Please could someone give me some basic advice on how to sell a domain name. I already have a buyer (who I do not know personally and therefore can't necessarily trust). Thank you.
The formalities you use in the transfer (methods used to protect you and the buyer) depend on the amount of the sale. If you are selling a $25 domain name, you could use PayPal. If you are selling a $100,000 website, you should use an escrow service. I haven't used Sedo's escrow service, but it will give you an example of what services are available. Another option is Escrow.com. There is a sticky on this topic here: http://forums.digitalpoint.com/showthread.php?t=708658