QUOTE(clerisysolutions @ Feb 4 2012, 06:54 AM)
When you buy a domain name, you are actually leasing the name. It is a lease because there is no way to own a domain name forever. You pay a fee on an annual or bi-annual basis to your registrar to continue using the name. If you stop paying your annual fees, it becomes a lapsed domain name and goes back out on the market where anyone, perhaps even your competition can purchase the domain for their use.
Yes, You're correct here. We only lease a domain name instead of buying it.