I am about to purchase a domain name for a bit of money. I do not personally know the person who I am purchasing the domain name from, we have only chatted via email.
The proposed process for the transfer is:
- The owner of the domain lowest the domain name security and emails me the domain password, I request the transfer
- After the request, I transfer the money via PayPal
- When the money has been cleared the current domain name owner confirms the transfer via the link that he receives in that email
- I wait for it to be transferred.
The domain is currently registered with DirectNIC - http://www.directnic.com/
Is this the best practice? Seeing I am paying a bit of money for this domain name, I am worried that after the money has been cleared that I won't see the domain name or hear from the current domain name owner again.
Is there a 'domain governing body' which I can report to if this is the case? Is the proposed transfer process the best solution?
Any advice would be awesome.