Domain Transfer Protection - need advice

Question

Hey,

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:

1. The owner of the domain lowest the domain name security and emails me the domain password, I request the transfer
2. After the request, I transfer the money via PayPal
3. When the money has been cleared the current domain name owner confirms the transfer via the link that he receives in that email
4. 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.

Thanks! Jack

Answer 1

https://www.escrow.com/index.asp

Or a similar (not necessary online) service would make sense (I am not familiar with the above service - just posted it as an example, also - IANAL).