The Complete FAQ is located here:
https://www.nic.im/pdfs/imfaqs.pdf
Here is an excerpt on transfering names:
How do I transfer ownership of my domain?
This process involves several steps:
Step 1 The person/company you wish to transfer your domain name to needs to register by clicking on the “Register” link on the
http://www.nic.im home page.
Step 2a Unlock your domain name by following
steps 2b - 2e.
Step 2b Log into the site via the “login” link on the home page, following the “My Account” link on the home page and selecting the “Manage Domains” link. You will see a list of domain names that you have registered under your user account. If you have many domain names registered, use the search feature on this page to identify the domain name you wish to unlock.
Step 2c Check if the domain is locked or unlocked. Locked domains can be identified by the locked padlock symbol to the left of the domain name.
Step 2d If the domain is locked, click on the domain name next to the padlock symbol, which will take you to a page displaying domain name details.
Step 2e Click on the “Unlock Domain” link to unlock the domain.
Step 3a The person/company you wish to transfer your domain name to logs into the
http://www.nic.im web site via the “login” link on the home page, following the “My Account” link on the home page and selecting the “Request Transfer” link.
Step 3b Enter a domain name and click “Next”
Step 3c Select an existing owner from your account or create a new one using the “New Owner” button.
Step 3d Specify the domain name contacts.
Step 3e Specify the domain name contacts.
Step 3f Confirm the transfer request by clicking the “Confirm button”.
Step 4 The current owner of the domain name will receive an email informing them of the transfer request. To approve the transfer, the current owner must log into the
http://www.nic.im web site via the “login” link on the home page, follow the “My Account” link on the home page and select the “Domain Messages” link. A message will be visible informing you of the transfer request, which you can approve or reject.
Step 5 The new owner can then administer the domain from their user account. I tried to transfer a registered .im domain to my account from another user and I am told I can’t as the domain is currently ‘locked’, why? This is to stop unauthorised domain transfers. Please contact the existing owner(s) and ask them to ‘unlock’ the domain. Once this has been done, request the transfer again. What happens if a domain I apply for shows as ‘referred’? The domain you have applied for has been referred to the Isle of Man Government Designated Official for approval. One example of domain names which will be referred are those which are connected to regulated activities on the Isle of Man. A decision on the application of this domain will be made and you will receive an automated email informing you of the outcome. If you still believe you should be able to register the domain name is question, you can follow our dispute resolution procedure which can be found by following the “Disputes” link on the home page of
http://www.nic.im.
