Offer a Payment Plan to Close Domain Deal
I don’t necessarily like it when a buyer stretches out payments for a domain name, but offering it can be a smart move. I recently sold a domain name, and during negotiations, the buyer indicated that funds were a bit tight at the moment, but he wanted to buy the domain name. To keep the negotiation opened and to ensure that I was able to get my asking price, I offered him a payment plan, and we were able to come to an agreement.
Here’s what I recommend if you offer a payment plan or are asked to offer one:
- Consider using an escrow service that Moniker offers or Escrow.com offers (need to contact them directly) to ensure both parties live up to their end of agreement with an impartial company acting as an intermediary.
- Domain owner should keep possession of the domain name (or see above) until final payment is made. Owner can change DNS if necessary and asked.
- Make sure everything is in writing so buyer and seller have the same expectations. I recommend having a domain attorney write the agreement, especially if it involves a considerable sum of money.
- Be clear on what happens if buyer stops paying. In my opinion, the domain owner should keep all previous payments and the domain name.
Reach out to Elliot: Twitter | Google + | Facebook | Email