Dnforum.com Escrow Service - Discussion Mode - Page 2 - DNForum - Domain Sales, Domain Forum, Domain Appraisals, Domain Registrars

**DNGeeks** · 02-28-2006, 01:54 AM

The lack of business sense on this forum absolutely amazes me. People brag about how good they are doing yet whine when they have to pay a fee. It's a natural part of business so suck it up! Lower fees are good, but you can't expect people to do something for nothing. Fees are tax deductable as well.

Payment is sent to DNF
Domain is transferred to DNF
Once both are confirmed then cash and domain are handed out.

This is the only way to be safe.

What is the payment is bad? Only accept "real" payments. Wire transfer, money order, bank draft, certified check. Sure this might not work for everyone as they don't want to pay a $5 fee to get a bank draft (but they'll accept a 3% fee for $10k from paypal, makes sense to me).

What if the domain is stolen? That's what courts are for! Check the whois history first, if the domain has been transferred recently that's a red flag. If the price is too low that's another red flag. Contact the previous owner listed on the whois, that'll tell you a lot if you can get a hold of them.

What if there are transfer fees? Then the buyer pays them. If they bought the domain for a buck they'd still need to pay them anyways.

What about wire transfer fees? Those should be paid for by the buyer as he/she is the one sending the cash.

**GT Web** · 02-28-2006, 02:18 AM

Sounds like a pretty great idea to me.

I would be willing to pay for such a service.

I think the other points brought up in this thread are of good quality and I don't have much else to add right now...

**MonikerMan** · 02-28-2006, 06:52 AM

Denny - we do not have the domain pushed to the sellers account at Moniker...We created a special excrow account at Moniker and the transaction of changing ownership and the release of funds happens at the same time....this is what true escrow is and how to protect all sides.

once funds have been received in escrow, and the domain has been received in escrow account, the change of ownership and the release of funds occur.

This is the only safe way to conduct a domain escrow transaction and we have been doing these escrows since 1998.

Banned: denny007 · 02-28-2006, 07:09 AM

Monte - I know Your Domain escrow is recently the best. There is just the delay (might be 1 week) to transfer the domain from another registrar to Moniker. Thats all.

However I do not see how unsafe could be i.e. domain from Enom is pushed into DNFs Enom account - and done. Domain is in Escrow. No-one can take it back, can it ?

BTW month ago I wanted to buy a 8K domain from a guy, he insited on escrow.com, I insisted on Moniker (knowing it is the only safe escrow available) and he answered "I don't know Moniker escrow". So there was no deal. Maybe you should promote it a little bit more...

We do not have the domain pushed to the sellers account at Moniker, we created a special escrow account at Moniker

This one I guessed because on the form here: http://www.moniker.com/aftermarket/escrow.jsp is requested SELLERS Moniker account. If it is transfered to Escrow account - why seller needs a Moniker account ?

**MonikerMan** · 02-28-2006, 07:22 AM

Denny - the point is you should not push a domain to an account just because funds are received in escrow. That means the domain is never held in escrow and always held by the seller then by the buyer. there is no check on the domain and there is never a nuetral party handling all ends of the transaction.

If you know the person and you have done transactions with them before, then should be ok...but the safest and proper way is having the domain and funds in escrow then having the escrow agent change ownership and release funds the same day.

Regarding the delay, it is always safer to get the domain in a respectable registrar to complete this transaction. We do have escrow accounts at other registrars but prefer changing ownership at Moniker because of the transaction tracking on all sides. When you push the domain out to the buyer, the system puts a note in your transaction table in our data base with a time and date stamp. This is important if you are an active seller/buyer and wanting full transaction history. Also, funds can be placed in your moniker account as payment...also documented in our system so it is just better accounting and safer from a transaction standpoint.

if the domain is already at Moniker, the change happens instantly so the sooner they come, the sooner they change.

Also - the escrow we did in the past was under DomainSystems and most in the industry know us from that name. We have been moving our branding over to Moniker more and more over the last year so we do not confuse the public.

The word will go out in a big way over the next 12 months.

Banned: denny007 · 02-28-2006, 07:41 AM

the point is you should not push a domain to an account just because funds are received in escrow.

Not to push to ESCROW account ? Lets say Adam does Escrow, buyer sends him money and seller should not push domain to HIS account - why ? Isn;t it same like send the money to him, as he is trusted ?

under DomainSystems and most in the industry know us

I am "Johnny came late"...

**James** · 02-28-2006, 08:08 AM

Quote:

Originally Posted by MonikerMan

We do have escrow accounts at other registrars but prefer changing ownership at Moniker because of the transaction tracking on all sides. .

Monte that is good to know as some cctld are difficult to transfer between registrars and some buyers have their own favorite registrars

Quote:

Originally Posted by MonikerMan

DomainSystems and most in the industry know us from that name

Ahhhh probably my first paid appraisal was purchased there in 2000 or was it solutionhome.com

jim

**Dnforumadmin** · 03-01-2006, 03:35 PM

Hello All,

I've come up with a chart of how Dnforum's escrow service will work as well as a FAQ section that may explain everything......please visit the links below and feel fre to masacre my work with your suggestions j/k
All suggestions and feedback are greatly appreciated.

http://www.dnforum.com/escrow/new_chart.htm

http://www.dnforum.com/escrow/faq.htm

**James** · 03-01-2006, 03:47 PM

Susan,

Are these going to be pushes a DNForum Account set-up the registrar where the domain is at??

jim

**Dnforumadmin** · 03-01-2006, 03:49 PM

Yes, Dnforum.com will have an account at all registrars.

**fab** · 03-01-2006, 04:11 PM

I believe GoDaddy, and maybe some other registrars don't allow transfer within 60 days, therefore if the domain is transfered to an Escrow account, I would assume that it might not be able to be transfered to another account immediately, if I'm understanding correctly.

**DotComGod** · 03-01-2006, 04:15 PM

This is true, but I think we will have to deal with it on a case by case basis once we formulate the direction we want to go with this.

-=DCG=-

SouthernTn · 03-01-2006, 04:18 PM

Maybe with those registars, a dummy account is set up to transfer the domain too.. Once thats done, the escrow service will change and release the password to the new owner for the account??

Just an idea

**fab** · 03-01-2006, 04:27 PM

I think that's a bit of a pain, and a little risky as well. I might suggest contacting the registrars to see if they are willing to officially accept the Escrow status of the new account, therefore not imposing this rule.

SouthernTn · 03-01-2006, 04:29 PM

Could be a pain, but a risk I dont know. If the seller is setting up the account then yea, but if the escrow service does its alot less of a risk.

Might work, might not.. But for registrars who dont allow a domain to be transferred out until 60 days, I think the extra step might not be a bad step. imo but im sure there are other fast ways possibly

**James** · 03-01-2006, 04:43 PM

Quote:

Originally Posted by fab

I believe GoDaddy, and maybe some other registrars don't allow transfer within 60 days, therefore if the domain is transfered to an Escrow account, I would assume that it might not be able to be transfered to another account immediately, if I'm understanding correctly.

With godaddy you can "push" domains around at anytime but when the registrants info changes or a push occurs they won't let you transfer out (to another registrar)for 60 Days but you can still push the name.

jim

**simon** · 03-01-2006, 04:45 PM

very good idea. I would be more than happy to do domain trade via dnforum's new escrow.
btw- are u making it free of charge or are there any fees?

**James** · 03-01-2006, 04:49 PM

BTW if a buyer want to transfer to another registrar prior to payment he can pay the seller for the transfer ..have the seller transfer to his own account at the new registrar then push it to the DNFescrow account..which can push to the new owners account upon payment..

jim

**Dnforumadmin** · 03-01-2006, 05:52 PM

Hey guys if you can please look at the links I posted and let me know if it makes sense that would be great.

**ParkQuick.com** · 03-01-2006, 07:53 PM

Quote:

Originally Posted by CS-Admin

Hey guys if you can please look at the links I posted and let me know if it makes sense that would be great.

The chart makes sense. It does seem like a very simple transaction that is better than escrow.com. I agree that there should be a nominal charge to assure that this service is properly funded and made a priority at DNForum. Are you really prepared to scale your resources to meet this challenge? What if it becomes the most-used service for buying and selling domains?

I can see where the popularity of this approach might mean that you'll hire an extra staff person in order to assure that these are done promptly. That will take some money. If it is really a free service it will eventually bog down and there will be delays.

Maybe it could be free for exclusive members and a fee charged for others - or a two-tiered fee structure.