I going to be purchasing a domain from a domainer. He wants $xx,xxx. My question is. How to best present a proposal when I dont have that kind of cash at the moment but really want/need the domain. I would like to propose paying a deposit of 10 or 20 percent then setting a time frame to pay the remainder. Just to take it off the market while i go forward with a related domain. If the site is successfull I will be paying remainder within 3 to 6 months, if not then he can keep deposit and put it back on the market. This is entirely up to him, if he would accept such a proposal. But lets say he does. What kind of paperwork should we get drawn up to to state that he cannot sell it to anyone else before the expiry date of our agreement? Similar to a Purchase and Sale contract when buying a home. Pay a deposit and set a closing date for later. I will ask my lawyer, but wanted some guidance from some experienced people first.
The best way would be to set up an escrow account where the money is not dispursed until the end of the period. That would be the best protection for you, but it doesn't put the money in the sellers hands. You can have a sales contract that provides for prevailing party legal fees if either party defaults on the terms, but depending on where the seller lives and their financial situation, it might be next to impossible to get the money back if they default. Winning is one part, collecting is another. I would first propose the idea to the seller and if they agree, then get into details which an attorney could finalize. The only problem I see is that for a thousand of two, you are going to have several hundred dollars minimum in expenses which you (buyer) would likely need to pay.