Question about a domain sale

[raceway]

I just made a nice little private domain sale in the Low xxx. I have been talking to the person who bought it on the phone and by e-mail.

He sent me a company check by priority post. I just wanted to know your opinions, should I wait until it clears before I transfer the name? It is a small transaction and I do not feel right asking him to wait, he has been very straight forward but there is always that chance of getting burned.

 

[bigturnip]

Wait for it to clear, I would only release the domain if I knew the person well.

 

[Devil_Dog]

Wait until it clears.

No matter how trustworthy a person sounds, never trust them.

Sad, but true in this day and age.

 

[jacal1]

If it is just sitting somehwere parked or otherwise and not getting any revenue you could probably give him admin control so he begin to do whatever he wants with it while you still retain ownership and can change a pw to lock him out if it bounces.

 

[TLDnetworks]

Checks clear the minute the teller scans them in... Go to the bank and make the deposit, and return to push the name. No worries.

 

[raceway]

Ok thanks for the advice guys. The teller did tell me it takes 21 days for the check to clear.

 

[bigturnip]

Checks clear the minute the teller scans them in... Go to the bank and make the deposit, and return to push the name. No worries.

Of course that depends where in the world you are, in the UK it's 3, 4, 5 days, whenever the bank feels like doing it. Clearing a cheque straight away is far to simple, that just wouldn't be British. :D

 

[randomo]

You could offer to forward it to whatever URL or nameserver he wants, until the check clears.

 

[Domagon]

Clearing time is NOT the same as settlement time (when a check becomes final) ... in the U.S., it's typically 10 business days for a domestic check drawn on a U.S. bank.

Foreign checks have no specific time limit, though 3 to 4 weeks is what many are advised to wait before assuming the funds are theirs.

When a check has "cleared", the funds are most often only "provisionally" available, the bank can take the funds back anytime, if they determine the check is bogus, stolen, etc, until such time the check becomes "final".

With all that said, in my view, if it's a U.S.-based company and the domain seems to fit their business, then it's likely the check, also given its relatively small amount, is legit ...

Alternatively, as others have suggested, you could simply update DNS and contact info, but not the registrant / admin email until 2 weeks has pass.

Ron