Escrow Question

[geek]

I'm going to buy a domain from a seller. Me as a buyer and the seller know nothing about Escrow. Here are some questions:

1) If i pay the seller using debit card via Escrow, how the buyer receive the money?

2) If i pay the seller using wire transfer via Escrow, how the buyer receive the money?

3) What account should i send the wire transfer? The seller's account?

4) Is it a must for the seller to have an Escrow account as well?

5) Should the seller change the Whois and registrar or the buyer?

 

[weeds]

It should work as follows:

• Buyer pays a trusted agent
• Trusted Agent confirms money has cleared banks.
• Seller adds Trusted Agent to Admin contact of Domain.
• Trusted Agent transfers domain to Buyer
• Buyer accepts transfer
• Trusted Agent confirms transfer was accepted
• Trusted Agent transfer money to Seller
• Transaction is completed

Becareful when you choose your trusted agent, not all escrow companies are worthy as a trusted agent, truth is most of them are not worthy.

 

[geek]

It should work as follows:

• Buyer pays a trusted agent
• Trusted Agent confirms money has cleared banks.
• Seller transfers domain to Trusted Agent
• Trusted Agent transfers domain to Buyer
• Buyer accepts transfer
• Trusted Agent confirms transfer was accepted
• Trusted Agent transfer money to Seller
• Transaction is completed

Becareful when you choose your trusted agent, not all escrow companies are worthy as a trusted agent, truth is most of them are not worthy.

Huh? I don't get it, this is a private sale. I'm buying the domain from a friend, do i need to find a trusted agent? I thought everything can be done at Escrow?

 

[Jo]

This is how it worked for me: the buyer initiated the transaction, I signed up with escrow.com and accepted the transaction. The buyer paid escrow.com with his credit card. After escrow.com received his money, they sent me an email to start the domain name transfer. I transferred the domain to the buyer. The buyer accepted the names and escrow reviewed the transaction for two days (to check whois etc.) and then mailed me a cheque. You can decide how you want to receive the money, with a bank wire or a cheque.

 

[DropLister]

send money to the escrow account, and your set. Dont worry about how the buyer will get their money its irrelevant.

 

[weeds]

Sorry assumptions are always wrong.

 

[geek]

send money to the escrow account, and your set. Dont worry about how the buyer will get their money its irrelevant.

I was just asking for the seller sake since she knows nothing about Escrow as well. Thanks a lot guys, all the information is helpful. Oh yeah one more thing, do you think Escrow accept debit card as well?

 

[AdoptableDomains]

Huh? I don't get it, this is a private sale. I'm buying the domain from a friend, do i need to find a trusted agent? I thought everything can be done at Escrow?

If it's truly a friend, why do you need escrow?

Definition of "escrow" from Answers.com

es·crow (ĕs'krō', ĕ-skrō') pronunciation
n.

Money, property, a deed, or a bond put into the custody of a third party for delivery to a grantee only after the fulfillment of the conditions specified.

Basically escrow is both parties finding a party they mutually trust to carry out their part of the transaction and insure the other party holds up to their part. By definition, if you don't use a third party, it isn't escrow.

If you use escrow.com, they accept any payment they as a company accept. They turn the payment around as an ACH, wire transfer, or check payment to the seller. Payment is not passed directly from buyer to seller. The escrow agent should be taking any risk of bad checks, chargebacks, etc. Just forwarding a check payable to the seller would not be adequate payment security for most sellers.

 

[Charley]

You can decide how you want to receive the money, with a bank wire or a cheque.

What details would be required for a bank wire transaction? How long will it take for a transfer?

 

[Ronald Regging]

If it's truly a friend, why do you need escrow?

Because some people know what can happen when you mix business with friendship

 

[geek]

Because some people know what can happen when you mix business with friendship

hehe exactly

 

[Jo]

What details would be required for a bank wire transaction? How long will it take for a transfer?

All your questions can most likely be answered here:

https://www.escrow.com/support/faq/index.asp