How buying or leasing a domain with Escrow.com works
Here’s how Escrow.com typically works:
1. Agreement: The buyer and seller agree on the terms and conditions of the transaction, including the price, item description, and any other relevant details.
2. Opening Escrow: The buyer and seller create an account on Escrow.com and initiate the transaction by providing the necessary information.
3. Funding: The buyer deposits the payment into the escrow account. This can be done using various payment methods supported by Escrow.com, such as credit cards, wire transfers, or PayPal.
4. Verification: Escrow.com verifies the funds and initiates the verification process for the seller. This may involve confirming the authenticity of the item being sold, checking ownership documents, or other relevant checks.
5. Fulfillment: Once both parties have fulfilled their obligations as per the agreed terms, such as the delivery of goods or services, the buyer can inspect the item and accept it. Alternatively, if it’s a service-based transaction, the buyer can confirm the satisfactory completion of the services.
6. Release of Funds: Escrow.com releases the funds to the seller, completing the transaction. The buyer and seller are notified, and they can track the progress of the transaction through their Escrow.com accounts.
The use of Escrow.com provides a secure way for buyers to ensure that they receive the goods or services as described, while sellers can be confident that they will receive payment once they have fulfilled their obligations. The escrow service acts as an impartial intermediary, minimizing the risk of fraud and providing a level of trust between the parties involved.