I've been on the receiving end of three transfers. As an owner that uses the extra points to round out my own vacations, I would never rent...I don't know...something about someone else controlling my reservation. I like control!
1. Agree upon a price.
2. Verify validity of the transfer w/MS (ie, make sure you both have the transfer ability availibility as it's only 1x per year now)
3. With 2 of them I sent 50% payment via paypal before the transfer. My risk of them not doing the transfer. The 3rd was I paid nothing until transfer was made (at the sellers request...his risk).
4. Transferring member calls MS with Transferree Names
& Member # to make the transfer. Risk to them because they have only been paid 50%, but once points are transferred you have no recourse if buyer didn't pay other 50%
5. Transferring member follows up with a fax to MS confirming transaction, as it is final.
6. Transferree calls MS to verify transaction has taken place.
7. Send balance of payment.
8. Points are now mine, and have taken on my use year.
2 of the 3 were done within one business day. My last one took a couple days because of some use year complications.
Hope this helps!