Advice Selling Domain through Escrow Service

[barabus]

Hello all,

I was recently contacted via email over selling a domain name; initially i declined but they came back with a better offer and i'm now willing to sell- i have no use for the domain name anymore so why not?

Anyway we have reached the escrow stage where we are using a company called transpact.com, i've never used an escrow service before so i'm new to all this but apparently they are Europes best escrow service or so i'm told. I've just received the terms today but i dont like how i'm to transfer ownership over to them without receiving any payment. In their terms they have basically said i must change the registrant contact information, change the IPS tag and unlock the domain so i would essentially be transferring the domain name and giving them full ownership without receiving any payment.

I dont know how these things usually go down and maybe i'm being over cautious as escrow services are in place to prevent things going wrong but it just doesnt feel right to me. I would have expected for an escrow service the domain name would be transferred to a third party and released when funds are received etc but this doesnt seem to be the case.

How do you usually sell/purchase domain names? Is this normal?

 

[BusinessDeli]

The 3rd party escrow account should be credited in full before you do anything; once you're notified the funds are held on account you should change all the details over as agreed with the buyer and once this has happened the funds would be released to you by the 3rd party escrow account, minus their fees obviously.

 

[Virtual Phone Numbers]

Yes, that is the point of the escrow service. They should notify you once they have the fees and then you can follow the process. Once the recipient is happy with transfer, the funds should be released to you.

 

[barabus]

It seems i got the wrong end of the stick. Right fully so the funds will be placed into the escrow service first, i then transfer the domain ownership and will receive the funds shortly after. So i should be okay nothing to worry about i think?