How to Buy a Website Using Escrow
How to Buy a Website Using Escrow
How to Buy a Website Using Escrow
Buying and selling over the Internet is fraught with risks, particularly if you don't really know the party you're dealing with. Many an internet entrepreneur has lost considerable sums through the deception of hoaxers posing as legitimate vendors. So when buying a website, security is definitely a primary issue. You want assurance that the domain name and web content you're paying for will, in fact, be delivered to you. One of the most effective ways to get this guarantee is by buying your website using escrow.
An escrow service performs the function of an impersonal intermediary between buyer and seller. It oversees the transaction and ensures that you get the site you're paying for and the seller gets paid what has been agreed upon. Escrow services are regulated and licensed companies, and they charge a fee per transaction. Some of the more popular ones are escrow.com, SafeFunds.com, iescrow, sedo.com, iloxx.de, and escrow-europa. There are others you can find on the internet. Whichever one you decide to use, make sure it's one that you're comfortable with and that it's licensed.
Escrow comes into play once you and the seller have agreed on the terms of the transaction and on a price. Additional issues that must be agreed upon are who will initiate the transaction with the escrow service and who will be responsible for the escrow fee. (You can choose to split the fee.) Obviously, each party needs to have an account with the escrow service that is to be used. It's advisable to open an account even before all the terms are agreed upon. In that way, you can familiarize yourself with the process of that particular service, if you're not yet acquainted with it. Opening an account is simple enough. Although additional information may be asked, what is usually strictly required is your name, email address, physical address, and phone number.
Either you or the seller can initiate escrow. By and large, the various escrow services have similar processes, and these are pretty straightforward. The initiator fills out a form online wherein the terms of the deal are outlined. Details such as the domain name, website content, services to be rendered, length of inspection period, and price for each of these features are to be filled up. Once the contract is written up, it is sent to both you and the seller for review and approval. When the contract is approved by both parties, you, as the buyer, then pay the escrow service the amount agreed upon in the contract.
The escrow service verifies payment, and then notifies the seller that the escrow account has been funded. Now it's the seller's turn to transfer the website (and any features agreed upon) into the prearranged domain registrar account. Once you receive the website into your domain registrar account, you need to inspect the goods within the proscribed period. If you are satisfied, you inform the escrow service and authorize release of payment. The escrow service, in turn, releases payment to the seller. Very simple. If everyone does their part in a timely fashion, you can buy a website using escrow in as little time as two to five days.
Occasionally, things do not go as smoothly. If, for example, the seller says he has sent the goods but you have not received them, you can notify the escrow service which, then, is responsible for verifying that the transfer has indeed been done. If the seller does not transfer the website, you get your payment refunded to you. If there is any dispute regarding the transaction, the escrow service helps both you and the seller come to terms. If agreement cannot be made, the transaction is cancelled. You get your money back, and the seller gets his material back.
Escrow services are there to facilitate successful transactions. But in the event that a deal cannot be brought to completion, by going through an escrow service when buying a website, you are protected from fraud and the manipulations of swindlers.
If you're about to buy or sell a website, and have never been through the process before its important to use awebsite purchase contract. This will make the whole process a lot easier and you will have piece of mind knowing that you are protected legally.
For more information regarding buying and selling websites, including sales contracts that you can download, please visit website purchase agreement.
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