2.) Once the above is cleared; execute a new document with an entertainment attorney that you now own the song. You can send me a mail if you need a US based entertainment attorney; I know some good and affordable ones. This document must be signed by both of you and the original owner. The entertainment attorney knows the rest of the details.
3.) Do a little research about the song, does it already make some money or does it have a publisher? Bear in mind that you find a lot of lawsuits in music business; because of the failure to research and get accurate information. So it is best to research in advance all about the song:
a.) Check if they have records in ASCAP, SESAC, and BMI. You need to contact both the publisher and the songwriters listed to make sure all rights are cleared.
b.) Ask the user if the song already has a third party publisher. Have the song writer or song seller signed an agreement that he/she is certifying the song does not have any publisher before or no active contract with a music publisher. This is for your own protection.
4.) The price you need to pay for the purchase depends on the commercial history of the song. If the song is already earning dollars in terms of royalties, then expect to pay a lot.
5.) Make sure the agreement you sign with the seller is not a licensing agreement. Licensing and purchasing song rights are different.
Guide to Sellers
1.) Before you can sell a song, you need to possess a document proving your entire ownership of the song. This is the copyright certificate of that song issued by the government. Make sure the owner in it matches your name supported with documentation (government issued cards, etc).
2.) Do not sell a good song. Remember that a very good song can make you millions in terms of royalties that you can still pass to your children. And no one will buy a song in its early stage (with the song still not popular) with price of a million. So if you sell a song right now which you think is very good but still not popular, you might sell it a hundred bucks or at most a thousand. But once it will be popular, the buyer of that song can earn millions in royalties. So you loss a lot in this buy and sell transaction. And always remember that a good or hit song may not be a popular song right now or at a time of the buy and sell transaction.
Content last updated on July 5, 2012