Delayed domain transaction

[james2002]

Hi

I have an agreement to sell one of my domain for xx,xxx range. But the buyer asked me wait about over 2 months.

How to make sure the transaction happens?

Any deposit? How to ask the deposit to pay? Paypal or escrow?

Have you even done a deal like this?

thanks

 

[Johnn]

Prepare for a written agreement for them to sign with 10% or 20% non-refundable deposit.

Wire only. No paypal or escrow.

 

[james2002]

Thanks, Johnn.

Do you know any good sites which offer such services? I have not much experience with legal letters.

 

[Acquisition]

I can email you a domain contract. PM me your email address.

 

[Johnn]

You need to talk to a lawyer to prepare for the agreement.

 

[Acquisition]

James, I emailed you the domain contract following your PM. All you will have to do is notarize the contract from both sides to make it an official legal document.

Let me know if you have any further questions.

 

[exxe]

All you will have to do is notarize the contract from both sides to make it an official legal document.

Is that notarization really necessary?

 

[Acquisition]

Is that notarization really necessary?

#1. The notarization from both sides makes it a legal official document/contract in a court of law.

#2. If the buyer refuses to have a notary seal signed, sealed and delivered from his side, I guess one can take it as they are full of it and don't intend to go forward with the agreed deal/terms of the contract.

I think it is in James' best interest to have it done.

 

[exxe]

#1. The notarization from both sides makes it a legal official document/contract in a court of law.

OK, but my question is: is the agreement void without that notarization?

#2. If the buyer refuses to have a notary seal signed, sealed and delivered from his side, I guess one can take it as they are full of it and don't intend to go forward with the agreed deal/terms of the contract.

I think it is in James' best interest to have it done.

IMO, it's more important for the buyer to have the agreement, than for James. The buyer will lose the money (those 10%) if he won't purchase the domain after 2 months.

 

[Acquisition]

OK, but my question is: is the agreement void without that notarization?

I guess you didn't comprehend the 1st point. Some courts won't admit such a form without some legal mark ( IE a notary seal signed, or some similar 3rd party legal representation)

IMO, it's more important for the buyer to have the agreement, than for James. The buyer will lose the money (those 10%) if he won't purchase the domain after 2 months.

Why is it more important for one party more than another ? When two parties conclude and agree to a deal in the form of a contract, it is equally important for both parties (both the buyer and seller) to have the agreed upon deal conducted properly. And some may argue (with good reason), legally conducted & binding as well.

 

[exxe]

I guess you didn't comprehend the 1st point. Some courts won't admit such a form without some legal mark ( IE a notary seal signed, or some similar 3rd party legal representation)

OK.

Why is it more important for one party more than another ? When two parties conclude and agree to a deal in the form of a contract, it is equally important for both parties (both the buyer and seller) to have the agreed upon deal conducted properly. And some may argue (with good reason), legally conducted & binding as well.

Usually the one that pays needs a proof/agreement. It would be equally important for both parties only in the case there is no 10% deposit.

 

[Acquisition]

Usually the one that pays needs a proof/agreement.

Usually ? Both buyers and sellers stand on the same ground. As both feel they have the same amount to lose.

It would be equally important for both parties only in the case there is no 10% deposit.

Why is that so ? If the 10% is stated in the contract, then it shouldn't matter.

I mean, that is what contracts are for. To break down deals (legally) where the terms are agreed upon between both parties.

 

[netpro801]

Sorry, I couldn't help myself.
I am sure most of you know and understand a contract.

Let me first say that I am not a lawyer. But I am 100% sure that one of the most important sections that make up a contract is "offer and acceptance". Infact, there would be no contract without this.

And yes, In order to include this very important part, you need 2 sides. In this case, it would be the buyer and the seller.

Contracts 101...


Thanks!

Juan
Aka Netpro801

 

[james2002]

James, I emailed you the domain contract following your PM. All you will have to do is notarize the contract from both sides to make it an official legal document.

Let me know if you have any further questions.

Thanks, man. I got it. I appreciate your help.

 

[exxe]

Usually ? Both buyers and sellers stand on the same ground. As both feel they have the same amount to lose.

It depends from case to case. If someone sends me 20% of the domain price to keep it for 1 month, then I have nothing to lose. I don't say a contract isn't good, all I say is, in that case, the buyer needs more than me a contract. Anyways, it's the 3rd time I tell that, I don't know what's that hard to understand :/

 

[domaingenius]

At the end of the day it takes 2 willing people to conclude a sale, and a
contract does not mean 0 nowadays. If you think that getting a contract
is going to 100% or even 90% secure a sale that might not otherwise
happen then forget it. If they really want to buy then they will.
I have waited 4 months for one and that finally concluded and paid and having
a contract would not have speeded it up or secured it.
Yes asking for a deposit may show whether they are serious, but that is
all it will do and I doubt that they will want to do that. They will either
buy it or they wont buy it.

DG

 

[Ilze]

At the end of the day it takes 2 willing people to conclude a sale, and a
contract does not mean 0 nowadays. If you think that getting a contract
is going to 100% or even 90% secure a sale that might not otherwise
happen then forget it. If they really want to buy then they will.
I have waited 4 months for one and that finally concluded and paid and having
a contract would not have speeded it up or secured it.
Yes asking for a deposit may show whether they are serious, but that is
all it will do and I doubt that they will want to do that. They will either
buy it or they wont buy it.

DG

so true...if they sign the contract, and then change their mind, will you want to spend the money and go after them in court? If no one was going to buy the domain in question anyway, just chill, agree to wait, ...8 weeks goes by quickly...

I have had the same situations happen...some work, some do not...no point in getting into a legal frenzy.

If they are willing to give you a small non-refundable deposit, against an invoice that you have sent them, that would be nice.

qm