question Does escrow automatically release the fund after the inspection period?

[brandsly]

I apologize if this was asked before, I can't find the answer anywhere.
If the buyer forgets to "accept goods" in escrow.com and release the fund, does escrow automatically release the funds after the "inspection period" on the agreement?

 

[Azwan Asban]

yes, escrow may release the funds as long the buyer didn't reject the item.
So no worries..
just contact the buyer.

 

[LoneDeranger]

Hi, speaking of Escrow.. Just wanted the know how the process goes, I've sent a payment request to a buyer. He needs to approve the terms of the deal. Then what? To whom I transfer the domain?

I got pretty confused, i'd love to hear how the deal gets done..

Thanks!

 

[brandsly]

Hi, speaking of Escrow.. Just wanted the know how the process goes, I've sent a payment request to a buyer. He needs to approve the terms of the deal. Then what? To whom I transfer the domain?

I got pretty confused, i'd love to hear how the deal gets done..

Thanks!

After the buyer approves the term of the deal, s/he will pay the total to Escrow in his Escrow account, you will then be notified by Escrow that the payment is received. You will transfer the domain to the buyer as you normally do. You will then receive the funds from Escrow after the buyer confirms in his Escrow account that s/he "accepts the goods", or, back the the question of the post, supposedly you will also get the funds after the "inspection period" expires if the buyer doesn't release the fund. You can also contact the buyer again to make sure s/he releases the fund.

 

[Michael]

There's two steps that the buyer has to do after you transfer the domain though. First he has to log in and say that he "received" the domain, which triggers the start of the inspection period. Then he has to "accept" the domain, which is what triggers Escrow.com to review and send out the closing statement.

So if the buyer marked it as received I believe you would get your money after the inspection period even with no further action from the buyer. But if he didn't do anything after you transferred the domain, I think you should contact Escrow.com as the inspection period hasn't actually started yet.

 

[Jackson Elsegood]

@brandsly and @Michael, thanks for providing answers on this, and you are both correct.
In addition to asking the buyer to log in and accept the domain using their Escrow.com account, our support team will track the transfer of the domain on your behalf which allows us to start the inspection period on behalf of the buyer if they forget to do so.

Cheers,
Jackson Elsegood

 

[Jurgen Wolf]

Sedo's Escrow-service (3% or min. $60) has own accounts with all popular registrars to push the domains, that is significantly more secure...
+ faster (funds are released on the same or next bizday after the push into Sedo's account).

 

[Jackson Elsegood]

Hi Jurgen,
Escrow.com also offers this option, we call it our Domain Concierge service.

Cheers,
Jackson

 

[deez007]

Good to know, the domain concierge service looks interesting

 

[Jurgen Wolf]

Hi Jurgen,
Escrow.com also offers this option, we call it our Domain Concierge service.

Thanks for the info.
As displayed on your website for transactions up to $5K fee will be 6.5% or min. $100.
3% or min. $60 with Sedo for the same service.

 

[Name Trader]

Thanks for the info.
As displayed on your website for transactions up to $5K fee will be 6.5% or min. $100.
3% or min. $60 with Sedo for the same service.

I would say the extra would be worth it, due to the time it takes to get paid. Unless Sedo guarantee a faster turnaround for their Concierge Service.

 

[carob]

I would say the extra would be worth it, due to the time it takes to get paid. Unless Sedo guarantee a faster turnaround for their Concierge Service.

Previously Escrow.com have said US law requires them to wait 3 days to pay you. Sedo do not say that, so in theory they can pay at once. In practice when I push a domain at Sedo I receive the funds the next day.

Escrow's fee on 5k would be $325 whereas Sedo's would theoretically be $150, BUT Sedo add 20% VAT and can add on charges for some payment methods

There is an additional 3% express processing fee added for payments over $500 made using Alipay and PayPal and Credit Card.

https://sedo.com/uk/services/price-list-for-services/?language=e#c79868

 

[Jurgen Wolf]

Sedo don't offer any Concierge-service...
This is their standard Escrow-service (by default).
And payout is on the same or next bizday after the push.

 

[Jurgen Wolf]

Previously Escrow.com have said US law requires them to wait 3 days to pay you. Sedo do not say that, so in theory they can pay at once. In practice when I push a domain at Sedo I receive the funds the next day.

Sedo - German company.

 

[Jurgen Wolf]

And $40 Escrow.com's fee for international wire-transfer.
With Sedo I lose no more than $20 on the same operation.

 

[Jurgen Wolf]

Accordingly VAT - it is applicable for EU-residents only.

 

[carob]

Escrow's fee on 5k would be $325 whereas Sedo's would theoretically be $150, BUT Sedo add 20% VAT and can add on charges for some payment methods
https://sedo.com/uk/services/price-list-for-services/?language=e#c79868

Just to clarify, the VAT at Sedo only applies to their fee, not the cost of the domain.

Is Escrow.com's concierge fee their entire fee, or on top of the standard fees?

 

[Jurgen Wolf]

Is Escrow.com's concierge fee their entire fee, or on top of the standard fees?

Entire.