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Virtual Real Estate Bootcamp – Part 9: The Transaction

Tuesday, June 29th, 2010 by | Filed Under: Uncategorized

Only if the shiny new Web site fits into your plan should you proceed with the transaction. The transaction of a Web site deal is the actual process of turning over property that takes place between the buyer and seller. An ideal transaction is quick and painless for both parties involved. The checklist provided below covers different aspects of a transaction that need to be taken into consideration when taking on the purchase of a web site.

Make sure everything is upfront with the seller

You’ll want to double check any documents and make sure they say exactly what they are supposed to say. This is one time when you don’t want to be making any assumptions. Everything should be written out and agreed upon by both you and the seller. If there were any stipulations made, make sure this is all in writing. It’s also wise for both of you to sign all that paperwork. You want to be sure that everything is out on the table right from the beginning.

Know how the transaction will take place

Dealing with a seller over the Internet isn’t uncommon, but it’s always good to know in advance if this is going to be the case. Don’t expect to meet face-to-face with a seller that resides in another country, even though personal meetings will make this transaction seem much smoother in some cases. Be sure to have all contact information, in the event that questions arise.

Have a time frame set between you and the seller

Is this transaction supposed to be over and done with in a week? In a month? Having a time frame set for this transaction is going to help both you and the seller make sure that everything is taken care of in a reasonable manner. No one likes to drag out transactions for longer than necessary. The time frame will also help give you an idea of how much time is available for additional arrangements that might need to be made for the transaction to be completed.

Is there a specific sequence of events for this transaction?

Most transactions have a specific order to them. Purchasing a Web site is not that different than buying a physical piece of property. Certain steps need to be taken before others are able to be approached. Try writing everything down that needs to be achieved in this transaction and put an order to it. This organized list might make it easier to visually see what needs to be achieved first. Having steps listed out also enables you to come up with a method to make this a smooth transaction.

Who is in charge of transferring everything into your name?

If you are waiting for the seller to make the name transfers, but the seller assumes you are taking charge of this task, then no one is going to benefit from this new Web site. The seller sold it to you, but you cannot use it until the name transfer takes place. Find out what needs to be done to complete the name transfer. Be sure to have all the information necessary to do the transfer successfully.


What fees will be included in this transaction?

As with any purchase, there are fees that apply to buying a Web site as well. Costs will already include purchasing the domain name, transferring the site to your hosting service, and making any necessary alterations. On top of all this, there will be annual renewal fees for continued ownership of the domain in your name, plus monthly hosting, and any other maintenance fees that may arise. You can save some money by being able to maintain your own Web site, but this isn’t always possible. There are some people that are too busy with multiple sites and don’t have the time it takes to keep them all running smoothly on their own.

Refer to this checklist at any time during your transaction. There’s no harm in making sure all the bases are covered. There are many steps involved when you are buying a Web site, and it can be a truly life-changing experience, so making sure that it is done correctly is important.

Did you image this article and image when it caught your image lens? If you image it, then read the preceding articles in this series at :

Virtual Real Estate Bootcamp – Bootcamp

Virtual Real Estate Bootcamp – Part 1: The Seller

Virtual Real Estate Bootcamp – Part 2: Domain

Virtual Real Estate Bootcamp – Part 3: Content

Virtual Real Estate Bootcamp – Part 4: Traffic

Virtual Real Estate Bootcamp – Part 5: Revenue

Virtual Real Estate Bootcamp – Part 6: SEO

Virtual Real Estate Bootcamp – Part 7: Price

Virtual Real Estate Bootcamp – Part 7: Your Plan

~Cory Buford

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