Steps to Complete a Domain Name Purchase

When buying domain names privately, I deal with many people and/or companies that do not regularly sell domain names. Some of these counter parties have never sold a domain name and they do not know the steps involved in completing a domain name purchase.

In order to make the process understandable for them, I provide a bit of a step by step guide to completing a domain name sale. Here are the steps I outline:

1) Sign the purchase agreement and I will countersign and return.
2) I will set up escrow at Escrow.com. You will receive at least one email from Escrow.com outlining the transaction.
3) Create an account at Escrow.com or login to your account and approve the transaction.
4) I will send a wire transfer to Escrow.com.
5) Escrow.com will process my payment and send us both a confirmation email.
6) You will unlock the domain name and request the authorization code [or] push the domain name to my account. (I typically send a link to the registrar’s auth code request guide).
7) I will transfer the domain name [or] I will accept the domain name.
8) Escrow.com will release the funds to your bank.

The idea behind this is to make the seller aware of all the steps necessary and to get them to see that the process is straightforward and won’t be too burdensome. There have been many times when I have worked with someone at a small or mid-sized company who will derive no benefit from the sale of the domain name but has this dropped in their lap. I want them to know it’s not going to take too much of their time to manage.

One other thing I have done when working with Escrow.com is have the seller connect with my account manager to ensure their KYC process goes smoothly. While the KYC process can be annoying, it should be pretty straightforward. Being able to connect with someone at Escrow.com can help alleviate this paint point and speed up the process.