Escrow for AU transfers ?
- Thread starter Max
- Start date
snoopy
Top Contributor
I guess it would need to be done in USD in that case?
Max
Top Contributor
Thanks guys .. i have contacted coopers mills .. no reply yet .. i am definately not using American Escrow.com .. been there done that and had nothing but problems with them in the past and when there are problems you are stuck with arbitration California style ..
//but if you're talking "sheep stations" then it is worth it.//
Good one Ned .. i wish ..
//but if you're talking "sheep stations" then it is worth it.//
Good one Ned .. i wish ..
Last edited:
geodomains
Top Contributor
Another company that will act for both parties is http://www.ddns.com.au . Talk to Liz , she has done many for me over the years, I've also used Erhan and can recommend as well.
Don
Don
Max
Top Contributor
Thanks Don,
Just to take the matter of escrow a step further i dont see how a domain name registrar service can be trusted to act as an escrow service .. we should know what that means theres no regulations to govern the transaction .. i mean who are they other than what the whois tells us .. we are talking about other peoples money mine in particular .. where do the funds go into a trust account or into the general business account .. all they have is a Vic business registration number even though a stated Pty Ltd name .. thats not for me ..
I mean i am a domain name registrar .com and such reseller .. whois going to trust me with their escrow money ?
The AU space needs some kind of regulated and or trusted escrow service with some kind of recourse when things go wrong .. what can go wrong ? everything can go wrong .. the cheques no good! .. the credit card is stolen or is back charged .. the money gets lost in transit .. the buyer refuses to release the funds 'ala' Escrow.com .. the buyer takes forever like a month or so to pay in the funds .. theres lots of potential problems that can occur not the least the escrow agent goes broke or just doesn't pay you ..
It happens believe me ..
Don't hold your breath for an Aus' escrow service.
There is definitely the need but, I think, to operate a true escrow service, which holds other's hard earned cyril ash in trust, puts one in the thick of Aus' financial services legislation (red tape).
From vague memory, Drop was looking at providing this service... I may have dreamt it but not surprising if it never panned out as hoped.
There is definitely the need but, I think, to operate a true escrow service, which holds other's hard earned cyril ash in trust, puts one in the thick of Aus' financial services legislation (red tape).
From vague memory, Drop was looking at providing this service... I may have dreamt it but not surprising if it never panned out as hoped.
geodomains
Top Contributor
Well sounds like you've been burnt in the past, I have used liz for transactions up to $15k in the past, anything higher best to use Erhan as he has a trust account.
Having said that I have done several private deals with OMG and some well known domainers up to $40k.
I guess its all about trust.
Don
Max
Top Contributor
Yes Don i have been burnt in the past so i am very cautious in regard to transfering domain names to parties who i know very little about .. once a full AU transfer is completed there is no way to undo it, it's not like a .com inter registrar push where you can have up to 7 Days to reverse a name push with some USA registrars if you are a reseller for them .. this can on it's own be a danger to the buyer unless you are well known to them and they to you ..
Transactions between known domainers rarely seem to be a problem even in the AU space which is messy anyway .. buyer pays upfront you transfer the name .. much different scenario with a stranger and or unknown person/end user .. trust no one in that situation as they haven't trusted a known seller by requesting escrow in the first place ..
Further to the Escrow problems that AU domainers face .. the lawyers look to be the best option for AU domains they have trust accounts and are answerable to the law society ..
There are very few other options. Sedo Escrow is one .. Trusted company they have handled AU domain sales previously excellent communication though the process very quick payment on completion no inspection period no backing out but they dont actually handle any paper work you do ..
Moniker escrow maybe another but Moniker and SnapNames have just been sold to a German company so who knows what will happen there short term ..
I will go with the lawyers or Sedo escrow if the buyer agrees if not then there wont be a deal. note: if the name is not listed for sale at Sedo then there is only an Escrow fee no sales commission but Sedo will claim any transaction as a sale initiated by them and that goes out on the feed as a Sedo sale unless you pay them extra for a NDA ..
CannyInvestor
Member
You can use UK Government Agency (FSA) authorised escrow service Transpact.com for your domain escrow service in AU$ (or other currencies).
Transpact.com allows you to specify the conditions to be used in each transaction for whether the money goes on to the seller or back to the buyer, so you can ensure complete protection in your transaction.
[Declaration - I work for Transpact.com, but this post is in direct answer to the forum thread]
Transpact.com allows you to specify the conditions to be used in each transaction for whether the money goes on to the seller or back to the buyer, so you can ensure complete protection in your transaction.
[Declaration - I work for Transpact.com, but this post is in direct answer to the forum thread]
Max
Top Contributor
//Transpact.com allows you to specify the conditions to be used in each transaction for whether the money goes on to the seller or back to the buyer, so you can ensure complete protection in your transaction.//
Interesting one that i have never heard of but still has the potential to pose problems for AU domain sellers .. for one thing its overseas in another Country so funds wire transfer becomes an expense .. This looks to be an agreement process where the both parties buyer and seller have to agree to release the funds to the seller if there is no release from the buyer how does the seller get over that one ? .. something could happen to cause that .. lack of traffic whatever the buyer wants his money back so funds are frozen then what arbitration ? where in the UK ?
Do any of these overseas services even know how to carry out a AU whois search .. better question do they carry out a whois to note a transfer has taken place and the name is now in the purchasers name ..
AU transfer is a messy process once done it cannot be undone without another full transfer and payment ..
There is a need in Australia for a trusted trust account Escrow service to handle AU domain transfers that eliminates the need to have to trust the other guy with your dough or your domain ..
Interesting one that i have never heard of but still has the potential to pose problems for AU domain sellers .. for one thing its overseas in another Country so funds wire transfer becomes an expense .. This looks to be an agreement process where the both parties buyer and seller have to agree to release the funds to the seller if there is no release from the buyer how does the seller get over that one ? .. something could happen to cause that .. lack of traffic whatever the buyer wants his money back so funds are frozen then what arbitration ? where in the UK ?
Do any of these overseas services even know how to carry out a AU whois search .. better question do they carry out a whois to note a transfer has taken place and the name is now in the purchasers name ..
AU transfer is a messy process once done it cannot be undone without another full transfer and payment ..
There is a need in Australia for a trusted trust account Escrow service to handle AU domain transfers that eliminates the need to have to trust the other guy with your dough or your domain ..
Cooper Mills DomainLawyer
Top Contributor
We facilitate transactions for domains - as some of the guys here have said we have been involved in deals from a $2000 to $4,000,000 deals. Just drop us a PM or give me a call directly
Cheers
Erhan
Cheers
Erhan
CannyInvestor
Member
Max, you are correct in everything you state.
But to clarify:
i) If you use Transpact.com, you perform the domain handover verification yourselves (Transpact.com does not get involved) - you state in the conditions how domain verification handover is to be verified and who will perform this verification, and instruct accordingly when it is done.
ii) Although any arbitration takes place under the UK's 1996 Arbitration Act, this allows for the arbitrator to be anywhere in the world, and you are free to appoint an Australian referee to handle any dispute - remember, with Transpact.com you have to appoint the referee yourselves, and can easily appoint a trusted Australian referee (although an arbitrator can be provided if you cannot supply one).
iii) The payer does have one international payment to make to the UK, but the price of the Transpact.com transaction includes final payment to anywhere in the world. And the price of using Transpact.com is so low (no percentage fee and only a low fixed fee) that even with the one international transfer it still exists as a really low cost secure method to transact - much lower than other escrow companies.
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