wheel - 12:56 pm on Mar 11, 2010 (gmt 0)
Just as a counterpoint (you probably shouldn't do this) I've sold six figure websites twice. Both times were to people I knew, and both times there was no escrow. In fact, both times there was little more than a handshake. And in both cases, everything went great for both buyer and seller.
And I'm currrently looking at selling a block of website business to someone on a different continent. I'd imagine we'll do this without a contract as well, though it's only going to be a 5 figure deal, not a 6 figure one.