Other party doen't want to use Escrow - but has purchased a Legal domain transfer doc

[staffjam]

Hi,

I'm in negotiations to buy a domain name and the seller wants to use a contract drawn up by a lawyer and bypass Escrow, so he can save on the fees.
This sounds a little odd to me.
Any advice would be greatly appreciated.

Thanks

 

[Morph]

A lawyer would cost a lot more than escrow fees?

Correct me if I am wrong.

 

[staffjam]

He's not actually appointing a lawyer, but purchasing a domain agreement for $25 - to save on the Escrow.
I personally like the way Escrow works.

 

[nstalk]

Tell him you'll split the cost of the escrow with him and he can us his legal doc too if he wants to. By using an escrow you are assured of getting the domain into your name and account before he gets his money and he is assured the money has been paid by you and waiting in escrow until he has transferred the name to you and your account. Written contracts are only good when enforced by the courts....and somebody has to pay for that.

 

[networkmsia]

I agree with nstalk, Its much better to use Escrow.com.

If you really need the domain name, and the seller is stingy why not offer to pay the fees yourself ?

 

[Dave_Z]

Any advice would be greatly appreciated.

Read the terms of the agreement, more so if you're both within one another's
reach. Especially if you 2 are in opposite sides of the globe, it might be worth
while to use escrow.com or Moniker's escrow service.

All in all, weigh your risks carefully and prepare for the worst. Good luck.

 

[Spade]

If you really need the domain name, and the seller is stingy why not offer to pay the fees yourself ?

Agreed. Escrow is not only for his safety but for yours as well. Even if you have to eat the costs of Escrow to ensure that the transaction is clean its well worth it. Relying on a contract that is difficult to enforce is simply foolish when escrow is so cheap.

Justin

 

[sashas]

I personally like to use Escrow. The money goes directly into my bank account, and the fees itself is very low, especially for larger transactions. When I'm buying, I always offer to pay the fees.

 

[staffjam]

Thanks for the advice guys - i'm definately going to use Escrow.

 

[VisualArtistFrankBonilla]

huh?

Hi,

I'm in negotiations to buy a domain name and the seller wants to use a contract drawn up by a lawyer and bypass Escrow, so he can save on the fees.
This sounds a little odd to me.
Any advice would be greatly appreciated.

Thanks

Really sounds odd to me. It's the buyer who, if anybody, woudl need the domain agreement. 99% of the time, the buyer doesn't get the domain until he has paid, right? I just he is just being extra careful.

Frank

 

[exponent]

It sounds very odd to me too. Tell him that escrow costs very little and protects both parties. If he wants to go through a lawyer, thats fine, but insist that since he's going through a lawyer, you would like to go through escrow.

Any interested party with good intentions would accept escrow. The fees really aren't that high... and besides, a contract means nothing if he's overseas. By the time you could get anything done about it, you could end up in the "Red" very easy.

 

[UncleBrand]

i acquired a premium domain, and the seller wanted to avoid escrow. i insisted to use escrow and their concierge service, and accepted to pay all the escrow fees to make it a no brainer for the seller. it is a slower process, but also you avoid these bad faith scenarios. this protect both sides. and usually if a seller refuse to use them, it is a big red flag.