Hi All - After requesting a CIM from a larger broker I noticed in the CIM their offer process spells out they require an earnest money deposit of 10% of the sale price to release requested information for due diligence. It does state the earnest money goes into an escrow account and is fully refundable during due diligence. I mostly hear about brokers or others requesting a deposit when they come from the real estate world.
Is this unusual or since it's stated to be refundable, does it depend on the specific language?
Any thoughts on this would be appreciated, thanks all!
Business Broker requiring earnest money deposit - Normal?

by a searcher from University of California, Santa Barbara
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