nomis5 - 1:28 pm on Mar 11, 2010 (gmt 0)
Thanks for all that advice.
Yes the price is in the very low six figures. And that's the problem. The site for sale represents about 35% of my website portfolio so I simply can't afford to risk loosing it for no money. I have a current partner, two ex-wives and several children to support after all!
But at the price, it's not worth spending £10k or the like on lawyers and accountants. It would make the deal unrealistic.
Also, it's clear from the advice given that I am totally unprepared for this deal. I had no idea of the complications. I imagined use of an escrow company followed by a quick transfer of money / site with no complications.
I need to call off the deal and consider if I really am up to ever selling a site of that value. Here's a few thoughts on your valuable comments.
Wheel - good point, though you did your deals with people you knew. You also are clearly more streetwise than me.
Webwalla - your point is the key. It's a lot of money but using lawyers and accountants kills it immediately. The price is not enough for that.
Oddsod - thanks for the warning. If you can do that by accident, that's me out of the deal.
Whitey - " warranty , idemnity , intellectual property , funds , title , recourse if things break down , jurisdiction of law , taxation , securing the contract etc etc". You're right, and I'm a web site manager and not much good at anything else. I couldn't manage thinking about two of those things at the same time let alone all.
Thanks to all of the other contributors, all good stuff.
The deal's off, I'll stick to what I know. And thanks to the mods for putting this as a featured post which attracted attention. I hope it helps others in the same situation at some time.