ESCROW - what is and how to do? Tell me please!

Started by JSImediaJS123, Jul 24, 2022, 05:58 AM

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JSImediaJS123Topic starter

Hello!
Do I understand correctly the mechanics of selling a domain names through escrow?

I launch a deal, pass the deal number to the buyer

Buyer transfer money to Escrow account

Escrow notifies me when money places in their account

I transfer my domain to the buyer

The buyer confirms to Escrow  that he received the domain from me
Escrow transfers payment to me, withholding a commission
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samfrank

Escrow checks that the domain has certainly been transferred.

The commission is withheld at the starting point, when transferring money to the Escrow account, it can be paid by both the seller and the buyer, or 50/50.
Before paying funds, Escrow does not hold a commission, but a fixed amount, depending on the form of receiving money, by check, bank transfer, PayPal.

Any participant can initiate a deal.
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fizzer

The Escrow commission is taken immediately when paying for the domain name and depends on the amount of the sale and the means of payment (bank transfer is cheaper, Paypal is 2 times more expensive).
 There are options that the buyer, seller or in half pays it. Usually, of course, the buyer pays, so this commission, which depends on the amount, should be for you as a seller, just indicate to the buyer that you agree to pay through Escrow, but he pays the commission.

But there are two more deductions that do not depend on the amount.
 Escrow will hold $20-25 for transferring money to your bank.
 Your bank will deduct the same amount for receiving the transfer.
 How long does it take from the moment of payment by the buyer to the moment of receipt of funds by the seller?

Depending on how fast the domain transfer happens.
After the domain transfer, Escrow checks in a day that the transfer has occurred, via whois or contact the registrar.
Then the money is transferred within 2-3 days.
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