I wont get into to many details but I bought a site around 10 months back through a webmaster forum. He was 17 at the time (now 18)
The site was shit back when he got it, now it does ~100$ a day.
He recently sued me to retain rights to regain his website, claiming as a minor he is unable to bind into a contract, and that the website was worth considerably more than it was sold for (it wasnt)
He won. Its not really setting me back (I still have 20 more sites with revenue) but the entire thing was shocking.
I highly reccomend that from now on, all of you guys who buy sites ask POINT BLANK in the thread if the seller is over 18. (or better yet, have DNF require them to post there age in for sale threads) If he says yes, this will resolve you of any legal problems.
I realise this may be a isolated incident, but it is not impossible for it to happen again, for a much larger amount. Imagine you buy a site for 5k, and spend 6 months getting it to kick ass and do xxx$ a day, only to have the previous owner take it back, and thank you for your work. Sure you get your 5k back, but who cares at that point, the site would be worth much more.
The contract you need is the "Consent of Parent / Guardian for Minor to Enter into Contract"
Cheers, and dont forget!
The site was shit back when he got it, now it does ~100$ a day.
He recently sued me to retain rights to regain his website, claiming as a minor he is unable to bind into a contract, and that the website was worth considerably more than it was sold for (it wasnt)
He won. Its not really setting me back (I still have 20 more sites with revenue) but the entire thing was shocking.
I highly reccomend that from now on, all of you guys who buy sites ask POINT BLANK in the thread if the seller is over 18. (or better yet, have DNF require them to post there age in for sale threads) If he says yes, this will resolve you of any legal problems.
I realise this may be a isolated incident, but it is not impossible for it to happen again, for a much larger amount. Imagine you buy a site for 5k, and spend 6 months getting it to kick ass and do xxx$ a day, only to have the previous owner take it back, and thank you for your work. Sure you get your 5k back, but who cares at that point, the site would be worth much more.
The contract you need is the "Consent of Parent / Guardian for Minor to Enter into Contract"
Cheers, and dont forget!