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The Payment Process Between Domain Buyers & Sellers
ALL OF OUR DOMAIN NAMES ARE PRIME, THEY HAVE NOT HAD ANY PREVIOUS OWNERS AND ARE DIRECTLY
PURCHASED / REGISTERED BUY QUESTEK DATA INC. (DomainDale.com), SO NONE OF OUR DOMAIN NAMES
HAVE ANY HISTORY OF DISPUTE OR OWNERSHIP PROBLEMS OF ANY KIND AND WHAT SO EVER.
Before we go through this topic I would like to mention some highlighted issues
of my mind. Basically I put the domain trade in three major categories;
a) When the seller is a domain dealer and buyer is an individual.
b) When both parties of the deal are individuals.
c) When both parties are domain dealers.
The intention of this topic the first one (a) because in 99% of cases the individuals are
whom we are dealing with and our point is to give them more clarity and confidence
when they are going through the purchasing of a domain name. We are going to give some
tips to group (b) on this topic just for the sake of general information.
The First Thing I Must Do Before Buying a Domain Name
Any time you plan to purchase a domain name check the Present owner's information
through WHOIS, during the ownership transfer this information must always mach with
the whois administrative contact information.
If you still feel not comfortable and not happy with the situation check the history of the domain name, meaning
that you can find out who the previous owners were? How many times in a certain time period it has been
transfered between how many people? Has there been any dispute on that
domain name? Frequent changes in ownership, different/inconsistent email addresses or phone numbers, and
incorrect-sounding information can alarm you ahead to watch your steps or even not going through with the
transaction or if you really want it, get a lawyer.
www.domain-history.domaintools.com is one of the good places you can go for a small fee, if you do
a quick search you can find more similar websites.
When Should I Go Through A Domain Purchase Agreement?
If I as an individual want to buy a domain name I look at the two following factors first;
1- Am I in group "a" (dealing with a domain dealer) or "b" (dealing with an individual)?
2- How much money I am dealing with?
If I am dealing with a domain dealer (a) and the value of the domain is less than 1000$ (may be
up to couple of thousands) I will use paypal, credit card or certified cheque to purchase
the domain. I just make sure the money goes to the account of same person whose name registered as
administrative contact of the domain name I am buying, as proof of payment. They usually have purchase
agreement, in that case good for me
If I am dealing with an individual (b) for less than 1000$ I will be careful and very possibly
I am going to check the history of the domain name just in case. I make sure I have a very solid proof of
payment, I even may ask for a copy of seller's drivers lisence. In such a case I would rather bank to bank
payment or paypal not credit cards because it is easier to make sure same person received the payment.
If I am in group "a" (with a domain dealer)but the value of domain is over couple of thousands I insist on a domain purchase
agreement between two parties.
If I am In group "b" (with an individual) and dealing with over couple of thousands of dollars
I will get a laywer's help and will be very picky about the deal.
Using a third party for the payment of a domain name purchase
The most logical way of domain name purchase is using a third party like a mediator. After signing
up and passing personal information (both parties) and maybe sending some supporting material as a proof of identity
the buyer sends the money to them, right after the completion of domain transfer the buyer
report the compleletion of the deal, they also check the process themselves too ,them they deliver the money to the seller.
This way of transaction is safe and secure but it has some extra costs for both parties which does worth it. the Escrow.com is one of
the companies that does that. There are some other trusted companies that do similar job.
With other similar companies the seller must first transfer the domain ownership to them then both buyer
and seller go through the domain transfer but Escrow.com do not transfer the ownership to themselves
so it saves lots of time for both parties, also some domain sellers are not comfortable with that policy (like us).
SO MY SUGGESTION TO THE DOMAIN BUYERS IS; IF THEY ARE NOT COMFORTABLE WITH PURCHASING A DOMAIN BY THEMSELVES,
CHOOSE ESCROW.COM TO TAKE CARE OF THE DOMAIN PURCHASE TRANSACTION.
Good Luck,