Domain Manage

Dodgy domain deals

Discussion in 'General Board' started by philipp, Sep 18, 2015.

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  1. philipp United Kingdom

    philipp Active Member

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    Thought I'd tell you about a deal I've been working on for ages that has gone tits-up and would be interested to know what you think about it.

    I found an undeveloped .com name that would be a perfect brand for my regular business. Contacted the owner and was told of an ongoing deal via their lawyers, coincidentally an outfit that I have sold through in the past. Drat. Anyway, negotiated over the next month and finally agreed a sale for mid £xx,xxx - expensive but worth it, I thought.

    Asked the guy about the backstory and his ownership, all seemed good - he purchased it from a former employer. After going into escrow I request full details of how he got the name - not a problem that he's making a good profit on the sale, I just wanted to thoroughly check his entitlement with such a large transaction. Eventually it comes out that he was employed in the IT dept of this company, they had a couple of rounds of acquisitions and forgot about the domain! He just kept renewing it and now assumes it is his. Gaaaaahhhhhhrrrrgh!!

    The acquisitions were 10 years ago, they probably don't care about the domain but I can't buy it as he has no real entitlement and they could reasonably come knocking for it. What a huge pain in the arse.

    I'm going to abandon this one and rollback the escrow - but am interested to know what you lot would do in that situation.

    P.
     
    Last edited: Sep 18, 2015
  2. Domain Forum

    Acorn Domains Elite Member

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  3. Adam H

    Adam H Well-Known Member Exclusive Member

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    Is the whois details in his name and email address ? I assume so if he has nominet access ? Has he been paying the renewals for the past 10 years ? Or does have just have access to their domains and thought id he'd try his luck ?
     
  4. Sound United Kingdom

    Sound Well-Known Member

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    Adam looks like its a dot com from the post above
     
  5. Adam H

    Adam H Well-Known Member Exclusive Member

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    Ah so it does, forget the nominet bit then :D
     
  6. diablo

    diablo Well-Known Member

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    Walk away like you did.
     
  7. bensd United Kingdom

    bensd Well-Known Member Exclusive Member

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    Why don't you try and buy it from the correct owner?
     
  8. Lovekraft United Kingdom

    Lovekraft Well-Known Member Full Member

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    I would definitely walk away, no way would i spend that kind of money on a domain where ownership is questionable, the potential headaches later on are not worth it and that prospect would always be hanging over you. At least you were proactive and took the time to dig deeper.
     
  9. gimpydog United Kingdom

    gimpydog Active Member

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  10. humble pie United Kingdom

    humble pie Banned

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    I would have just bought then moved it on if it was that good. I think your worrying to much.
     
  11. jasman United Kingdom

    jasman Active Member

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    Yeah but he said it was a perfect brand for his regular business so he was interested in it to keep. Plus if he sold it on and the original owner managed to swipe it off the party he sold it to, they would sue his arse
     
  12. philipp United Kingdom

    philipp Active Member

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    Thanks for your thoughts, this whole experience has been a reminder that one should not simplistically equate legal ownership with the ability to transfer a domain, and that using Escrow is not necessarily enough to keep you from being ripped off.

    Caveat emptor as usual.
     
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