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Please help confirm I'm conveying the right information

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Hi all-- I am a student who is a member of a student run PR firm. The client we are working with has interest in a SquareSpace website. He asked if he could "purchase" the site. Though I know this is a subscription service, I want to ensure I am breaking down this information correctly as I have never used this service before and have only gathered this knowledge from the FAQ sections.  Please let me know if all of the content in this message is correct/accurate to SS services. 

"When we talk about "purchasing" a website, there are typically two main components involved: the domain name and the hosting service. The domain name is the web address (e.g., www.yourwebsite.com), and it can be purchased for an annual fee.  You can buy a domain through SquareSpace if you so choose, though I believe SquareSpace offer a custom domain for the first year free if you choose an annual hosting plan. Without purchasing a domain name, your site would read as yoursite.squarespace.com. 

Hosting services, on the other hand, provide the server space where your website files are stored and made accessible on the internet. Hosting services often involve subscription fees, whether monthly or annually. In the case of using Squarespace, what I mentioned earlier pertains to subscribing to their website builder service, which includes hosting. Squarespace offers different subscription plans with varying features and pricing, but it's important to note that you're essentially subscribing to their platform to build, host, and maintain your website.
If you're interested in owning the website outright/paying for flat-rate hosting plans,  you would need to seek alternative options as I'm not familiar with these services. 
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Taking the earlier question one step further...I purchased a domain on a separate hosting service.  What steps do I need to do to move that domain to Squarespace platform?

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