How a real estate transaction works
If the price is right, it’s time to finalize the details of turning over property. An ideal transaction is quick and painless for both parties involved. The checklist below covers different aspects of the transaction you need to consider when taking on the purchase of a website.
Make Sure Everything Is Upfront with the Seller
You’ll want to double-check any documents and make sure they accurately reflect your agreement with the seller. This is one time when you don’t want to be making any assumptions. You should write everything out agreed upon by both you and the seller. If there were any stipulations made, make sure this is all in writing. It’s also wise for both of you to sign all the paperwork. You want to be sure that everything is out on the table right from the beginning.
Know How the Transaction Will Take Place
Dealing with a seller over the Internet isn’t uncommon, but it’s always good to know in advance if this is going to be the case. Don’t expect to meet face-to-face with a seller that lives in another country, even though personal meetings will make this transaction seem much smoother sometimes. Be sure to have all contact information, in case questions arise.
Have a Time Frame Set Between You and the Seller
Are you supposed to complete the transaction within a week? In a month? Having a time frame set for this transaction is going to help both you and the seller set realistic expectations. No one likes to drag out transactions for longer than necessary. The time frame will also help give you an idea of how much time is available for additional arrangements you may need to make to complete the transaction.
Is There a Specific Sequence of Events for This Transaction?
Most transactions have a specific order to them. Purchasing a website is not much different from buying a physical piece of property. You need to take certain steps before you proceed. Try writing everything down you need to achieve in this transaction and put an order to it. This organized list may make it easier to see which steps come first. Having steps listed out also enables you to come up with a method to make this a smooth transaction.
Who Is to Transfer Everything into Your Name?
If you are waiting for the seller to make the name transfers, but the seller assumes you are taking charge of this task, then no one is going to benefit from this new website. The seller sold it to you, but you cannot use it until the name transfer takes place. Find out what you need to do to complete the name transfer. Be sure to have all the information necessary to do the transfer successfully.
What Fees Does the Transaction Include?
As with any purchase, there are fees that apply to buying a website. Costs will already include the purchase of the domain name, transfer of the site to your hosting service, and any necessary alterations. On top of all this, there will be annual renewal fees for continued ownership of the domain in your name, plus monthly hosting, and any other maintenance fees that may arise. You can save some money by being able to maintain your website, but this isn’t always possible. There are some people that are too busy with multiple sites and don’t have the time to keep them all running smoothly on their own.
Be sure you cover all these bases before you sign the contract.
*Originally published on WorldStart June 29, 2010
