Home: Domain Installments
Document Purpose
This page describes the applicable steps when a buyer and a seller want to transfer a domain between them through Uzom.com by the use of installments.
Context
The domain transaction price might be in specific circumstances too big for the buyer to pay upfront.
However the parties can agree to an installment setup, where the buyer pays the seller through Uzom.com monthly amounts for a specified duration.
How do parties ensure trust in this kind of transactions?
Uzom.com holds the domain name in escrow and manages the flow of such payments. Upon completion of the payment schedule, the domain is taken out of escrow and is given to the buyer.
What happens to the domain during the installments period?
Over the duration of the payment plan, as long as payments are up-to-date, the buyer can control the domain's nameservers configuration and where it points to.
What happens if payments are not completed?
If the buyer fails to keep up with the payments, then the payments are forfeited (and considered as rent for the usage of the domain during the installments period) and the control of the domain is given back to the seller.
What mitigations are in place for a buyer if an installment fails accidentally?
The buyer, upon a failed transaction, will get several notifications by email that this happened, and a 30-day notice period during which the payment might be retried (including with other alternative payment instruments) to get back into the agreed payment scheduled.
When does the seller get the money?
The seller gets the installments incrementally as they are made by the buyer, with a delayment period of up to 30 days to allow proper processing and anti-fraud verifications, minus any applicable processing fees.
How long can the installment plan be?
The duration of the installment plan can be anywhere between 3 months and 10 years. Installments are paid on a monthly basis.
Who pays for the domain renewal over the course of the installments?
Uzom.com will charge the buyer the domain renewal fee, yearly, when needed, over the duration of the installments. The renewal fees are subject to the same terms and conditions as the rest of the installment payments. However they are not sent to the seller but rather used by Uzom.com to keep the domain valid and extend its expiration date as needed.
Can I pay the remainder of the balance early?
Yes, you can accelerate the redemption of the domain name out of Uzom.com's escrow at any point by paying early the remaining balance of the transaction price.
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