how do you buy a domain from another individual?

[sde]

I need to purchase a domain from a private party. I have never done this before, but how exactly should the exchange work?

I just want to make sure I don't get burned after I give the money away.

[abc123]

always have the upper hand, say you'll pay the money once he gives you the passwords and you check everything out, if he says no, walk away pretending you don't care, he'll then follow you and give in or compromise.