Concluding a deal

[aswinstanley]

I have agreed to sell a domain and have gone through escrow.com for the transfer. The process is being delayed by the buyer and I was wondering how long I have to honor the accepted price for? Does he have the legal right to buy the domain at the price agreed indefinitely?

The offer was accepted on a parking website and the terms and conditions say that you enter a legally binding contract, but it doesn't mention anything about the timing (listed below). I have contacted the parking company about it and had no reply. Anyone have any experience in these matters?

Thank you,

Adam.

5. Buying a Domain Name.

When making an offer on a domain name using the domainparking.co.uk system, you are automatically entering into a legal binding contract to purchase the domain if your bid is accepted by the seller or if the seller responds with a counter offer to which you accept. Domainparking.co.uk (Domain Parking International LLP) will not be liable for any domain name purchased or sold via the domainparking.co.uk Site. Further note that all domain name sales / purchases made via the domainparking.co.uk Site are strictly between the buyer and seller, any legal matter will need to be resolved by the parties involved e.g. buyer or seller, and not that of Domainparking.co.uk (Domain Parking International LLP). The domainparking.co.uk policy requires the buyer to make payment for any domain they have committed to purchase. If the buyer refuses to complete the transaction accepted by the seller, then potentially they are liable to the seller for breach of contract to which both parties have agreed upon. We suggest you think very carefully when buying a domain as domainparking.co.uk will not be held liable.

6. Selling a Domain Name.

If you accept an offer which has been made on your domain name via the domainparking.co.uk system, you are automatically entering into a legal binding contract to sell the domain. Domainparking.co.uk (Domain Parking International LLP) will not be liable for any domain name purchased or sold via the domainparking.co.uk Site. Further note that all domain name sales / purchases made via the domainparking.co.uk Site are strictly between the buyer and seller, any legal matter will need to be resolved by the parties involved e.g. buyer or seller, and not that of Domainparking.co.uk (Domain Parking International LLP). The domainparking.co.uk policy requires the seller to complete the transaction. If the seller refuses to complete the transaction, then potentially they are liable to the buyer for breach of contract to which both parties have agreed upon. We suggest you think very carefully when selling a domain name as domainparking.co.uk will not be held liable.

 

[Spade]

Frankly, regulations in this industry are pretty lacking. If you agreed to sell a domain name at a price, you are obligated to complete the transaction, however that doesn't mean someone will come after you if you don't.

Typically, after a certain period of time, Escrow.com will cancel the escrow (I think its 30 days). However, if you opt not to sell the domain, I would recommend notifying the buyer so that they dont send money to Escrow (they would be obligated to pay the escrow fee regardless of completion of escrow).

 

[Ronald Regging]

From the sounds of the agreement, the parking company doesn't want any parts of a dispute. They're merely telling you that you are entering a legally binding agreement, but if theres any problems, leave them out of it...

And since no terms have really been defined, I'm not sure what arguments either party could present in court. More than likely, it will never come to that. I'd give the guy 30 days max. After that, he's just wasting your time.

 

[Name Trader]

I had Escrow.com cancel a sale after only 7 days.

 

[NameCharger]

I had Escrow.com cancel a sale after only 7 days.

Same here, Escrow.com rep advised me transactions expire if Buyer does not respond within 7 days.

 

[Domagon]

Ditto on the 7 days. And regardless, if no activity after 30 days, the escrow transaction will terminate automatically anyways.

Ron