How the acquisition of domain(s) work through escrow.
What is Escrow?
An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company.
Escrows are very useful in the case of a transaction where a large amount money is involved and a certain number of obligations need to be fulfilled before a payment is released.
This escrow service applies to the purchase of a domain name. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, Escrow.com provides online escrow services at affordable rates. While the payment is 'In Escrow' the transaction can be safely carried out without risk of losing money or merchandise due to fraud. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.
How does Escrow Work?
Escrow.com reduces the risk of fraud by acting as a trusted third-party that collects, holds and only disburses funds when both Buyers and Sellers are satisfied with the terms agreed.
- Buyer and Seller agree to a price for the domain name acquisition.
- Buyer submits payment to Escrow.
- Seller transfers domain(s) into the name of the buyer.
- Buyer approves the transfer.
- Escrow.com releases payment to seller upon buyer’s approval or of the authorization code confirmation of successful transfer into the buyer’s recorded name by Godaddy Inc. (the Registration Service Provider authorized as the transfer agent for this purpose).
To learn more about the escrow process, please click here
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