Sales contract when selling a domain to prove to bank about source of funds?

Located in General Domain Discussion, started by peace800, Apr 27, 2017


  1. peace800

    peace800 Established Member

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    I know that banks want to check about payments going into accounts and to abide by money laundering checks etc. I asked my bank generally that I might receive larger payments into my business account as a result of selling domain name (s). The manager told me that is fine but for large transactions it is better to have a sales contract as they will want to know that the source of funds (predominantly payments made to me by the buyer) are legitimate due to the checks they might do.

    My question is is there any way that a sales contract can be made by the buyer buying my domain and me online? I know that Sedo do so but what if you are not using Sedo and are selling via your own landing page and getting payments via escrow or paypal?

    I think that escrow keep the buyer anonymous. Do people have experience with such contracts to ensure a trail is kept to satisfy banks in terms of large transactions and their money laundering checks? And how would a sales contract and buyers details on that ensure that everything is on board in terms of satisfying the bank?

    Can someone from the UK or US help on this?
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  2. MapleDots

    MapleDots Top Contributor VIP

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    My bank asked once and I responded "from my business"

    Nothing more needed to be said, no big deal.
  3. ultradog

    ultradog Established Member

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    Some basic paperwork ought to do it. Both escrow and paypal use US banks and have a trail. Create an invoice for your buyer, using what info you have. Save/print your paypal pages, escrow page, etc.

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