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Aftermath of selling domain

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I decided to post this before selling my domain because I don't want to be completely clueless when selling a domain.

Let's say the seller and the buyer of the domain have finally agreed on a desired price. What happens next? How would somebody transfer their domain to the buyer's own domain service?
 
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GoDaddyGoDaddy
Well after the price is decided, you recieve payment by paypal, escrow, or other means, depends which one you perfer, than the new owner registers at where you domain is, and than you push the domain to his account.

This is the short version. If it's Godaddy I can explain in more detail. (I'm most familiar with Godaddy)


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