Escrow Fees - Are they really that high? (1.Viewing)

MapleDots

MapleDotsMapleDots is verified member.

MapleDots.ca
Domain Business
Community Guide
Joined
Nov 4, 2020
Topics
1,689
Posts
7,061
Likes
6,467
From
Waterloo, ON
Country flag
Screenshot (61).png


I am in the process of acquiring another domain and it is for a significant amount of money.
The seller has asked me to pay the Escrow fees.


Now traditionally I don't use escrow but this is an international sale so I thought I would at least go in and check the numbers.



If I look at tier #1 $0-$5,000 the total fee is 9.75%
OMG is anyone paying that and 20% commission to a market place?



On my transaction the escrow fee is 2.67% (level 3) which comes to over 7k
Tell you what, there is no way I'm paying over 7k in escrow charges.


The main question I have for the members is the concierge fee, is that a requirement?
It seems an insanely excessive amount just to hold a domain.
 
Last edited:
They won’t use Dan escrow Frank?
If not I would simply tell them I will pay the Dan.com escrow equivalent fees
 
jaydub said:
They won’t use Dan escrow Frank?
If not I would simply tell them I will pay the Dan.com escrow equivalent fees
Click to expand...

Escrow is 2.67% and Dan.com would be 5% if they do a push to me.

That said, on a high end transaction this still represents over 7k in escrow charges for me.
I am already paying a significant CAD to USD conversion so once I add another large escrow amount it makes the deal a little wobbly for me.
 
Last edited:
I guess my biggest question is...

Does everyone use concierge?
If Escrow has my money, can the seller not release the domain to me and then Escrow releases the funds to the seller.

The extra 1.78% seems a bit absurd to me just to stick a domain into a holding account.

On my transaction just that concierge portion would be $4,895 CAD to hold the domain.
That should be totally avoidable and there should be a way to do this just at the base charge which for me would be $2,450 CAD
 
Concierge is not required unless you want escrow to be more involved and do the transfer for you, but I’m not even sure if escrow.com can hold .ca domains. Sedo can’t hold .ca either.

The last time I did escrow we didn’t use the concierge and after the money was received I was asked by escrow to contact the buyer myself to coordinate how to transfer the domain. I don’t even remember the concierge option coming up, but that might be because I was the seller and not the buyer, and/or because it was a .ca.
 
Login or Register to reply

Sponsors who contribute to keep dn.ca free for everyone.

Sponsor
CanSpace
CIRA
FullHost
WHC
Donors

Sponsors who contribute to keep dn.ca free.

Members who recently read this topic: 19

Back
Top Bottom