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Escrow Services
- What can we use your escrow service for?
Our escrow service is limited to securing the transfer and lease of .ca domains.
- Do you offer escrow for any non .ca domains?
No.
- Must both parties to an escrow transaction have a myid.ca account?
Yes.
- I am leasing/selling one of my .ca domains through MyID escrow service. How and when do I get my funds?
If this is a domain lease, your funds are released as soon as we confirm their having reached the escrow account.
If this is a domain sale, your funds are released as soon as you approve the transfer with CIRA.
We send funds out in one of the following options:
1) Transfer to a TD Canada Trust account: Funds will reach your account the next business day. There is no charge for using this method.
2) Interac Email transfer for transactions the sale price of which is less than $1000. There is a $1.50 charge for using this method.
3) Hyperwallet.com email transfer: We'll need you to supply us with your hyperwallet email address. Funds should reach your hyperwallet.com in few business days. There is no charge for the use of this payment method.
4) Wire: We'll need your wire coordinates. Funds will reach your account in 1-3 business days. There is a $25 bank charge that applies to using this method. In case of wrong wire coordinates, a penalty of $50 applies.
We do not send funds out by paypal, cash, cheques or money orders.
- I am leasing/buying a .ca domain. How do I start the process?
Before you start any .ca domain escrow transaction, you need to have a MyID.ca account. In addition, if you are transferring a .ca domain to you, you need to have already registered with CIRA and so have a CIRA registrant number.
Both of the above are free of charge. You can register with CIRA through your account with MyID.ca.
You then initiate an escrow transaction by sending us an email with the following info:
Your MyID.ca UserID
The new owner's CIRA registrant number (In case of domain sale)
Agreed upon price
Agreed upon lease duration (if applicable)
The method of payment (wire, email transfer, TD account transfer or walkin direct deposit)
We'll then send you an invoice covering the transaction.
- What are your escrow fees?
Our escrow fee is the largest of $50 or 2% of the transaction value.
- Please give a step by step description of the escrow transfer process
1) Seller and buyer agree on price.
2) Buyer and Seller must have an account with MyID. A new account can be created for free fairly quickly at our signup page:
http://myid.ca/signup.php
Buyer must also have a CIRA registrant. If the transferred domain is the first .ca domain for the buyer, then buyer must create a CIRA registrant through his or her myid.ca account. Simply login and create the new registrant here:
http://www.myid.ca/newregistrant/
3) Domain to be transferred must have MyID.ca as its registrar. If it does not, a registrar transfer must be initiated here:
http://myid.ca/transfer/registrar.php
The registrar transfer extends the domain registration period by 1 year
2) Buyer contacts us with the following info:
Buyer's MyID username
Buyer's recipient CIRA registrant number
Method of payment (more detail at http://myid.ca/paymentoptions.php)
Domain to be transferred
Agreed upon sale value and currency
3) We then send the buyer an invoice and payment instructions.
The invoice will contain the following:
Agreed upon sale price
Our escrow fee (The largest of 2% or $50)
Domain registrant transfer fee (Extends domain registration by 1 year)
GST on above (Canadian sales tax 5%)
Incoming bank wire fee (In case funds are sent by wire)
4) Both seller and buyer must complete our authentication and anti fraud process.
a) Both buyers and sellers must submit a government issued Photo ID.
b) The information in MyID.ca must be accurate for both buyer and seller. This includes the legal name, physical address, and phone number.
c) If the recipient registrant is an individual and is different from buyer in part a) above, he/she must also submit a government issued photo ID and a signed letter by fax ((866) 224-4095) explicitly authorizing the buyer to conduct this transaction of their behalf.
c) If the recipient registrant is a company, then the company must fax ((866) 224-4095) on company's official paper with company's letterhead a statement signed by one of the company's officers indicating the name of the person (which must match the person in part a) above ) that is authorized to complete this transaction on their behalf.
Bottom line: The entity that will become the new owner of the domain must either be identical to the person that is contacting us on behalf of the buyer or must submit explicit proof that that person is authorized to complete the transaction on their behalf.
5) Buyer advises us when funds are sent
Anti Fraud Measure: If the funds are being sent via online banking or wire, the owner of the bank account from which these funds are taken must match the name of the future registrant of the domain. Otherwise, additional documentation may be required.
Bottom Line: The entity paying for the domain must be the new domain registration owner.
6) As soon as we verify that funds have reached the escrow account, we advise all parties and start the transfer.
7) Seller approves the transfer and relinquishes control of the domain.
8) We approve the transfer as registrar.
9) Buyer approves the transfer. Transfer is now complete. Funds are released to the seller and domain whois now reflects new owner.
- The escrow process requires that the new owner's registrant number is provided. Where do I find that info?
You can get it by entering one of your .ca domains here:
http://myid.ca/whois.php
The registrant number is shown there. For example, it is 130464 for current owner of myid.ca domain:
http://myid.ca/whois.php?domain=myid.ca
If you have never registered any domain before, please create a registrant with CIRA through your MyID.ca account (Login to your account at MyID.ca and click on '+' next to 'registrants' and follow instructions all the way to approving CIRA agreement). You can not own a .ca domain until you have a CIRA registrant that has approved CIRA agreement so make sure you complete the process to the very end.
- What gets added to agreed upon price?
The following fees apply:
Escrow fee (larger of $50 or 2%)
GST (5%)
Incoming wire bank fee (Only in case of payment by wire, $10 is charged by our bank)
Registrant transfer fee ($22.50, includes 1 year renewal)
- Can I use your escrow service for a domain that is not registered with MyID.ca?
Yes but you will have to transfer it to MyID.ca first. Our escrow service only supports domains already with MyID.ca. You can do the registrar transfer through your account with MyID.ca
- What happens to GST?
Most sellers do not have their own GST numbers. As part of our escrow service we optionally collect GST and send it to the Canadian government.
- What must the buyer be aware of?
1) Funds are released to seller when seller ceases to have control of the domain, in other words after the approval of the transfer with CIRA. Accordingly, do not start an escrow process unless you are willing to proceed with the process to the very end. Once funds are released to seller, we cannot get them back nor will we play any role in this matter. Again, do not start any escrow process unless you are 100% certain that you will go through it till the very end.
2) After seller has approved the transfer, you have 14 days to approve it before CIRA cancels the transaction. By then, the funds would have been transferred to the seller (Funds are transferred shortly after seller approves the transfer). Make sure you approve the transfer immediately after being notified that seller has approved the transfer.
3) Approving a .ca domain transfer with CIRA involves buyer's logging in to CIRA website using their emailed CIRA User Account and Private Password and following instructions to approve the transfer. The CIRA login info is different from the MyID.ca login info.
- I am buying/leasing a .ca domain through your escrow process. How do I send you the funds?
The various payment options are described at:
http://myid.ca/paymentoptions.php
Credit cards, Paypal, cheques, money orders, and cash are not acceptable forms of payment.
In summary,
1) Canadian dollars transaction:
you can send funds via one of the following:
a) Interac email transfer, use support@myid.ca as receiving email)
b) Hyperwallet.com email transfer, use billing@myid.ca as receiving email )
c) Direct transfer from a TD Canada Trust Bank account (Contact your TD phone support and have them add us as a personal payee. Then ask that funds be transferred immediately to our account in order to avoid the next business day delay. Before you contact TD, get in touch with us and get the account info.
d) Walk-IN to any TD Canada Trust Branch and directly depositing funds in the escrow account
e) Wire (Extra $10 incoming bank wire fee applies)
2) For USD transactions, the only option to send funds is by wire. Please contact us for wire details
- What role does escrow play in the lease of .ca domains?
We guarantee that as soon as funds are received in escrow, the entity leasing the domain gets full use of the domain in one of two ways:
1) Updating the nameservers as desired so that domain can be used with any hosted website
2) Forwarding the leased domain to specified destination
We also guarantee that the entity leasing the domain continues to have these use rights till the end of the lease period.
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All rights reserved. No part of this website
can be reproduced without explicit written approval from MyID.ca INC.,
INC.
Copyright 2000-2010 MyID.ca, Inc.,
an Ontario Canada corporation |
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