Company will take control of the domain name before transferring it to the new owner with optional service.
Escrow.com has launched a new service called Concierge Transfer, in which Escrow.com the will take control of the domain name to complete the transfer.
Similar to how Sedo handles most domain name transfers, the seller will transfer the domain name to Escrow.com’s account at the registrar, and then Escrow.com will transfer the domain name to the buyer when payment is secured.
This eliminates concerns about a seller merely changing the whois and saying the domain was transferred, and also eliminates the inspection period.
A lot of people have been requesting this feature from Escrow.com, even though I’ve never heard of someone losing money from the usual direct-transfer escrow service the company offers. Now customers will have a chance to put their money where their mouth is on wanting this option: as an optional feature, customers will see the cost of this secure transfer as a line item. I’m curious if people will actually pay for it when it’s optional.
Escrow with Concierge Transfer doubles the cost of escrow. On a $5,000 transaction, that’s an added $162.50 in fees. On a $50,000 transaction, it’s $445.00.
A competing escrow service, which has since closed, charged a fixed fee rather than a percentage to handle escrow transfers in this manner.
Nice option to have for sure. I know I generally use whois privacy so I then email esrow support letting them know I received ownership and release funds. Let’s just say the courtesy is not always given when rolls reversed.
I didn’t think of whois privacy.
It happens, if the buyer acts quickly enough (like myself) and initiates privacy, escrow has no way of knowing based on a whois check that ownership transferred. Never ultimately had an issue since support is great but when the buyer doesn’t cooperate or act quickly to email support your funds can take a bit longer to be distributed. Always ways of proving a transfer took place so never an issue of fraud succeeding, just a pain some times.
http://Escrow.domains offers a similar option called Premium Escrow. The fees are similar, however, an http://escrow.domains premium transaction has a lower minimum escrow fee. The competing escrow service escrowhill was not closed. It was bought by Greenberg & Lieberman (http://www.aplegal.com) a law firm that has been in the domain space since the late 1990’s and re-branded to Escrow.Domains.
Thanks for clarifying, Stevan.
I will start using Escrow.domains with my transactions from now on.
The latest idiocy from the new Escrow.com has left me beyond irate.
New employees who don’t even have a solid grasp on English.
It’s simple, employ people who understand Escrow.com’s OWN policies instead of getting confused and ruining my transactions.
Cost me a x,xxx sale.
I wonder if escrowhill was sold because it had issues state to state getting licensed? Where as a lawyer can offer such a service and not have to jump through as many hoops? Just thinking out loud…
At NamesCon, I asked for this type of transaction specifically. Within a month, here it is. Not bad.
Recently had an important 3-way transaction where this service was badly needed. That happens infrequently, but it does happen.
That isn’t too much money imo if the buyer and seller want peace of mind.
Just posted elsewhere how this is another example of escrow gold, as in Escrow.Gold. Nice to see this kind of progress.
They offer a terrible service, do not recommend them: https://medium.com/@forEmil/escrow-com-the-escrow-service-from-hell-2035923fc9f8