I've got a domain on a registrar, which is in its grace period. I'd like to move it to a new registrar, so I think releasing it will be the best option. I had the impression releasing a domain name makes it available for registration again, but I have a worrying warning from my old registrar when about to release it:
Important! I understand that re-tagging my domain will remove it from my account and I have already initiated a transfer with my new provider and they are expecting the domain domain.com.
Unfortunately I haven't initiated a transfer as I can't obtain EPP codes from an expired domain name.
My question is should I ignore the warning, go ahead to release the domain name? If I do, would it be immediately available for re-registration? If I haven't initiated the transfer on a new registrar, what would happen after I release it?