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Hundreds of different companies offer you the chance to buy and register your own domain name for yourself, your community group or your business. For some domain names, competition to snag them is fierce -- for a hotly contested name, the race to win ownership of the URL may come down to fractions of a second.

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Understanding ICANN
Domain names are controlled by an organization called ICANN. Short for the Internet Corporation for Assigned Names and Numbers, ICANN licenses hundreds of domain name registrars -- companies like GoDaddy, Network Solutions and Register.com -- that are responsible for helping individuals and groups purchase and register their desired URLs. ICANN provides a comprehensive list of licensed registrars through its InterNIC service.

Buying A Domain Name
When you first log on to an ICANN-approved registrar's website, you'll be able to search for your desired URL. If that domain name is available, you'll be able to start the purchasing process. If the domain name is unavailable -- either because it is currently in use by another individual or organization, or because its registration recently expired and has yet to become available for purchase -- you'll be asked to choose another URL. Your registration for your desired domain name isn't final until you've completed its purchase.

Domain Name Competition
In some circumstances, multiple people may try to buy the same domain name at virtually the same time. When this happens, your desired URL may show up on your initial search of available domain names, but you won't be able to complete the transaction. If you're trying to buy the domain name using an InterNIC registrar while another individual is trying to buy the same name using a different registrar, both transactions may be complete before the two registrars notice the overlap. In cases like this, the person who completed the transaction first will obtain the rights to it; this could come down to fractions of a second. The second person to register the name using this timeline would be entitled to a refund through their registrar.

Domain Name Disputes
If you lost out on your desired domain name, you may be able to claim it through a formal dispute process through ICANN. This process typically involves court litigation between you and the person or persons who own the domain name. Certain registrars will contact the domain name owner for you and, without involving the courts, will try to resolve the situation on your behalf. This feature is offered at an extra cost, on top of any fees you may be asked to pay the domain name owner if that person or entity is willing to give you the disputed URL.