fee before you can make a bid.
• Tax lien certificate auctions in which prospective buyers place bids on tax lien certificates. These are certificates that represent a claim, or partial claim, on a property for the sum of unpaid taxes. The winning bidder becomes the property’s new lien holder.
• Timeshare transactions -- offers to buy, sell, or rent rights to the periodic se of a property. A timeshare is real estate that is jointly owned by people who share the right to use the property and take turns using it.

This is the diercy link https://www.paypal.com/us/selfhelp/...cy-regarding-the-sale-of-real-property-faq799