 Domain Escrow Services
Domain Transfer Escrow
When you are interested in purchasing a domain from another party you should insist on using an escrow service. By using a domain escrow service to act as a third party in your sale, you are ensuring that both the buyer and seller are protected from fraudulent activity. Generally speaking, the process is quit straightforward and systematic. During the transaction process you will be made aware of what steps are to be taken and who is the next party to act.
In most cases, the entire process for buying a domain using an escrow service can be accomplished in a few days. This, of course, depends on how quickly the two parties check the status of the sale and perform the tasks they need to perform. Using an escrow service is the best option in ensuring a safe way to buying and selling a domain name, unless you personally know and trust the party from which you are buying.
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Setting the Terms of Escrow
Since there is an exchange between two otherwise unfamiliar parties, it is necessary to appoint a reputable escrow company to act as an impartial body that oversees the domain transfer process. The first step involves both parties agreeing to the terms of the transaction. Either the buyer or the seller can initiate the escrow. It is advisable that an agreed price for the domain name is met, before creating a new escrow transaction. Depending on the parties involved, you should also agree who will pay the escrow company for their service or both may elect to split the cost.
When the escrow transaction is created, all of the terms are spelt out for both parties to review. These particulars include the domain name, the sale price and who will pay the escrow fees. Additional details such as including website content or solely the domain can also be expressed, if applicable. The escrow contract is shown to both the seller and the buyer, and when all terms are satisfactory the escrow agreement is approved by both.
Escrow Steps
The next step is for the buyer to pay the escrow service the required amount set forth in the contract as agreed with the seller. Once payment has been verified by the escrow service, the seller is notified that the escrow service is holding on to the payment in full. The seller is then prompted to transfer the domain into the agreed domain registrar account, as stated in the escrow contract. If the seller does not carry through with the domain transfer, then the buyer will be refunded his payment.
The buyer indicates to the escrow service when the domain is safely in his domain registrar account. If the seller has transferred the domain to the buyer and the buyer does not confirm, the escrow service will step in and check that the domain transfer has been effected. Ultimately the seller will have the funds for the sale released by the escrow service once all actions have been executed.
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