Confusion in using Escrow.com service

Should the seller transfer domain before or after receving payment?

[Imaster]

Hi,

I am using Escrow.com for buying a domain name which is currently being held by another person. I am not exactly sure about how the process works and needed some information.

I have already started the transaction and have reached step 3 "Seller submits domain name transfer". The seller has already changed all the whois information to my name and once I accept this step, the next step involves me (the buyer) to "accept" final confirmation of the domain name transfer, after which the payment will be sent to the seller.

The problem is that the seller hasn't yet done a complete domain transfer, and says that he will do a BR transfer (we both are on BulkRegister) only when he receives the payment from Escrow. Is this the right thing to do?

Or should the seller be first doing the complete BR transfer on my name, and only then I should "accept" the domain name transfer? Could someone please shed some light on this matter.

Thanks

[Jenstar]

When I have done this, it was only after I received the domain name acct login information (and changed the login password) that I approved it to "complete" the sale. I believe that escrow.com must also approve that the complete transfer has taken place before they release the money.

I would personally be wary of someone who refuses to complete the process until payment is received, since escrow already has your money (guaranteeing the seller that the funds are available). I haven't used escrow since last year, so perhaps they have changed some of their policies since then.

Escrow.com does have a contact number, why don't you give them a call and ask for their opinion on this? They will be able to give you the best advice, and you are paying them for the help if you need it.

[Webwork]

I've done dozens of Escrow.com transfers - buying and selling.

Do NOT authorize the release of funds until you have unqualified and exclusive control of the domain. Just changing WhoIs information is not a transfer so long as the current registrant has access to the account governing the domain. If he does he could just as easily change the WhoIs information back once the money is paid. The domain needs to be pushed into an account granting you exclusive control of the account's - and therefore the domain's - username and password.

The domain sellers protection is the fund of money on deposit with Escrow.com.

I'm certain Escrow.com would confirm the protections if asked and what better authority and source for the reassurance than the company sponsoring the transfer process.

[nakulgoyal]

I agree with Webwork! if this was not there, what was the fun of using Escrow! Simply wire the money and see if you get the domain or not.

I bought a bunch of domains and we usually did a 50% now and 50% on completion. It worked for me. But they were small amounts like 100$ for a domain or something! Had I bought men.com, I would have been there to personally buy the domain. :-)

[Imaster]

Thank you very much guys! I will contact the seller and explain this stuff to him, let's see what he has to say.

[nakulgoyal]

Imaster, I would say trust each other a little bit and thinks should be fine. Anyways, if you are using Escrow already, the TOS applies and both are under good terms. Escrow wont let a problem occur if you go by their procedure.

[Imaster]

I just explained the entire process to the seller (who had never used Escrow before) and he was totally satisfied with the explanation. :)

The transaction got completed successfully. Thank you everyone for your help!