Domain Transfer Procedure

http://www.quackit.com/domain-names/how_to_transfer_a_domain_name.cfm

Step	Losing Registrar	Customer	Gaining Registrar
1		Customer purchases a Domain Transfer
2		Customer must unlock the domain and receive an Authorization Code from the Losing Registrar.Depending on your old registrar, you can do this via your control panel or by contacting support.
3			Gaining Registrar sends an email to the Customer. This email contains an ID number, a Key Code, and a link to confirm the transfer.
4		Customer confirms the transfer with the ID and Key Code from the email. If the domain being transferred requires one, the Authorization Code from the Losing Registrar will also need to be entered.
5			Gaining Registrar sends notification to the old registrar to transfer the domain.
6	Losing registrar sends confirmation for release of domain.
7		Customer confirms release with Losing Registrar.
8	Losing Registrar releases domain to Gaining Registrar.
9			A "transfer success" email is sent to notify the customer that the domain is now located in their account.
10		Customer now has control over the domain at the new Registrar.