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  1. #1
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    Hello guys !

    I need to make a transfer (sale) of a domain to a new buyer.
    He's asking for Domain Transfer to another registrar (Register.com).

    My question is can you guys suggest a way I can be SURE of getting the money after the transfer ?
    I stay in India & the guy's in the US, so it's a bit of a problem, not knowing Escrow & probably it not working for us !

    I was thinking, I'd ask 50% advance 50% on transfer.....
    What do you think ! Any help would be much appreciated !


    PS : Quick please. Need to do this asap.
    Thanks a lot !

  2. #2
    ABW Ambassador mousejockey's Avatar
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    There are a couple of ways I usually sell domains, this should work for you.

    Draw up a letter of agreement between you and the buyer using your bank and a letter of credit as the financial instrument.

    ie- Agreement fax a copy to the buyer and get them to sign and return a copy.

    This agreement is entered into between (you)and (buyer)on this day(d/m/y).

    Whereas (you) has entered into agreement for the sale of (domain )for the amount (how much) to (buyer)

    Financial Instrument.
    The financial instrument for the transaction of the sale of the above mentioned domain will be executed by wire of an International Letter of Credit of (how much)in US funds by (the buyer)to (you).
    Transfer
    On receipt of notification of the Letter of Credit (you) will commence the transfer process of the domain (dom name) to (buyer)

    Conditions for payment.
    Condition for payment in full by wire transfer to (you) at (your bank) shall be confirmation that the internet domain (dom name) has been transferred to (buyer) or it's designates.

    Method of confirmation of transfer shall be either evidence of an authenitic email from (Internic or whoever) stating the transfer process has been completed: and/or that an internet seach of the internic domain name registry which may be conducted by any party to the transaction show that the domain (dom name) is owned by ( buyer)or it's designates.

    On presentation of a whois database seach showing (buyer) as the owners of the domain (dom name) the funds held in escrow will be released to (you) by (bank)

    If (buyer) or it's designated owner chooses to transfer (domain) to another party it will be sufficient condition for payment in full to show, through any of the methods described above that (the domain) has been owned/transfered to (buyer) or it's designates at some point in the past.
    Signed
    The seller
    Signed
    The Buyer.
    Signed
    Witness.
    Take it into your bank with a copy of your ownership of the domain, get the bank manager to sign as a witness if possible and have them notify you when the letter of credit arrives.
    Fax a copy to the buyer, get them to return a copy.
    When you've been notified the letter of credit has arrived change ownership details and wait till it shows on the whois updates, not sure how long it takes now, used to be 24/48 hours.
    Take a copy of the new whois update to your bank, and that's it, they release the funds.

    I've used this method a number of times will no problems, the bank will impose a small fee, just check what it is.

  3. #3
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    MJ...can I use that [img]/infopop/emoticons/icon_wink.gif[/img]

    CEO, what about having them pay the money up front. MJ's plan sounds great, but it sounds time consuming (absolutely nothing wrong with that if you have the time). Instead of half, what about the whole amount up front. If they use a credit card, or other means where their bank could act in the event you were to screw them (not an accusation, but they are worried about their protection as much as you are about yours).

    [ 04-29-2002: Message edited by: TH Media ]

  4. #4
    ABW Ambassador mousejockey's Avatar
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    Yes, of course you can use it [img]/infopop/emoticons/icon_smile.gif[/img]
    It really doesn't take much time, just type it up, fax it across, they fax it back take it to your bank, they go to their bank, then it's a matter of waiting for the whois to be updated. Time span from go to money in hand, within 10 days.

    If they'll pay the lot up front, go for it, but half can be a worry, once you change ownership the domain is gone.

  5. #5
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    MJ...seemed like a lot longer process to me. After re-reading, I stand corrected. Every time I've sold a domain (very few), it was they hand me the money and I would approve the transfer. It's always been a fairly simple process, however, I was dealing with folks I usually deal with, and they are up the street, not in another country.

  6. #6
    ABW Adviser Panel Dynamoo's Avatar
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    I guess escrow is the way to go, but escrow fees can be quite high and I've never actually used them myself.

    Is the price high enough to consider escrow?

  7. #7
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    Thanks a ton MouseJockey, THMedia & Dynamoo !

    MouseJockey I like it but there's 2 problem.
    My Bank Manager (1 of 5) is among the best in our city but yet won't have a clue regd. domain names & stuff LOL, so he'll get hyper & say please leave me out of all this.

    SWIFT//Wire Transfer happens here thru American Headquarters so the last time I recd. one instead of the normal 24 hrs it took like 3 WEEKS !
    So it's all in the air & dangerous !
    I'll try & give it a shot if nothing better appears. Thanks a lot !

    THMedia - Taking it upfront, would be lovely for me, but they don't know anything about me & have no reason to trust me. So I myself in my closing deal letter offered them to recv. 50% upfront.
    LOL- IN their letter back they gave the the Transfer agreement & sid on transfer they'd pay me.
    As if I'm going to agree ; ) !!!
    CC would be tough cause I got no merchant acc. and then getting CLickbank to receive it would mean waiting another 4-8 weeks and near 8% cut.


    Dynamoo - Escrow seems good, but for lack of experience most distant.
    Charges are pretty high nar 4-8% I guess, but that's fine cause I expect him to pay.
    I just need surity it's a good method, cause anyone in Domains will know that Afternic's Escrow owes 1000's of $$$ to sellers ; )

  8. #8
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    Can't you use Western Union instead of Swift for wire transfers?

    People in Italy are able to wire money to us here without delay...if West. U. has branches in India I would think they (Western Union) could transfer the money to you there just as fast.

  9. #9
    ABW Ambassador mousejockey's Avatar
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    If it's any consolation my bank manager knew nothing about domains [img]/infopop/emoticons/icon_smile.gif[/img] still doesn't!

    You could get a JP to witness, or anyone really.
    Check with your bank manager re: an International letter of credit, all they have to do is notify you, when they receive it, and release the funds upon competion of the agreement.

    If you use an escrow service, I've used Great Domains once and they were terrific, price was US$500 and it took around 2-3 weeks, I'm in Australia and the buyer was in the US.
    With the letter of credit, think it cost me about $7.00 and I had it done within 10 days.

    CEO, I don't need to mention not to transfer the domain until you get the money/letter of credit in your hot little hand...do I [img]/infopop/emoticons/icon_smile.gif[/img]

    Just saw Leaders post, wonder if Western Union has an escrow service?

  10. #10
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    Mousejockey is correct. I have found L/C the best way to deal internationally. I have been using this method for buying and transferring significant amounts on a regular basis for over 10 years.

    I think the letter she posted covers all the angles for this kind of sale.

  11. #11
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    Leader - THanka lot. I've recd. thru WU several times & like them. The transfer is not so big a problem, but coupled with the trust & product type (Domain) it becomes a little more complex ; )
    Anyways I've nearly decided I'll just do this :
    a. Get it rolling myself & make registrant changes to show good faith (if u will)
    b. Receive 50%.
    c. Give Password (chances of getting screwed here exist) (but reputed client, so chances are less)
    d. Receive remaining 50%.

    Call me lazy to get into unchartered territory with LC's and Escrow. (I've heard bad bad things abt Greatdomains & specially Afternics Escrow). Escrow.com has a good reputation. But that's my 2nd preference I guess !

    MouseJockey- Yes, WU having escrow would be SLICK SLICK SLICK ; )
    And thanks for the advice I'm suppose to know ; )
    But most interesting was it 500$ service charge or 500$ domain ???

    Wayder - Thanks. I agree, most businesses use that !

  12. #12
    ABW Ambassador mousejockey's Avatar
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    It was a US$500 service charge from Great Domains, they have, or had a sliding scale based on the selling price of the domain.

    With regard to how you are going to do it, I'd feel very uncomfortable changing the ownership details before receiving payment.
    You are leaving yourself open to a great deal of grief even if they are so called "reputable" clients of whoever.

    In my business world life, the times I've been screwed has always been by "reputable" clients.
    Get it on paper and do it right, an arrangement with your bank is a no-brainer as is escow, and you won't have any doubts or nail bitting moments wondering whether your money will arrive.

  13. #13
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    Thanks mousejockey.
    Those indeed are IMPORTANT word of advice.
    I will try my best & play by this wisdom.

    Cheers !

  14. #14
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    mousejockey - I completely forgot to say :
    WOW :eek:
    That was a 5000$ sale you made.
    Some neat cash huh ; )

    Cheers buddy !
    (sorry if it comes 2wice now)

  15. #15
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    Maybe 15% should go to MJ then [img]/infopop/emoticons/icon_biggrin.gif[/img]

  16. #16
    ABW Ambassador mousejockey's Avatar
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    Great idea Tom [img]/infopop/emoticons/icon_smile.gif[/img]

    CEO, yes it was a nice sale...
    Oh! for the heady days of domain trading again!

    Never made it to the 6 figure sale
    but I did a 5...
    imagine where we'd be if all those other extensions hadn't come in!

    Still I believe the .com's will always be #1 and given time there will be a resurgence.
    For now, I just keep collecting them like fridge magnets [img]/infopop/emoticons/icon_smile.gif[/img]

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