Morning Folks!!
When I negotiate a multi faceted domain deal I don't even START the final negotiations until they agree to pay my legal expenses. Negotiating any bona fide contact may easily cost several thousand dollars. My deals cost up to $2ok because there are a lot of moving parts.
Why should I be out of pocket thousands of dollars if the deal falls thru? It's bad enough to waste the time let alone the money. Now this happens after the basic deal is made. But the deal MUST be translated into an ENFORCEABLE contract. That can get expensive as the 2 sides weave the wording.
And the keyword is "Enforceable" which means if you have a sloppy contract, you have nothing.
I started doing this many years ago and I do this with ALL contracts of a d0main purchase. Not sure how many others if any do this. But this is my standard operating procedure.
I am not talking about cash deals. That's why we have Escrow.com. But any contract, you gotta send my lawyer $2,000 if you want me to take you seriously. Why should I be out of pocket if the buying party is not serious or does not follow thru? Am I willing to lose a deal over this? Of course! Have I? NEVER!
Rick Schwartz
Andrew Hyde
Very good advice, thanks for passing it on
max
why don’t i find this useful? oh, i know, i don’t own any premium domains (sad face). thanks Rick for the tip and i do hope it will come handy one day.
GreenJobs
Good advice if you truly own high quality premium domains.
John
I feel the same way Andrew does, thanks for sharing that. I definitely did not think of that, but could see it eventually happening for some of my domains.
So is that $20k in “My deals cost up to $2ok”? That seems like a lot even for a number of moving parts. Or was that meant to be $2k to match the “$2k” further down?
John
P.S. I did already almost do a hybrid deal once in the last several years and the buyer was willing, but I didn’t want to have to deal with all this legal stuff so I just let it go for cash. And boy did I regret selling that one later.
Mark Thorpe
More “free” advice from Rick.
mike
Good advice, I am going to use it, never thought of it in that light, it makes perfect sense. Thank you
Jose
I also before to do a negotiation always contract many have confidentiality so best for projects online where the investment company accept the business plan.
The lawyer charges his fee to the two-part, not problems.
I still not luck in making a premium domain negotiation.
Happy day.
Jose.
Erich
Dear Rick,
it would be great to see such a contract, as I am doing a deal now with a company. Any chance to get such a contract (without mentioning your name and your domain-name) – just to have a proper contract as a template for my own contract ?
Many thanks!