Escrow.com loophole where buyer may hold up escrow

[xynames]

escrow.com has a loophole that a buyer may take advantage of in a domain sale escrow:
Once you click to state that you have given buyer the domain transfer/auth code, if buyer doesn't click to say that he received anything, no clock ticks (inspection period does not even start until after buyer manually clicks to state that he received the domain) and buyer could conceivably hold up escrow even after receiving the domain until you go in and prove to escrow.com that buyer has received the domain. (Buyer could also take his time doing the transfer and hold up escrow for that, as well, with almost no recourse by seller since no inspection period clock starts until after buyer clicks to acknowledge that he received the domain.)

There used to be a service called agreed.com (escrow.com bought them out) that I really preferred for escrows, because they did not have this two tiered received/approved approval process for the buyer - with agreed.com , like with Payoneer, you supplied the info needed for the buyer to obtain whatever it was that you were selling (domain transfer code, etc.) - you would supply this info directly to agreed.com - and then agreed.com would verify that the info was correct and once it did, then start the inspection clock on the buyer right away.

This loophole at escrow.com - that buyer could play games and conceivably pretend that he hasn't even received the domain, and never start the inspection period, is why I always c : [email protected] with my emails to buyer, including when I supply the domain transfer/auth code. escrow.com has told me that they will force the inspection period to start if seller can prove that domain has transferred, which is why it is important to keep them in the loop as to your complying with all steps of the escrow.

 

[DN_Hunter]

I agree about this loophole. It's not the best way to perform Domain Name Escrow Services. I've had lazy buyers who don't update the transaction to "Received" and even "Accepted". But a quick email to Escrow to let them know the Push took place and then they update the transaction to the next step and notify each party via email (so the Inspection Period can start).

I like how SEDO does it where you push the name to SEDO's account at the registrar, and then SEDO handles getting the name to the Buyer. NOTE: Escrow.com does offer this with their Concierge Service -- so perhaps that is the best way to go for larger sales...

 

[Jurgen Wolf]

Concierge is by default on Sedo and for free.