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Buying and transferring a domain from Third party

So my company is in talks with a third party to buy their domain name, and of course I will have to handle the actual transfer of the domain to our registrar. I have registered domains and transferred domains to new registrars, but never have I bought a domain from a third party and I am not sure what the process is to transfer his domain to our account. Do we set up the account that we both have the password to, make the transfer and lock him out? Do you use a third party service to escrow the funds before the transfer?

I've googled and all I can find are articles about squatting on domains, but they don't go into detail of how the actual sale and transfer happens. If any of you have done this I would appreciate to hear how it went down.

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Super User IV

@jinelcrimp8 

 

Depending on the amount you are paying for the domain you may want to use an escrow service - if it is someone you feel you can trust to transfer the domain after payment and don't want the extra fee of the escrow it is no different than any other transfer.

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Super User IV

@jinelcrimp8 

 

Depending on the amount you are paying for the domain you may want to use an escrow service - if it is someone you feel you can trust to transfer the domain after payment and don't want the extra fee of the escrow it is no different than any other transfer.

I am a GoDaddy End User - Just Like You
Check out my site! | I currently manage over 300 WordPress Websites
* Please note that I offer free advice on this forum. Thank You Info If you would like personalized help, please contact me. Otherwise, please ask your question in the proper forum so the answer can assist EVERYONE in the community and not just you. Thanks! *

Once your issue is resolved,
please be sure to come back and click accept for the solution

Get Better Support on the Community Boards!
Etiquette When Asking for Help from the Community

View solution in original post