NameSilo

Buyer in default of sales agreement at Dan

Labeled as advice in Domain Selling and Domain Sales started by DNWon, Dec 9, 2019.

Replies:
2
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351

  1. DNWon

    DNWon eCommerce Branding Specialist VIP

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    I was wondering if anyone here has had a similar experience and could lend some advice.
    This summer I sold a domain (name not important) for $2,400 on Dan with the buyer opting to pay in installments of 12 months X $200. The buyer made the first 4 payments of $200 ($800) without delay. But last month they have yet to make their payment. They are now 10 days past due. I inquired with Dan support but my questions weren't answered to my satisfaction. The domain name has had 2 other offers on it since I purchased it. My questions are:
    1.) When does the buyer officially default on the contract?
    2.) When and how does the domain name revert back to me? The domain expires in early January and has a premium renewal.
    3.) What legal recourse do I have regarding the buyer's default, especially if I were to lose the domain or incur additional fees due to it not being renewed in a timely manner. Dan has not provided me the buyers personal information so all correspondence goes through them and I am not thrilled with the customer service so far regarding this situation? Any advice or info would be greatly appreciated! Thanks!
    @DAN.COM @Reza @LaszloSchenk
     
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  2. Pazu

    Pazu Established Member

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    I also recently made a payment over time deal. I used namesilo as the broker because the domain was registered there and they apparently charge only 3.0-7.5% on each payment. If I read it correctly, the buyer on namesilo defaults after THREE MONTHS of nonpayment.

    Epik say they arrange automatic payments to be charged to the buyer and if the buyer defaults on a payment it is quickly returned to the original owner. They charge a flat 9% like DAN. I also would like to know what DAN's policy is on this. Maybe the buyer has time and will pay the due amount and continue monthly payments.

    I don't think you'd have further legal recourse. If they stop payment, you get the name back and the money already paid.
     
    Last edited: Dec 13, 2019
  3. equity78

    equity78 Top Member TLDInvestors.com TheDomains Staff PRO VIP ★★★★★★★★★★

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    Any update
     

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