There might be, depending on how the domain is transfered. However, that can be prevented.
Some registrars enable you to manually approve and complete a transfer right away after it's initiated, so you should check with them if they offer that function before initiating the transfer. If they do offer it, downtime isn't really a concern, and the transfer should be completed within minutes.
If your old registrar does not offer that function, transfers will complete automatically in 5-7 days, and there will be some downtime. There are ways to prevent that, though, which you will need to start with before proceeding with the transfer. We can provide instructions to help prevent downtime during transfer.
We do NOT automatically change any domain's nameservers once it's transferred, so all domains arrive in our system with the nameservers they had prior to transfer. If you are planning to continue using the same hosting as before the transfer, and that hosting account remains active, it will continue to work once the domain is transferred into our system.
If you are planning to continue to use external hosting (nameservers other than ours), then any DNS records will needed to be added in your web hosting account, not in our dashboard. Using external nameservers deactivates our DNS management.
If you are changing web hosts, you will need to update the nameservers in your dashboard to the new host's. To do that, click on update nameservers on the domain's page in your dashboard.
If you had DNS settings at your old registrar that you still want to use, you will need to migrate them and set those up in your iwantmyname dashboard. First, update the nameservers to ours by clicking on update nameservers on your domain's page, then back on the domain's main page, click on manage DNS records to access the dashboard where you can update the DNS records. If you are not sure how to add the records, let us know and we're happy to help.
If you are planning to use a service or platform that provides the hosting, like Squarespace, Big Cartel, Tumblr, etc., then you will update the nameservers to ours from the drop-down list on the nameserver update page, then click on manage DNS records, and on the domain's dashboard page, type in the service's name in the search field to go to the automatic install for the hosting service to add the records you need.