Payment Plan Agreement?

steww · Nov 23, 2010

Hi there, I'm selling a domain/website to an end user and they want to pay a monthly payment over 4 months.

Does anyone have an agreement document that both parties would sign?

Its the first time I've accepted a payment plan & I need to ensure I get paid over that timeframe and also make sure external changing factors such as rankings do not affect the deal.

Any tips for this or even an agreement example doc would be much appreciated,

Cheers

wb · Nov 23, 2010

I'm assuming you're selling the domain for a decent amount if a payment plan is needed, so if you want something strong and legally binding I'd recommend going to a solicitor. Otherwise, you could end up finding an example agreement which looks great but is full of loopholes.

retired_member21 · Nov 23, 2010

I'd echo WB's advice - go to a solicitor 100% you could try Adlex they were very good

I recently sold a site which was ranking 7 now ranking 1 that was roughly 2-3 months ago so I didn't see any loss in rankings in fact the opposite as the new owner added more content etc

steww · Nov 23, 2010

Hey thanks for the reply, to be honest the sum is not huge - its under £5k but enough not to let walk away.
It just the way they want to do it and we've come to an agreement on that timeframe - it was longer!

I'm trying to cover the basics - of course anything watertight would be perfect,

Cheers

steww · Nov 23, 2010

Hey thanks Nick, will check out Adlex, yeah I just want to pre-empt that if something changes such as rankings during the purchase period they could not use it as a reason not to complete

rob · Nov 23, 2010

Memo of understanding ought to do it, cover all bases in there.

Done that with a £30,000 name sale currently £20k paid up so far.

No solicitors involved.

Lucky Luke · Nov 23, 2010

See advice below - more practical.

Aaron Clifford · Nov 24, 2010

You could just point the domain to requested nameservers and transfer once the final payment has been made.

State that if payments arent made you will retain ownership of the domain until paid.

aZooZa · Nov 24, 2010

Aaron Clifford said:
You could just point the domain to requested nameservers and transfer once the final payment has been made.

State that if payments arent made you will retain ownership of the domain until paid.

Yes indeed. Very simple and easily documented. Safe also.

retired_member16 · Nov 24, 2010

Why not let me buy if off you for cash today for £4500 for example (dependant on purchase price and name) and I will take care of the aggro of waiting for funds?

steww · Nov 24, 2010

Hi All thanks for all recommendations and tips, Rob - will also look into the Memo of understanding - thanks,

Lee - thats a fantastic offer! & thanks but I've been renting the domain to them for 6 months and in initial agreement gave them first chance to buy at end of that term - otherwise might have been a deal