webmasterbeta
New Member
Hello
Scenario:
I have agreed to sell a site (full site, incl. full scripts, creatives etc) for a 5 figure sum.
The site is working and producing income on a daily basis.
The buyer suggested to use escrow.com and I agreed. He's an affiliate there. I have never used an escrow service before I thought I could trust them "blindfolded".
I have no reason to believe that the buyer is "fishy", however, a few things did occur:
- the deal got more and more delayed until the finally sent the funds to escrow
- he first insinuated that the "inspection period" (he wanted 7, I agreed to 5 days) would start when he sends the wire (yes, I did not read the escrow FAQ before, but have now), and now he says the inspection period starts when confirms to have received "full control".
I have given him all the creatives and all the passwords etc and set up a special account for him with my Registrar, put some proxy whois details as he requested, and given him access by password. However, I have the domain locked.
He buyer now says that the "inspection period" starts once he confirms to have received all details/items, which includes full control over the domain.
In the meantime he has tried to initiate the transfer away from my registrar.
We were also discussiong who should get the revenue during the escrow period. He said he's entitled to that from the moment he sent the funds to escrow, saying those escrowed funds are now legally mine (even though I have no control over them). He also said I could block them at escrow.com so that they won't be sent back to the buyer.
I also said that if he "released" the escrow funds now (before I unlock the domain), he would even get the last payout (which actually started before he even transferred the wire).
He also has full ftp access to the site (he already downloaded the creatives), I have done 2 lenghty tutorials with him and he also has access to the affiliate account with password .....
Scenarios:
If I unlock the domain and it will be transferred, I could miss all revenue of the domain from now on (which could be a lot) since I will not be able to get the domain back if he does not confirm having received it (escrow.com's FAQ).
I emailed his (the recipients) registrar and they confirmed that once the domain is gone, there is no way to get it back.
So I could get stuck with the domain away, and the funds stuck in escrow due to xyz reasons (basically he not confirming to have received everything or some (un)intentional delay.
It's no issue if time is no problem, but on a site with daily revenue, this could be a major problem.
Does anyone has a good suggestion how to deal with this?
Does anyone know an escrow service that accepts to take the domain AND the money into escrow - which to my understanding is the way an escrow should work in the first place.
Having to rely on the buyer to "confirm" that he has received the domain does not strike me as a reliable escrow service, indeed I am basically relying on the buyer to release the funds, or I lose a minimum of x days/weeks access to the domain and the revenue it generates during that time.
Any input is greatly appreciated.
Thanks.
Scenario:
I have agreed to sell a site (full site, incl. full scripts, creatives etc) for a 5 figure sum.
The site is working and producing income on a daily basis.
The buyer suggested to use escrow.com and I agreed. He's an affiliate there. I have never used an escrow service before I thought I could trust them "blindfolded".
I have no reason to believe that the buyer is "fishy", however, a few things did occur:
- the deal got more and more delayed until the finally sent the funds to escrow
- he first insinuated that the "inspection period" (he wanted 7, I agreed to 5 days) would start when he sends the wire (yes, I did not read the escrow FAQ before, but have now), and now he says the inspection period starts when confirms to have received "full control".
I have given him all the creatives and all the passwords etc and set up a special account for him with my Registrar, put some proxy whois details as he requested, and given him access by password. However, I have the domain locked.
He buyer now says that the "inspection period" starts once he confirms to have received all details/items, which includes full control over the domain.
In the meantime he has tried to initiate the transfer away from my registrar.
We were also discussiong who should get the revenue during the escrow period. He said he's entitled to that from the moment he sent the funds to escrow, saying those escrowed funds are now legally mine (even though I have no control over them). He also said I could block them at escrow.com so that they won't be sent back to the buyer.
I also said that if he "released" the escrow funds now (before I unlock the domain), he would even get the last payout (which actually started before he even transferred the wire).
He also has full ftp access to the site (he already downloaded the creatives), I have done 2 lenghty tutorials with him and he also has access to the affiliate account with password .....
Scenarios:
If I unlock the domain and it will be transferred, I could miss all revenue of the domain from now on (which could be a lot) since I will not be able to get the domain back if he does not confirm having received it (escrow.com's FAQ).
I emailed his (the recipients) registrar and they confirmed that once the domain is gone, there is no way to get it back.
So I could get stuck with the domain away, and the funds stuck in escrow due to xyz reasons (basically he not confirming to have received everything or some (un)intentional delay.
It's no issue if time is no problem, but on a site with daily revenue, this could be a major problem.
Does anyone has a good suggestion how to deal with this?
Does anyone know an escrow service that accepts to take the domain AND the money into escrow - which to my understanding is the way an escrow should work in the first place.
Having to rely on the buyer to "confirm" that he has received the domain does not strike me as a reliable escrow service, indeed I am basically relying on the buyer to release the funds, or I lose a minimum of x days/weeks access to the domain and the revenue it generates during that time.
Any input is greatly appreciated.
Thanks.