advice How to get back the domain name if after transfer to buyer

[BridgeFlows]

So I'm having the situation here, the buyer is not sending the second half of the agreed amount of money for 2 domains, 1 half was sent 25k, i sent the 2 domains, and the second after was expected to come by 30 oct. and was not sent.

Now, we do have a signed binding LOI (letter of intent) and there is also stock involved. I can't go in to details.

Question: given that the I only received 25k , one domain is going to be used, second is not yet in development. How can I get it back, preferably without any lower in an inexpensive way .

 

[anantj]

A few questions:

Are they even responding to you?
How was the transaction conducted?

Consult a lawyer. As far as I can tell, legal route is the only way to go. Your registrar will most likely not clawback the domain unless they were a party to the transaction.

LoI is a letter of intent that indicates an intention to commit to a contract. It is not a legal contract/agreement that must be separately executed afaik. Again, IANAL so please only act on professional legal advice.

Ps. I'm also assuming that the currency is USD (or similar) and not a lower value currency which might make the legal route more expensive than the remaining part of the payment. This is also the reason why for any high-value transaction, an escrow service is recommended. Good escrow services also allow payments in parts and release the domains only on completion of the complete payment.

 

[promo]

You sue and next time you use escrow.com. They have a holding service just for this kind of thing.

Frankly your chances of getting it back are slim.

 

[Kuffy]

If they did it to me, I'd give them a reasonable bit of extra time. Maybe I would offer to split the second payment into two ( or more) payments. It may be that development is taking them longer than planned.

You could also point out that reporting the transaction difficulties amy turn the names toxic, but that is route that you shouldn't start until all else fails.

Whatever ytou do, you should get some legal advice.

 

[Robert G]

I would contact John Berryhill

 

[creataweb]

You should seek professional legal advice.

 

[wwwweb]

So I'm having the situation here, the buyer is not sending the second half of the agreed amount of money for 2 domains, 1 half was sent 25k, i sent the 2 domains, and the second after was expected to come by 30 oct. and was not sent.

Now, we do have a signed binding LOI (letter of intent) and there is also stock involved. I can't go in to details.

Question: given that the I only received 25k , one domain is going to be used, second is not yet in development. How can I get it back, preferably without any lower in an inexpensive way .

Tough one, only way is you have to go legal, which in case would make the $25K disappear also.

If you have a lawyer friend, just write up a letter, and have them sign it, on their letter head or something, that should get the ball rolling.

Do they no longer communicate with you?

 

[bmugford]

Well, you made a mistake selling a domain without any guarantee of payment. You should not have transferred the domains until the payment was secured.

At this point, even with a contract, legal action is likely going to be expensive. You should at least have a lawyer contact the buyer as that might get moving in the right direction. Past that option, there are no easy answers.

Brad

 

[Smiles76]

Chop it up as an expensive learning experience. Unless you have proof that the buyer violated the contract, it will be difficult to prove who the rightful owner of the domain is. Especially given that the domain has already been transferred to him

 

[1Darko]

You will probably need a court order to get the domains back. However a contract is a contract even if only agreed orally. With the letter of intent and probably some written communication, proof of domain owner changes, etc. you should have all chances to win in court, but this takes time, money and probably some sleepless nights.

Get a lawyer, maybe @jberryhill !?

Wish you all the best!

 

[DomainVP]

Well, you made a mistake selling a domain without any guarantee of payment. You should not have transferred the domains until the payment was secured.

At this point, even with a contract, legal action is likely going to be expensive. You should at least have a lawyer contact the buyer as that might get moving in the right direction. Past that option, there are no easy answers.

Agreed.

I had done a 50/50 payment on a casino domain; half up front and half due in 3 months.

I forwarded the name servers to wherever they would like, and on completion on the final payment I had the domain transferred to them promptly. A contract was in place, which both myself and the acquiring party signed and dated.

Never lose control of your assets.

 

[karmaco]

You should always use an escrow service and frankly I would be wary to give anything over before full payment. Hope this is resolved quickly for you.

 

[MKA]

Why would you even agree to a 50/50 payment? Services like Paypal allow you to pay in full and file a chargeback for a complete refund if the seller doesn't go through with the transaction.

 

[BridgeFlows]

Thanks to a couple of people that stayed on topic and answered the question, and not came to judge whether I have done the right decision or not.

 

[anantj]

Thanks to a couple of people that stayed on topic and answered the question, and not came to judge whether I have done the right decision or not.

Use the "Thank" link to thank them

 

[MKA]

Thanks to a couple of people that stayed on topic and answered the question, and not came to judge whether I have done the right decision or not.

No one is judging you, it's advice for future transactions.

The question to the more immediate problem was already answered, get in contact with a lawyer.