nomis5 - 12:35 pm on Mar 12, 2010 (gmt 0)
OK,I got that wrong a bit. Here's the updated list.
I give the buyer a copy of the code two days before he receives the domain name. He examines the code for two days and lets me know if it's OK. If he says no then sure, he has the code but that will always be the case whatever option is used.
He then transfers the full price to my lawyers account.
The lawyers clear the amount into their account.
Then I transfer the domain to him and give him ftp access.
Then he does the following in 24 hours:
1. Verify the domain name has been transferred
2. Verify that the code on the server is the same as I supplied two days earlier
3. He / I tells the lawyers to transfer the funds to me.
If anything outside that happens I cancel the deal and secure the domain name and the ftp access back to me?
Not so. With a properly constructed contract, he gets the code only after he's made a non-refundable full payment to your lawyer.
I thought it was "normal" for the site buyer to have sight of the code for a day or two. If he was happy then the deal goes ahead, if not he can cancel?
It is that belief that is the reason for me releasing the code to him earlier. On the basis that he is going to get the code before paying anyway, why not release the code to him early? he then checks it and agrees and the sale process goes ahead. It has the benefit that all he has to do during the next 24 hours is compare the code I originally gave him with the code on the server. If the two match, he can't wriggle out of the deal. That would be one of the conditions.
I am more worried about having the domain name stolen. The less time he has both the domain and the code the better.
Personally as someone who has used escrow/com previously, set the time to view to 1 day - otherwise they can reverse the deal once having changed DNS and trialled your traffic....and taken your code.
We got stung by that one on a 3 day view - luckily all turned out ok in the end.
Irrespective of who I use, I want to keep the time to the minimum that he has control of the domain. I'm now not really concerned about the code.
But if you're selling in GBP then you're probably in the UK. I may be wrong, but I believe EU laws doesn't allow to pass you personal data to the USA without informing and getting consent from every individual user. At least that's the way in Spain.
Wow, that's a complex one. The situation is that I'm too scared to have a database on my site so I use Bravenet. They do all the double opt-in stuff etc and they look after the data for me. Yes I'm in the UK but Bravenet are US based so I might even be breaking the law now. Any more comments on that aspect? Could send out a newsletter letting the subscriber know what is happening and ask them to opt out if they are not happy?
Currently I have changed my mind for the third time and am going ahead with deal. The £7k difference has been closed, I dropped £1k he did the rest. It's taken nearly two weeks to get to an agreed price but I feel it does indicate that this is genuine bargaining not someone offering to pay a shed load of money just to get my domain and code for free.
The discussions about the price are correct for this thread but I decided a long time ago what price I wanted and if all goes OK I will take it. It's a very personal thing and everyone has their own ambitions and circumstances. If the deal falls through I will never sell again, I'm too old to stand the wavering and bargaining and all the stuff that goes with this sort of deal.
I'm meeting the buyer next week in his relative's home in London. I'm so wound up I've asked my partner to come with me and I never, ever do that normally in business!