Escrow.com is now offering a Domain Holding Service, where the buyer and seller agree to hold the domain(s) in escrow while the buyer makes scheduled payments. This service is designed for higher dollar domain name transactions totaling $75,000.00 and over.
It appears that the buyer may not be able to make use of the domain name during the escrow process, however, the process does lock-up the domain name from being sold to someone else.
From Escrow.com:
The fee for this service is our standard escrow fee, 0.89%, plus a domain holding fee of $500.00 for each year or portion of a year we hold the domain.
Here is an outline of the process:
- After initial contact, Escrow.com will prompt the buyer or seller to create the transaction on our site.
- Escrow.com sends the buyer and seller the Domain Holding Agreement and asks the buyer and seller to review, sign and return. If the parties have a Promissory Note, Asset Agreement or Purchase Agreement, this can be incorporated into the Domain Holding Agreement.
- Once Escrow.com receives the signed agreement from both parties, we authorize the buyer to send the first payment and any portion of the escrow fee they agreed to pay.
- When we receive the first payment, Escrow.com prompts the seller to transfer the domain(s) to our account.
- When the domain(s) are received and locked in our account, both parties are notified and the first payment is released to the seller.
- Escrow.com receives the scheduled payments from the buyer and sends them to the seller throughout the term of the transaction.
- When all payments are completed, the domain(s) are transferred to an account for the buyer and the last payment is made to the seller.
To set up a Domain Holding Transaction or for questions about the service, contact Escrow.com customer support.
Domain Holding Service Transactions have a term minimum of six months and a maximum of five years. There is also a limit of five domains per transaction.
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