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Escrow Services
- 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.
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