Domain Name Layaway

[kev]

Ok, Im about to complete a sale for one of my names using this method. This is where the buyer pays a set fee a week until he has paid off the sale price. For example, if the sale price was for $1820, he would pay $35 a week for a year (35x52=1820).

Is there any drawbacks to this method, apart from the delay in payment?

I remain in control of the name until he was paid it all, but he says he will pay more some weeks and the base rate the next so he might end up needing only 5 months to pay the balance. (e.g. maybe he will pay $300 one week, $35 the next, until its paid off).

With the credit crunch, is this a good way to offer your names for sale? Should contracts be signed in this case?

if you have any experiences of this Id love to here 'em!

cheers
kev
:tu:

 

[Compassion]

I like the idea.

It creates a residual way to make money for you and as the seller you are covered no matter what.

A contract is a good idea -- at least a promissory note...

 

[deu12000]

I don't think you can do a subscription on mass pay. You can mass pay someone every month and then the receiver (you) won't be charged anything, but it won't be a subscription as far as I know. If you're worried about fees don't bother with the subscription. If you know he has to pay you every Friday for example just make a spreadsheet or a little note in Outlook saying that he has to pay by Friday or suffer the consequences (whatever they may be).

By the way I've noticed a lot of people are putting written agreement in their posts. A couple of emails back and forth agreeing to terms are legal written agreements. It doesn't necessarily have to be drafted by a lawyer with tons of legalese for it to be legal. The lawyer is just to close any possible loopholes. If you word everything correctly, you'll be fine. If you control the domain you have the ultimate power and it would be hard for the domain to be taken away from you. Controlling the domain is your best security.