Buying a domain name from an existing owner

Posted by Felix Okoli on Tuesday August 14, 2012 17:14:48:

What happens if you find out that a domain name you initially wanted to register has already been registered by someone else? Well there are certain options still available to you if you still want to own that domain name.

Options available to you
1. Waiting for it to expire and then buying it
2. Buying it directly from the owner

In the first option, you would have to wait for it to expire and remain unrenewed by the owner before you can buy it. For most attractive domain names or developed sites, chances are the owner would renew it and so the likelihood of acquring it is so slim.

The second option is a much better and effective method of buying a domain name and here are steps I can suggest.

Steps to buying from the owner using a domain broker
- First take a look at the domain name and appraise it. Developed sites can cost more than parked domains.
- Go to your preferred domain and see if there is a purchase option there such as Buy this domain. Make sure that the link leads to a reputable domain broker.
- Click on buy the domain and proceed to the registrar's page to submit your bid and create an account
- If your bid is accepted, expect to be contacted later on for payment and transfer details
- Make your payment by credit card into a holding account until the domain has been transferred to you.
- After transfer, the broker would forward the payment to the former owner and the two of you would have completed the deal

Buying from the owner directly
This is not a recommended option unless you know the owner directly and trust him. You can make an advance payment first and then let the owner do a domain transfer to you later on

Basic steps in transferring a domain from one registrar to another
- The domain owner would go into his domain control panel and unlock the domain
- He gives you the buyer the authorisation code or key for the domain
- Buyer makes use of the authorization code to effect a transfer into his registrar's account control panel.
- When transfer is successful, the domain will be under the buyer's control