I just completed a transaction like this one. Here is what we did.
I wrote a contract that spelled out the details.
1. The seller, dvdrip, agrees to sell the domain name, dvdrip.com, to the buyer, smart cookie, under the following agreed upon terms.
2. Total price
a. down payment
b. monthly payments
c. plan for defaults along with payment due dates each month, say every 15th.
d. there is no interest and domain can paid off early
3. Buyer will:
a. obtain domain when total price has been paid
b. be allowed to change the DNS during the lease terms
c. not obtain ownership of the domain until the total price has been paid
4. Seller will:
a. retain domain until full payment has been made.
b. allow the buyer the right change the DNS or point the domain
c. retains ownership until buyer fulfills the total sale price
5. Misc:
a. no refunds, should the buyer default, the seller keeps the funds paid.
b buyer will be allowed to pay off domain early with no penalty.
c. ownership remains with the seller until buyer completes lease or pays off domain in full
d. the domain will not be used for porn, warez, or any other illegal and unethical products or services while under lease.
Signed:
Date:
Domain Name:
That is a brief synopsis, of course more meat should be added and both parties should sign and DATE. The only one that has a worry is the buyer, the seller maintains the domain for the duration. You could use a lawyer but there really is no need. Also, you can use Moniker.com eascrow which offers up to 12 payments with their escrow system or for extra $100 you can customize a plan.