Looking for sample rental agreements

[FlyerBobcat]

In the thread:
http://www.tugbbs.com/forums/showthread.php?t=43
it says:

There are three sample rental agreements in the TUG Advice section (link at the top of any TUG page) under "Renting Timeshares".

Obviously I am a new TUG'ER. Can someone help me out with finding these samples, along with any personal experience on the ins & outs of renting a platinum week at MGO?
Thanks

 

[DeniseM]

Welcome to TUG! The link to the Advice Section is in the red bar at the top of the page - click on "Advice."

Advice:

Our economy is bad right now and the market is flooded with rentals - price your rental reasonably if you want to rent it and have a back-up plan in case it doesn't rent.

This is what I do with my rentals:

1) Ask for a $100 Paypal deposit to put the Resv. in the renter's name.
2) Have the resort put the reservation in their name and send the renter a confirmation.
3) The balance is due in full within 48 hours after the renter receives the confirmation.
4) No cancellations, no refunds.
5) I don't do a contract unless the renter asks for one - almost everyone is happy with the confirmation from the resort.

 

[FlyerBobcat]

Thanks, Denise

I didn't scroll all the way down previously to get to all the extra rental information.

Questions: Do you insist that the renter pays you the balance via paypal?
Also, is the purpose of having the resort put the week in the renter's name to
(hopefully) make them responsible for what might go on that week?

 

[DeniseM]

Thanks, Denise

I didn't scroll all the way down previously to get to all the extra rental information.

Questions: Do you insist that the renter pays you the balance via paypal?

Yes - the payment is instant and as soon as it hits the acct. I can take it out. I don't have to worry about bad checks or procrastinators. Lots of owners accept checks, but the speed, security, and convenience are worth the 3.5% fee to me. Renters like it because then they can use their credit card to make the payment.

Also, is the purpose of having the resort put the week in the renter's name to
(hopefully) make them responsible for what might go on that week?

They are already responsible - the resort swipes their credit card when they check in and any charges or damages will be charged to their card. I don't know of an owner that's ever been charged for their renter's damages or charges.

I have the resort send the guest a confirmation in their name for the renter's peace of mind. That way they know there is a real reservation and it's been put in their name with the resort. Lots of people use contracts, but it is a lot more hassle, and unless there's going to be a lawsuit, they aren't much good. I do think it's important to make your terms clear, but that can be done without a contract. I list my terms in my Paypal request for payment and in my rental Ad.

I'm sure someone who is pro-contract and anti-Paypal will post too, and it's good to consider both sides.

 

[x3 skier]

Lots of people use contracts, but it is a lot more hassle, and unless there's going to be a lawsuit, they aren't much good. I do think it's important to make your terms clear, but that can be done without a contract. I list my terms in my Paypal request for payment and in my rental Ad.

I'm sure someone who is pro-contract and anti-Paypal will post too, and it's good to consider both sides.

Even with a lawsuit, just remember, there are hoards of lawyers who will spend all the money you send them to prove any contract does or does not mean what it says.

I prefer Denise's approach since to my way of thinking it is as good as any written contract, especially since the resort has the renter's credit card in hand and PayPal has fraud protection.

Of course I have never rented my timeshares except through RCI (which I am leaving) or the management company. Even with the commission the company charges, I am "out of the loop" except cashing the check which is best piece of mind one can have. I am sure I could get more money renting myself but since the income from my fractional covers yearly expenses plus a little and I use my other units myself, I never had the occasion to rent them personally.

Cheers

 

[theo]

One-sided "protection"...

....PayPal has fraud protection.

Not true for the renter. There is no PayPal protection in non-tangibles transactions; the only guarantee is that of payment to the recipient.
Not exactly a two-way street...