Deal Closing Guide
This guide provides a detailed outline of the entire deal process, from initiation to completion. It serves as a reference for both buyers and sellers to understand their roles, steps, and expectations.
Note:
All interactions occur on the platform, there is no need to leave for external tools.
Exitpad's deal flow system operates on a 5-Phase infrastructure.
This guide outlines the entire 5 phases, view the sub-pages to reference specific phases.
Exitpad’s 5-Phase Deal Flow Overview (Quick Summary)
Phase 1 – Initial Chat: Buyer messages seller → interest established → both agree to proceed or end chat.
Phase 2 – Term Agreements: Negotiation of terms (price, method, timeline, etc.) → both confirm final agreement.
Phase 3 – Escrow: Safe{ETH} multisig wallet (2/3: buyer, seller, Exitpad) is created → buyer funds → verification triggers Phase 4.
Phase 4 – Assets: Seller submits or transfers all assets (off-chain + on-chain) → buyer reviews → revisions if needed → acceptance advances to Phase 5.
Phase 5 – Closing: Seller signs release → buyer reviews + signs → funds released → ratings/reviews + optional Exitpad mediation if disputes.
Core Principles
Everything (chat, docs, payments) stays on-platform; without Exitpad controlling funds.
Notifications and status bar track real-time progress.
Escrow and multi-sig add fairness + security.
Exitpad only intervenes if requested, as a neutral third signer / mediator.
15% fee deducted from escrow at closing. (Zero fees during MVP launch)
Expanded Outline of Exitpad's 5-Phase Deal Flow
Getting Started on Exitpad Before diving into deals:
Create an Account: Sign up with an email.
Seller Role: List your assets for sale by providing details like asset type (e.g., domain, business, crypto project), description, asking price, and supporting information. Listings become visible to buyers.
Buyer Role: Browse listed projects/assets. Show interest by messaging the seller directly on Exitpad.
Deal Initiation: A deal officially starts when a buyer sends the first message to a seller about a listing. At this point, a status bar appears for both parties, tracking progress through the 5 phases. The bar updates in real-time as phases advance.
Key Principles:
All communications and submissions happen via the platform's chat/messaging system.
Notifications alert users to actions required.
Deals can be revised or canceled at certain points, but once escrow is funded, commitments are final.
Support: Request Exitpad Admins to join the chat for guidance or if issues arise (e.g., disputes).
Now, let's break down the 5-phase deal flow.
Phase 1: Initial Chat
Objective: Establish interest and rapport to decide if the deal should proceed.
Status Bar: Shows "Phase 1" upon the buyer's first message.
Steps and Roles:
Buyer Initiates: Browse listings and send a message to the seller expressing interest (e.g., "I'm interested in your DApp, can we discuss details?").
Seller Responds: Reply to the message, providing initial info or asking questions.
Conversation: Both parties chat freely to greet, share high-level details, and gauge fit. No formal commitments yet.
Decision to Proceed: If both agree to move forward (e.g., via a "Proceed to Terms" button in chat), the deal advances to Phase 2. If not, the deal and chat can be terminated by either user.
Tips:
Keep discussions professional and focused.
Share non-sensitive info only (e.g., no passwords yet).
Timeline: Quick replies help deals move faster.
Common Issues: If no response, follow up or browse other listings.
Phase 2: Term Agreements
Objective: Negotiate and mutually agree on deal terms before involving funds or assets.
Status Bar: Updates to "Phase 2: Term Agreements" upon proceeding from Phase 1.
Steps and Roles:
Buyer Submits Terms: Provide proposed terms via a form in the chat/deal interface. Include details like purchase price range, payment method (e.g., ETH, USDC), asset transfer expectations, timelines, and any conditions (e.g. due diligence period).
Seller Reviews: Notified of submission. View terms and choose to:
Accept: Proceed with deal.
Request Revision: Suggest changes and submit counter-terms.
Negotiation Loop: If revisions are requested, the buyer reviews and responds (accept or counter). This continues until mutual agreement.
Final Agreement: Both parties confirm acceptance. Terms are locked and viewable in the deal history.
Advance: Once agreed, move to Phase 3.
Tips:
Be clear and detailed in terms to avoid later disputes (e.g., specify all assets included).
Use the platform's tips for terms to ensure completeness.
Revisions: Limited revisions to avoid endless loops; platform enforces a max of 20 revisions.
Common Issues: Disagreements; try to be resolve via chat. Terms are non-binding until escrow.
Phase 3: Escrow
Objective: Set up the deal using a Web3 wallet.
Status Bar: "Phase 3: Escrow".
Steps and Roles:
Buyer Submits Offer Details: Input the final purchase price (based on agreed terms), payment method (crypto like ETH or USDC), and their signing wallet address (for the escrow wallet). Submit, then your prompted wait for the seller's approval.
Seller Reviews Offer: Notified; view buyer's price, method, and address. Options:
Request Changes: Suggest revisions (e.g., adjust price).
Approve: Input their own signing wallet address and confirm.
Escrow Wallet Creation: Upon seller approval, the platform programmatically creates a Safe{Eth} multi-signature wallet (2/3 threshold: buyer, seller, and Exitpad as owners). Exitpad's signer wallet funds the deployment (small gas fee).
Buyer Funds Escrow: Buyer is prompted with the escrow wallet address to fund (Safe address). Send the agreed amount via their wallet. Once sent, click "Escrow Funded" and input the funding transaction hash (or wait for automatic detection via balance polling).
Funding Confirmation: Platform verifies the escrow balance. Seller is notified: "Escrow Transaction Confirmed."
Advance: Both parties move to Phase 4.
Tips:
Ensure your wallet has sufficient funds (plus gas).
Payment Methods: ETH is default (more chains added in future)
Security: Funds are held in the Safe{ETH] and requires 2/3 signatures to release.
Exitpad Role: As third signer, ensures fairness but doesn't control funds alone.
Common Issues: Invalid addresses, double-check inputs.
Phase 4: Assets
Objective: Transfer asset details for buyer review, ensuring all agreed items are provided.
Status Bar: "Phase 4: Assets" after escrow confirmation.
Steps and Roles:
1A. Seller Submits Assets: Upload/submit details of all assets per agreed terms (e.g., domain credentials, business docs, code repos). Include everything for ownership transfer. 1B. Seller Submits On-Chain Assets: Transfer/Deposit all relevant on-chain assets (e.g., tokens, NFTs, smart contract ownership, ENS domains) to the designated multi-signature SafeWallet address provided by Exitpad. For assets requiring ownership or admin rights transfer (e.g., contract roles, DAO permissions), reassign those rights to the same SafeWallet address provided by Exitpad. All transfers should be verifiable on-chain and follow the pre-agreed asset transaction terms.
Buyer Reviews: Notified; view submitted assets. Check if all items match terms.
Buyer Decision:
Accept: Click "Accept and Move to Closing" if complete.
Report Issue: Describe problems (e.g., missing asset); notify seller for revisions.
Revision Loop: If issues reported, seller updates submissions. Buyer re-reviews until satisfied.
Advance: Upon buyer acceptance, move to Phase 5.
Tips:
Communicate only on Exitpad (platform handles encryption).
Assets Examples: Domains, social accounts, IP, DApps.
Disputes: Platform will mediate if requested.
Common Issues: Incomplete submissions. Use checklists provided by Exitpad.
Phase 5: Closing
Objective: Final review, release funds, and complete the deal.
Status Bar: "Phase 5: Closing" after Phase 4 acceptance.
Steps and Roles:
Seller Status: Seller is now able to sign the release transaction, suggesting they fulfilled deal terms. After signing, status shows "Awaiting Buyer Escrow Release Signature."
Buyer Status: Buyer is prompted complete a final review of assets and sign to release funds to seller.
Buyer Options:
Release Escrow & Complete Deal: Triggers buyer's signature on the escrow release transaction (transfers funds to seller).
With buyer and seller now having signed the release transactions, the ⅔ release signatures have now been satisfied, and funds will programmatically be released to seller.
Report Issue: Notifies seller for requested review and fixes.
Tips:
Buyer/Seller signatures: Users must connect wallet during this phase to sign the release transactions, connect wallet and approve.
Exitpad's Role: Mediate disputes.
Post-Deal: Rate/review the other party.
Common Issues: Review delays; request Exitpad live support. Signature errors; ensure correct wallet connected.
General Guidelines for All Phases
Progress Tracking: The status bar shows current phase and completion percentage. Click for details and to view previous phase completion details.
Notifications: Enable in-app/email alerts for timely responses.
Cancellations: Possible in early phases; post-escrow requires mutual agreement or dispute resolution.
Fees: Platform charges a 15%fee (deducted from escrow).
Security Best Practices: Use hardware wallets, verify addresses, avoid sharing sensitive info off-platform.
Dispute Resolution: If issues (e.g. non-delivery), escalate to Exitpad mediation.
Note: Terms are user-agreed; consult professionals for complex deals.
This guide ensures a smooth experience on Exitpad. For updates or questions, check the FAQ or contact support.
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