Legal Hold over My Domain Name

Discussion in 'Legal Issues' started by brenda001, May 21, 2008.

  1. #1
    Hi

    I would really appreciate some help on this one.

    I have a domain name (.com) that was registered for a genuine business project, but unfortunately, the project has come into difficulties, and needs more cash to continue.

    Anyway, I was contacted by a domain broker in the US (I'm in UK), and was given a very generous offer for the domain name I have. As the project needed funding, and as I also have the UK .co.uk equivalent to work with, I agreed to sell the .com domain name to the broker. So far so good.

    After initiating a sell/buy via SEDO, I was sent a sale agreement by the broker before agreeing to buy the name. The agreement was a general generic type, and specifies that both seller and buyer has the right to expect compliance with the agreement within a reasonable time.

    Here's the problem - I've signed and sent back the agreement, and SEDO have invoiced the buyer for escrow payment. This was 16 days ago. With such a time delay, I've contacted the buyer several times to enquire if they are still interested in the domain name, and why the payment has not arrived at SEDO. They have failed to respond to all my emails, though before contacting them was easy. Now, I've signed an agreement to sell the domain name to them.

    Does this mean that I'm legally bound to sell the domain name to them, no matter how long they intend to hold-back payment, or is there a general rule that gives or outlines a 'reasonable' period for payment? Is there a point at which I can say that the buyer has had adequate time to buy the domain name, and allow me to place the domain name up for sale again, or am I now trapped?

    By the way, I've not yet received their signed copy of the agreement yet, and I'm sure that complicates matters even more.

    Any help on this would be most welcome and appreciated.

    If any more details are required, please ask me.

    Thanks,

    Brenda
     
    brenda001, May 21, 2008 IP