Many business web hosting services also offer domain name registration. In order for a domain name/address to be legally purchased, it must be obtained from a company accredited by the Internet Corporation for Assigned Names and Numbers (“ICANN”) to manage the registration of domain numbers. The web hosting service will register your domain in accordance with ICANN guidelines.
Domain registration provides one year use of a domain name for a fee. .com, .net, and .org are the most common registries. However, there are many others such as .biz, .info, and .tv. Countries also have there own domains such as .ca for Canada or .uk for the United Kingdom.
The owner of a domain has it for one year. The fee for a domain ranges from between $1 and $15 for a domain depending on the company, the type of registry of the domain, and the type of service provided. .com, .net., and .org domains typically cost between $6 and $10 per year. Some domain registration companies offer websites with a “.info” registry for as little as $.99. Some domains may even be “free” as they may be included with cost of your web hosting service. However, there are advantages and disadvantages to bundling your domain registration with other services.
If you go onto the website of a company that sells domains and is accredited by ICANN, and you find an available domain that you wish to purchase, you may do so at their listed fee. The registrant does have total ownership over the domain, they get a one year right to use the domain.
After one year is up, the domain owner has the first right to renew the lease on the domain for an additional year or they may choose not to renew the domain. If they choose not to renew the domain after the one year period, they lose the right to the domain name/address and it becomes available for sale on the domain retail market. Many domain registrants set domains to automatic renew as a default for the registratant.
Domain registrants can sell the domains they own. For example, the owner of the website http://www.bestcarinsurancecompanies.net, who may have purchased the domain for about $6, could sell the domain at an agreed upon price with a buyer. The purchase price for the domain could be significantly higher than what was originally paid for the domain.
Some domains are worth millions of dollars due to the realized or potential revenue they generate. Many domain names sell for thousands of dollars on a daily basis. When a domain is transferred to a new owner, the domain name register may require the new owner to renew the domain for an additional year at that time.
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