escrow.com question and domain

[ezguy]

I was acting as a domain broker for a domain sale.

the buyer transfered the money to the escrow.com account

the seller now does not want to sell the domain.

the buyer says it is legally binding and will do something.

can anything be done ? iam the broker and now iam in between

[FormerDnForumer]

I was acting as a domain broker for a domain sale.

the buyer transfered the money to the escrow.com account

the seller now does not want to sell the domain.

the buyer says it is legally binding and will do something.

can anything be done ? iam the broker and now iam in between

There is absolutely nothing to be done. Most people do not realize that escrow.com is just a device for holding money and either party can back out of the transaction at any time. Legally.

[ezguy]

phew that solves my tension

[SIKHboy]

Binding??? are you kidding me?

The buyer did not sign a contract yet with the seller of the domain name, so its not legally.

He can put money in escrow, and escrow just keep the payment until the domain is transfered to the buyer, so buyer money is just protected.

If the seller does not transfer the domain name, escrow cancel the transaction with in 3-5 business day, and give the money back to the buyer.

So Legally, there is no binding whatsoever, so dont be stressing about this, this is a everyday things, I have had those things in the past, been there, done that, so its nothing to worry about. If the seller does not want to sell, escrow will refund the buyer payment.

[DomainsInc]

Still pretty unprofessional though unless you started the process without authorizing the price with the seller first.

[katherine]

Still pretty unprofessional though unless you started the process without authorizing the price with the seller first.

I suppose the seller was willing to sell but changed his mind. He's the one to go after, but with no sales contract this will be tough.

[Gerry]

Another reason that if people want to get into the brokering business they should be bonded and insured.

But good luck trying to convince and insurer to insure you.

[ezguy]

i did not sign any papers or legal papers

[Gerry]

i did not sign any papers or legal papers

This works both ways...

if you did not sign any papers or even entered in to a legal "verbal" agreement, what was to protect your commission?

and if you did not sign any papers or enter into any legal agreement, what was to release you from the other party seeking damages for fraud, misrepresentation, or non delivery of goods?

The primary reason I bring this up is all the stolen names out there that are being re-sold. OR people selling names that they don't even have rights to. Lets face it, domaining is a big business, enormous profit margin, and highly unregulated in regards to selling and buying. Any time there is money involved, this is an open invitation to scams, scammers, fraud and fraudsters.

And because of all of this, this has sidelined my thoughts about brokering some names. This is a cut-throat business. I would tend to do it completely legal and legitimate. And this involves some issues domainers do not want to deal with - such as "exclusivity" and agreeing to a listing contract, very similar to a real estate broker. Many people ignore sedo's listing policy of acknowledging that this domain is not listed for sale any where else. Essentially, anytime you list a name for sale on sedo, you are granting them an exclusivity to listing and selling the name. In theory, this is not a bad idea because it is their service, their staff, their web space, their overhead, their known presence that is carrying you along. Enforcing their contract is another matter.

"Brokering" has become a big business and trade. I have a feeling that a lot of these auctions are protecting under an auctioneering license which is easier to get bonded and insured.

What's more important on the horizon is now domains being called "assets" by many legal venues. This, in the long run, would tend to offer legitimacy to the domain industry as domains being a true asset, much like stocks and bonds.

[ezguy]

I did not fraud , nor took the money the money is still in escrow.com the buyer can cancel and get his money back

[H2FC]

ezguy....how much was your commission for finding a buyer supposed to be?

If I were you I would be wondering if the seller changed his mind so that he could sell the name later to the same buyer without paying your commission.

[south]

ezguy....how much was your commission for finding a buyer supposed to be?

If I were you I would be wondering if the seller changed his mind so that he could sell the name later to the same buyer without paying your commission.

Interesting point.

[tas38]

No insurance co in their right mind would insure and bond domains, the biggest problem is setting a value on them, and even if you could it can change over night.

For many different reasons, so unless domaining starts having a set standard, to get a value on domains it will never happen.