To Have a Rental Agreement Or Not To Have: That Is The Question
Sep 10, 2012
Apparently, this question had been bothering even Hamlet many years ago. Putting all jokes aside, as a timeshare unit owner or a renter, you absolutely need to have a rental agreement when renting timeshare properties. Just like when conducting any business activity, a written and signed agreement is crucial especially when problems arise between parties. In many cases, rental agreements that are clear and comprehensive covering relevant details of a rental transaction may help prevent costly legal disputes.
A rental agreement should clearly identify parties and their contact information and specify what property is being rented and for what period. In addition, it is important to include the unit use policies as well. For example, renters may accidently (or not) damage the property, furniture, glassware, etc. The rental agreement would clarify who is responsible for this type of damage. Another example of a common problem is when renters bring their dogs (or other house pets) into the resort and the resort’s management won’t allow it.
In other words, rental agreements help to clarify rights and responsibilities of both, renters and owners.