Stupid Question???!

[cmrule]

Ok.. forgive me for sounding very stupid!!
I've recently just aquired living - space. c o. u k - bought through 123-reg.
Now i mentioned to a mate that I have been approached by a company asking me how much I want to sell it for. He question was do I rent it or do I own it??? Now this has confused me. Can people buy domain names outright? I thought it was just bought on a renewal basis... which I guess is renting.
Is this going to affect me selling it? And should I actually tell the company I only own it for 2 years?????

Very very confused!!!

 

[aquanuke]

Yep we all rent. With .uk its a max of 2 year periods but with .com etc they have from 1 year upto 10 I believe. Of course the current registrant gets first renewal so as long as they always pay the renewal they will always be the owner.

 

[mishmash]

Tell the potential buyer exactly how it is.

You are the registrant.

Being the registrant gives you rights use the domain name indefinitely, should you decide to renew it as required, subject (with .uk) to Nominets terms and conditions.

You are offering to transfer the domain name to your buyer in that they become the registrant.

 

[aquanuke]

Why mention any of that to a buyer?

When you sell a car you dont start harping on about insurance, road tax, MOT, petrol and oil do you. There only interested in what colour it is

 

[cmrule]

Why mention any of that to a buyer?

When you sell a car you dont start harping on about insurance, road tax, MOT, petrol and oil do you. There only interested in what colour it is

true... but I was just worried they would come back to me after 2 years saying I conned them into thinking they owned it when they are only really renting it. But they shoudl know that already as they have other domain names.

Cheers for all the comments