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Hello,.

I'm in a process of selling a domain name. The buyer wants a contract and Escrow. There's a part of the contract I don't quite understand. "Closing shall occur in New York State at a place and time mutually convent for all parties. Seller agrees to accept payment by Buyer at closing via Buyer's credit card or cards. This agreement shall be governed by the law of the State of New York".

Is this mean that I physically have to fly to New York for closing?.

Thank you,..

Comments (14)

From my layman's perspective, yep that's how I'd interpret that too. Sounds sketchy!.

Be very wary, even if you fulfill all the requirements for escrow (ie. escrow.com), you could still potentially not receive the money and lose your domain!.

Reason is that many escrow services (ie. escrow.com) avoids getting involved in legal disputes - they'll likely just refund the buyer's money and tell the buyer and seller to work things out on their own.

Ron Post added at 08:09 PM Previous post was at 08:03 PM Addendum: I making an assumption that may not be correct regarding escrow.

Is the buyer putting money in escrow at all? Seems as if the buyer is wanting to meet in person and have you process their credit card(s)?.

If so, that raises a whole host of other issues, such as how you're going to do that? ... PayPal, MoneyBookers, etc ... and will you be protected? ... what if the card is stolen / unauthorized / disputed.

IMHO, some sales are not worth the effort. If the buyer really wants the domain (unless you're very desperate for cash and willing to risk losing the domain), you should call the shots - ie. require sale via Escrow.com or Sedo escrow.

Ron..

Comment #1

This sale looks dodgy. So the deal is closed when the buyers pays you directly with his credit card. How convenient for the buyer. He can then just call his credit card company, make up a story and cancel the payment. Then you would end up with no money and no domain and a signed contract that pretty much protects the buyer from any legal challenge you might rise...

Comment #2

Apparently the buyer doesn't want an escrow transaction. I would use moniker or sedo's escrow services and would not take any direct payment via his credit card...

Comment #3

Im not a lawyer, but my guess, would be he is trying to establish jurisdiction in New York, in the event something goes wrong. This way he doesn't have to hire an attorney in another state if thats what it comes down to...

Comment #4

You should be the one writing the contract and dictating the terms - such as jurisdiction.

From what little you've sketched out, RUN!.

Buyer is insisting on some screwy credit card deal AND that all disputes are in NY? WTF reason does he have for that other than he knows this is going to go sideways and wants to make it impossible/inconvenient/impractical/etc for you to fight it after it does...

Comment #5

Thank you all for your input. The Buyer also wants an Escrow Transaction. In this case, am I guaranteed to get paid by Escrow once the domain transfer is completed? Or there's still a chance that the Buyer won't release the payment?..

Comment #6

Reject his contract and inform him to make the offer through sedo.com or escrow.com..

Comment #7

I hope your getting a ton of money if he expects you to fly to new york. Often there is one side more motivated to do the deal then the other. You can call his bluff and say I dont travel if you think he wants the name real bad. If we are acually talking lil money do what HOPE said..

Comment #8

Let's break this down...

1. Escrow: No reputable Escrow company will let you fund any sizable domain transaction by Credit Card for good reason... If the guy needs to tap out multiple CC's to do the deal, let him get cash advances first and use that to wire funds into escrow. This makes it impossible to reverse the funds back from you.

2. Jurisdiction: This really sounds like you are just rolling over and letting the buyer call all the shots here. You are not in NY, so do not agree to move jurisdiction to NY. This alone should set off alarms for you anyway as once escrow is cleared why would there be any need for this at all unless he is planning on doing a charge back...

Seriously, sack up and start calling the shots here or you're going to get screwed...

Comment #9

Ask for clarification on the meeting part.

If he must meet and your profit margin on the domain makes it worth the trip, request payment be ready to be made via cashiers check or bank wire. Then you can transfer the domain in person.

I would disregard the paranoia in this thread. If they are right, it won't be because of what little info you have given us...

Comment #10

Signing a contract on a domain sale is not common, neither is meeting up in person. Just because the buyer wants to do things his way, doesn't mean you have to agree with that. I hate selfish stubborn people. Screw this buyer...

Comment #11

Just received the confirmation from the Escrow that money is received. If I decide to move forward and transfer the domain to a Buyer, is there still possibility that the Buyer can put a stop on release of the payment once the domain is transfered?..

Comment #12

It's not uncommon for a contract to recite that the closing will occur in a specific location, even though there is no plan for the parties to actually meet in that location or anywhere else. The purpose is to attempt to establish jurisdiction of the New York courts if there is a dispute.

Whether a court would obtain jurisdiction based on the untrue recital alone is an open question.

Unless the amount in question is significant, the truth is that neither party will have enough at stake to justify the costs of a court proceeding. If that is the case, the issue of which court has jurisdiction over the parties is irrelevant...

Comment #13

If the buyer did, it would be Escrow's problem. Assuming your using a legitimate escrow service...

Comment #14


This question was taken from a support group/message board and re-posted here so others can learn from it.

 

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