04/21/2026
HearIt.com - Payment and IP Transfer - How It Works
Overview
When a HearIt auction ends successfully, the platform facilitates a secure settlement between buyer and seller. HearIt acts as the intermediary to ensure both parties are protected throughout the transaction.
The Process
Step 1: Auction Ends
The auction closes automatically when the countdown reaches zero. The highest effective bid wins. A HearIt administrator reviews the results and settles the auction.
Step 2: Notifications
Both parties receive an email:
• Buyer receives payment instructions and a link to the escrow page
• Seller receives a payout breakdown showing the winning bid, the 10% HearIt platform fee, and their net payout
Step 3: Payment
The buyer pays the full winning bid amount using a secure Stripe payment link sent via email. Payment can be made by credit or debit card. Each transaction includes a unique reference number (e.g., ESCROW-42) for tracking.
Step 4: Payment Verified
A HearIt administrator confirms the payment has been received. The seller is notified that payment is verified and it's time to begin the intellectual property transfer.
Step 5: IP Transfer
The seller:
1. Prepares and signs the rights transfer agreement for the specified percentage of rights
2. Delivers the full audio master and documentation to the buyer
3. Notifies HearIt when the transfer is complete
Both buyer and seller can download a formal Assignment Agreement PDF from the escrow page. This document details the rights being transferred, the consideration paid, and seller warranties. Both parties should sign and retain copies.
Step 6: Completed
The HearIt administrator confirms the IP transfer is complete, closes the escrow, and releases the seller's payout.
Payout Breakdown
Item Amount
Winning Bid Full bid amount
HearIt Platform Fee 10% of winning bid
Seller Payout 90% of winning bid
Seller payouts are processed through Stripe to the seller's designated bank account.
Escrow Status Tracking
Both buyer and seller can check the status of their transaction at any time via the escrow link in their notification email or from their member page.
The status progresses through:
1. Payment Pending — Waiting for buyer payment
2. Payment Verified — Payment confirmed, awaiting IP transfer
3. Rights Transferred — Seller has completed the transfer
4. Completed — Escrow closed, payout released
Disputes
If a dispute arises at any point during the process, either party can contact HearIt.
The administrator can place the escrow in "Disputed" status while the issue is resolved.
Questions?
Contact us at hearit.com/contact
