The domain transfer process is very simple and fast - it is possible to change ownership within 24 hours or take control of hosting the domain in as little as 3 hours following an agreement.
A typical domain purchase....
1) Price is agreed upon and invoice is emailed.
2) For higher value domains a deposit may be required - once received the ownership transfer is performed online in minutes.
3) New owner pays the remaining balance via internet banking and takes control of the domain.
A typical domain lease....
1) Price is agreed upon - signed lease contract & invoice is emailed.
2) Leasee reviews and signs contract, scans/emails back.
3) Hosting address (DNS) is set as soon as the leasee provides it.
4) Payment is made via internet banking.