PoorDoggie

Eh? whats an escrow fee!

I bet you are all laughing at me now

Thanks
Tom

.Mike

If you make a transaction through escrow you pay a fee to them for the service (I am assuming you are talking about escrow.com - the original and the best) - In my opinion for large transactions it is worth every penny / cent.

Read more about it here: https://www.escrow.com/support/calculator.asp

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William9

PoorDoggie, we are only laughing at those that DIDN”T ask.

That is an excellent answer auntystatic to PoorDoggie’s question on escrow services.

In my opinion, escrow services act as insurance against non-performance.

From a domain buyer’s standpoint, escrow ensures getting either:
• control of the domain or
• in a worst case, the funds returned.

From a domain seller’s standpoint, escrow ensures getting:
• the funds agreed upon or
• in a worst case, maintaining control of the domain.

How does it work exactly? There are several services out there and they vary as to method and timing of required payments. auntystatic mentioned www.escrow.com.

ROBBY THE ROBOT WARNING - CAUTION CAUTION CAUTION
Escrow contracts I have read, seem to ensure: no domain, no money; conversely: no money, no domain. But, from what I can gather, other protection (eg. buying stolen domain) is subject to the individual escrow contract, which is probably no protection.
????: NamePros.com http://www.namepros.com/showthread.php?t=91921

Nobody wants to learn two weeks after we surrendered control of the domain, that payment was reversed as it was made with a stolen credit-card. Conversely, we don’t want to learn from our registrar that the domain we bought just got return to the owner it was stolen from.

CAUTION, engage in transactions with reputable individuals. Using escrow may ensure you get a domain for your money, but if the domain is stolen in the first place, it is highly unlikely your escrow contract will protect you. Yes, you will get the domain at first, but that doesn’t mean the rightful owner can’t later reclaim it and you will suffer a loss. That is because you are still responsible for due diligence (I think that sort of means you should have know it was stolen regardless).

So read your contract and only engage in transactions with reputable individuals.

Theoretically, this post should have been made in Legal Issues & Disputes. If it was, we may have gotten an earful from jberryhill anyway as he may NOT believe we get good value for the exorbitant escrow fees currently charged (in addition to correction of stupid mistakes I unknowingly made above as I am not a lawyer).

Good luck with your first escrow sale of a domain.

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AdoptableDomains

The quick info about escrow transactions:

Seller and buyer agree on a sale, but may not trust each other.
Escrow company is the trusted independent third party.
Escrow started at request of both parties.
Buyer pays escrow company selling price plus escrow fees
(unless seller agrees to pay or split fees)
Escrow company accepts and holds buyers payment in escrow account.
Escrow company advises seller to transfer domain or other sold item.
Seller transfers sold item.
Buyer ackowledges receipt of item within inspection period, seller get's paid.

Other outcomes:
Buyer doesn't accept, returns item/domain to seller before refund can be made.
Buyer doesn't ackknowledge and inspection period expires, seller gets paid.
Seller doesn't transfer, buyer gets refund.
Buyer never pays, seller cancels transaction with no loss.

For independent domain sales, escrow.com is the biggest and best. Don't use an escrow company you don't know is legit without checking them out first (scams do exist). I've found that for sales of $1,000 and up, standard escrow fees are actually less than accepting credit cards on PayPal, and automatically sell domains through escrow. I generally pick up standard escrow costs on sales over $1500, split costs between $750 and $1500, and buyer pays on those sales below $750.

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PoorDoggie

thanks a lot!

dusk

Thanks everyone, but I still have some questions.
Do the seller give the domain to the buyer directly?
If the buyer get the domain, but not admit that, how to prove that?
If the seller not give the domain, but transfer/push the name to another account of the seller, and change the whois, how the buyer to argue that?
Thanks a lot.

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.Mike

Answers

Do the seller give the domain to the buyer directly?

Yes, only once escrow emails you telling you it has the money from the buyer.


If the buyer get the domain, but not admit that, how to prove that?

Its never happened to me, however I would guess you would firstly inform Escrow.com of whats happened and then they would launch a formal investigation and freeze the cash in a suspense account. You can prove that you did push the domain to the buyer from the records of your account - otherwise your registrar would provide them when requested. At the end of the day if it is in the buyers account this can easily be shown (whois, registrar, etc)


If the seller not give the domain, but transfer/push the name to another account of the seller, and change the whois, how the buyer to argue that?

See above (lots of records - you are not on your own in these situations)- This service it is very secure and Escrow.com are very experienced in this area and I am sure they deals with attempted scams like this every day. Don't worry about it!!

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AdoptableDomains

Yes, as said, after payment. Unlike afternic, sedo, or others, the buyer and seller aren't insulated from each other since they have already hammered out an agreement. The brokers need to keep identities separate to keep from losing commissions.
If the buyer does not claim they didn't get it in the inspection period, the seller is automatically paid. If they claim they didn't, then the sale is on hold until the seller either takes it back or the seller is paid. They usually have all the bases covered.
Buyer states to escrow.com that they don't have in their control, and payment is withheld from seller until resolved. If need be, the registrar could be involved to straighten out until both parties are happy and the escrow closes.

Whether seller or buyer, you need to make sure that whatever you acknowledge is true. If you buy a domain, make sure you have control and change the password. Locking once in control is also a good idea.

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