Tuesday, July 20, 2010

Ready to Rent a Timeshare? Use a Vacation Escrow Service

Ready to book that dream timeshare rental vacation? Don’t forget to use a vacation escrow service to ensure a secure and convenient timeshare rental transaction. Through First American Title Insurance, RedWeek.com members can transact rental agreements with other members, without security concerns that may be associated with private transactions. Just make sure you are making your travel plans at least one week in advance of your vacation.

How to Use the Escrow Service:
  1. Once the renter and rentee have an agreement on the price, both parties need to determine that they wish to use First American Title Insurance Co.'s vacation rental escrow service.

  2. The timeshare owner will complete the online Rental Agreement and Escrow Instructions.

  3. The renter will receive an e-mail from First American Title with a link to the agreement started by the owner. He then reviews and completes the application information submitting it to the title company.

  4. First American Title will contact both parties to collect a non-refundable escrow fee from each of them. AT this time, the renter pays 50% of the rental fee as a deposit if more than 60 days remain before check-in, or 100% of the rental fee if there are fewer than 60 days before check-in.

  5. 60 days prior to start of vacation, the renter will make the final 50% payment to First American Title, if that did not already occur upon opening of escrow.

  6. The owner will receive a check from First American Title approximately 11 days after the last day of the rental period, provided there have been no material disputes filed by the renter.
Costs for the Escrow Service (in $USD):
  • $100 for rental price of $0 - $1,000

  • $150 for rental price of $1,001 - $2,000

  • $200 for rental price of $2,001 +
The costs will be split 50/50 by the two parties, unless otherwise negotiated and Visa, Mastercard, Discover, American Express, or checks are accepted as payment.

If you prefer to talk to someone via phone, you can reach the First American Title Insurance Transfer/Rental Department at: Phone: 866-639-9203 (toll-free from U.S. only); 702-792-6863 (outside U.S.)

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