One of the most frequently asked questions from the users of our site is “How does the timeshare rental procedure work?” more specifically “What is the best way to pay for a timeshare rental?” Since we receive questions pertaining to this issue almost on a daily basis I would like to discuss it in this post.

The Internet has opened doors for everyone allowing us to virtually communicate with anyone in the world. Since everyone has access to the Internet there are bound to be some dishonest people looking to take advantage of others. When paying for items purchased on the internet whether it be a timeshare rental or some other type of purchase it is important to use a high level of caution. One of the most popular ways to transfer money over the Internet is to use the website www.Paypal.com. Anyone with an email address can sign up for a Paypal account, which allows buyers to pay for goods and services either through a credit card or adding funds from a bank account. Since paypal allows users to add money with a credit card it gives owners/sellers the ability to accept major credit cards. Once a renter and an owner have both agreed to use Paypal as the source of payment, money can be sent from one paypal account to another without either party viewing the other’s secure information. The best part about using this service is they allow the party sending the money to cancel and receive a refund if the promised item is not delivered. In the case of a timeshare rental if the owner fails to provide the renter with the agreed upon unit they can then contact paypal and ask for a full refund.

Another popular way of transferring money for a timeshare rental is to use an escrow service. This service will receive money from the renter and not render payment until after the renting party has stayed in the unit. Involving a third party will protect both the renter and owner, the renting party is protected because they have not given money directly to the owner and the owner can rest assured that the money will be delivered as it is being held by a third party. VTR offers a timeshare rental escrow service through Timeshare Title; the service is $50 per party but is money well spent considering the peace of mind received by both parties.

VTR also recommends that both parties involved sign a rental agreement contract. This contact should contain the following essential components, the price of the rental, the usage dates for the rental, parties’ information and signature, the name of the resort, and cancellation policy. The contract should be very specific about these items and any other items that may be in question. A well formed contract will protect both parties and outline the terms of the rental. Timeshare owners who have listed their properties with VTR can access an example of a rental agreement contract by logging into the My Timeshare area.

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