When purchasing any license for a particular template then the price will be for lifetime or it will renew in an yearly basis?
You will received lifetime update only any of purchasing theme 6 month item support included & you can increase/renew support time.
let me know if you have any other question.
That means I can use the template for lifetime when purchased, am I right?
yes you can. suppose you purchase a WordPress theme you will use that theme lifetime no need to pay again for that.
but remember one theme for one domain.No customization service will not received any of item author but you will received help, bug fixing etc from author
What if I replace the current domain name with a new one?
you can do anything with your domain before installation & theme activation.
after activation you can’t install it again
There shouldn’t be any problem to the author if I run ads on my new template?
No, Author will haven’t any problem after purchasing you have customize yourself there is no issue.
Just you are not able to re-sell that author theme/file.