I agree with the above I have clients pay for their own domains and hosting. If you buy it yourself and then 'resell' it to them it will be nothing but a headache because every time their site is down or email problems they come hounding you and it's just not worth it.

I always as a part of my service offer to apply for the domain and open a hosting account on their behalf. I make it very clear this is a third party contract/expense which they are responsible for and likewise all support issues are to be raised directly with these organizations. Some hosting companies let you go through the online application and then select a payment option that can be completed later such as check, bank deposit, send an invoice etc. if it auto generates an Invoice on screen I just print to PDF and email it to the client so they can pay. Sometimes an Invoice just goes strait to the Inbox. Everything is in the client's name, you ask for all necessary information from them upfront. You are just filling in the forms on their behalf as a courtesy. Find a hosting company that offers flexible payment arrangements that aren't needing instant payment when applying.