The term domain name means any alphanumeric designation which is registered with or assigned by any domain name registrar, domain name registry, or other domain name registration authority as part of an electronic address on the Internet. (15 USCS § 1127)
Virginia Listing Agreement with a Broker to Sell Internet Domain Site — Exclusive Listing is a legally binding contract between a domain site owner and a licensed real estate broker or agent in the state of Virginia. This agreement states the terms and conditions under which the broker will represent the owner in marketing and selling their internet domain site. In an exclusive listing agreement, the broker is given exclusive rights to represent the owner and seek potential buyers for the internet domain site. This means that the owner cannot engage any other brokers or agents to sell the property during the agreement period. The exclusive listing agreement provides a focused and dedicated approach to effectively market and sell the online property. Some different types of Virginia Listing Agreement with a Broker to Sell Internet Domain Site — Exclusive Listing include: 1. Exclusive Right to Sell Listing Agreement: This type of agreement gives the exclusive rights to the broker to sell the internet domain site, and regardless of who procures the buyer, the broker is entitled to the agreed-upon commission. 2. Exclusive Agency Listing Agreement: In this agreement, the owner retains the right to sell the domain site independently without paying a commission to the broker. However, if the broker procures a buyer, then the commission is applicable. 3. Net Listing Agreement: This type of agreement specifies a net price for the internet domain site, and any amount exceeding the net price agreed upon between the owner and the broker will be the broker's commission. The Virginia Listing Agreement with a Broker to Sell Internet Domain Site — Exclusive Listing typically includes the following key elements: 1. Parties involved: This section details the names and contact information of the owner and the broker or agent representing the owner. 2. Property details: Comprehensive information about the internet domain site being listed, including the domain name, its unique selling points, traffic statistics, revenue, and any additional assets associated with the site. 3. Listing price: The agreed-upon price at which the domain site will be listed for sale. 4. Exclusive period: The duration during which the listing agreement will remain in effect, outlining the start and end dates. 5. Broker's commission: The percentage or amount of commission the broker will receive upon the successful sale of the internet domain site. This could be a fixed amount, a percentage of the sale price, or a combination of both. 6. Listing marketing plan: A detailed outline of the marketing strategies and initiatives the broker will undertake to attract potential buyers, such as SEO optimization, advertising campaigns, outreach to potential investors, and leveraging their professional network. 7. Ownership representations: The owner's assurance that they have the legal rights to sell the internet domain site and that the information provided about the site's performance and assets is accurate. 8. Termination provisions: Circumstances under which either party can terminate the agreement, specifying the notice period required and any associated fees or penalties. Before signing a Virginia Listing Agreement with a Broker to Sell Internet Domain Site — Exclusive Listing, it is essential for both parties to carefully review the terms and negotiate any necessary modifications to ensure a mutually beneficial agreement. It is recommended to seek legal counsel to fully understand the implications and obligations of the contract.
