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Just accepted a bid for my site.
But how do we actually trade the site for the money?
PFOnline

10+ Year Member



 
Msg#: 3029587 posted 3:19 am on Aug 1, 2006 (gmt 0)

Has anyone ever sold a developed website?

Also included in the sale was 2 undeveloped .com names.

Should I hire someone to help with this transaction, I have no idea what to do exactly!

I just don't give the passwords to my domain and hosting of course right? The info needs to be changed, as well as billing for the new buyer?

What is the best way to receive the funds? I am in the USA and the buyer is in the UK. Do I give them my checking account routing number? I would want to make sure they sent the money first right?

Should I contact a lawyer, what do I do?

I've accepted there bid for my site, but now the next steps are turning the site over, and getting paid the actually money they bid, which I don't even know where to begin, or how to do these.

I have not gone through any 3rd parties so far, just put a "For Sale" sign up on my site's front page, and got emailed offers. Now I'm ready to accept one of the offers, but don't know how to actually make this whole transaction work.

Does anyone know what to do?

 

jdancing

WebmasterWorld Senior Member 10+ Year Member



 
Msg#: 3029587 posted 3:39 am on Aug 1, 2006 (gmt 0)

The risk is more on the buyer's end --- you could have lawsuits or bad debt related to the site. So if they are willing to do the deal without a contract,just run the transaction through escrow.com

They pay, you give them the needed files, passwords,etc.. and Escrow releases the funds to you.

PFOnline

10+ Year Member



 
Msg#: 3029587 posted 3:43 am on Aug 1, 2006 (gmt 0)

Does escrow.com take a big cut of the money?

Also, if we did the payment through like PayPal, they would take quite a bit of the share too, right?

ridgway

10+ Year Member



 
Msg#: 3029587 posted 5:48 am on Aug 1, 2006 (gmt 0)

i'd second escrow.com. have the buyer open and pay for the escrow - even if you split the fees, it's worth the piece of mind. i recently bought a domain from a squatter, and the transaction was executed via escrow.com, and it went very smoothly. good luck.

Quadrille

WebmasterWorld Senior Member quadrille us a WebmasterWorld Top Contributor of All Time 10+ Year Member



 
Msg#: 3029587 posted 10:33 am on Aug 1, 2006 (gmt 0)

I'd ask them to pay in advance, paypal is as good a route as any; there will be a fee, of course (probably <5%).

Indicate that you are willing to accept escrow - that puts the onus on them to set it up, if they don't want to pay direct.

But if they don't escrow, then don't move until the cash is safely out of paypal's reach!

Also send an invoice (and later a receipt) saying *exactly* what they were paying for.

But chances are , it will be no problem, so long as you keep your eyes open!

[added:] I'd only really worry if they are offering way above th site's value!

[edited by: Quadrille at 10:41 am (utc) on Aug. 1, 2006]

Jim Catanich

5+ Year Member



 
Msg#: 3029587 posted 2:52 pm on Aug 1, 2006 (gmt 0)

Hold on. On all these transactions, a credit card will be used. You make the transaction. The deal is made and the site is released. Everythings is over - right?

Wrong

What you have done is release your "copyright" to them. It is now theirs.

If they go bankrupt, the credit card charge is reversed or charged back to the credit card company. And if it is the 6 month window, it is then charged back to you. They are bankrupt and you can not collect. But they own the site.

You must do this transaction with a "Copyright release" contract clause.

When the cashers check is cashed, then issue a copyright release.

But all credit card transactions allow for a "charge back" for many reasons. And if you give them the site (source), be warned, they will do a "charge back" on you.

And if the Purchaser is in another state, you must go their for any law suit.
And if the Purchaser is in another country, then you are screwed.

As for the domain names, the minute the "whois" information is changed, the domain name is theirs.

Poor-mans recommendation:

If the site is live under the domain name "www.mysite.com" and working, then sell the site "as is". Request a "money order" and then give them the "whois" password.

Otherwise, you will need a contract.

But don't accept a credit card!

Jim Catanich

PFOnline

10+ Year Member



 
Msg#: 3029587 posted 2:53 pm on Aug 1, 2006 (gmt 0)

Appreciate the replies and help.

But I'm still not sure exactly how to do everything.

I honestly have no idea what I'm doing here....

When you sell a site, and give it to someone else, how do you do it?

I have 3 domain names they are buying from me.

Do I contact whoever I registered the domains with? Then what?

Do I need to contact my host?

How does this work... lol

[edited by: PFOnline at 2:54 pm (utc) on Aug. 1, 2006]

PFOnline

10+ Year Member



 
Msg#: 3029587 posted 2:58 pm on Aug 1, 2006 (gmt 0)

Is Jim right?

This is just too much, who should I contact, a lawyer?

The site I'm selling is being sold for $##,### I want to make sure it's done right.

[edited by: PFOnline at 2:59 pm (utc) on Aug. 1, 2006]

Quadrille

WebmasterWorld Senior Member quadrille us a WebmasterWorld Top Contributor of All Time 10+ Year Member



 
Msg#: 3029587 posted 3:28 pm on Aug 1, 2006 (gmt 0)

Jim has offered a very safe solution.

On reflection, I'd go for money order too.

Your registrar will help with the mechanics (as will the buyer, if they've done it before!).

It's only the money you need worry about.

vite_rts

5+ Year Member



 
Msg#: 3029587 posted 4:15 pm on Aug 1, 2006 (gmt 0)

if a material amount off money is involved

you might consider Seeking professional help,,,

PFOnline

10+ Year Member



 
Msg#: 3029587 posted 4:19 pm on Aug 1, 2006 (gmt 0)

With the amount of money involved, I do think I want to seek professional help...

But who is "professional help"?

Who would I talk to about all the aspects of this transaction, including how it's actually done, and how it's done right and safely.

Anyone know?

oddsod

WebmasterWorld Senior Member 5+ Year Member



 
Msg#: 3029587 posted 4:29 pm on Aug 1, 2006 (gmt 0)

PFOnline, I've sent you a sticky with some links. Unfortunately, I can't put them in the thread.

Simply put - both of you open a free escrow account. Then one of you (any one) starts a transaction. Escrow.com sends an email to the other with details of the goods and the price. The other party replies to agree.

Then buyer pays money to escrow. Escrow informs seller that they have secure funds. The seller gives the buyer A) passwords to his domain account with the registrar and B) passwords to his hosting account. Alternatively, the buyer may want his registrar involved in which case his registrar can request your registrar for the domain, your registrar contacts you, you approve. Alternative to giving him access to your hosting account is this: He gives you his IP and FTP access and you setup the site on his server.

Once the buyer has control of the domain he has to instruct escrow to release the funds. Escrow then pays you by bank transfer or cheque.

PFOnline

10+ Year Member



 
Msg#: 3029587 posted 5:20 pm on Aug 1, 2006 (gmt 0)

Thanks again for the help OddSod.

So the buyer is just going to get the passwords to my domain names and hosting accounts?

Doesn't he need to change the contact info on these, and billing information and such?

Wouldn't he also get all my personal information this way? He will need to take over the payments on the accounts right?

What if he wanted to switch to a different registrar or hosting account?

Lotta questions I know, sorry, lol... :)

Important ones though I think.

oddsod

WebmasterWorld Senior Member 5+ Year Member



 
Msg#: 3029587 posted 5:38 pm on Aug 1, 2006 (gmt 0)

It's better if he arranges his own hosting. Should your host go downhill later you don't want him blaming you.

While the registrar issue is not that critical it may be better if he uses his own registrar as well.

Hope all the info by sticky helped. I'm off home now :)

gurumaster

5+ Year Member



 
Msg#: 3029587 posted 1:31 pm on Aug 2, 2006 (gmt 0)

I am selling one now and would be able to update you my experience after I am done. I am trying few new things to make it good and to get a good exposure.

joaquin112

5+ Year Member



 
Msg#: 3029587 posted 7:33 pm on Aug 3, 2006 (gmt 0)

I sold a site for xx,#*$! a few months ago. What I did is sign a contract and use Escrow. It took only about 2-3 days for the whole thing to take place, so I do recommend Escrow.

Yes, you have to go to your registrar, push the domain to his account after the money has been locked in Escrow. When you push the domain, then he has to accept and funds are released to you. You may request a check or direct deposit...

In my case, we agreed that I would set the website working in his server, so he gave me FTP access and I uploaded everything.

I do recommend doing business with people living in the same country as you.

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