Earnest money for an LOI

by a searcher from INSEAD

3 years ago

Hi Searchers

I have a deal under LOI and have agreed (begrudgingly) to put a deposit down in good faith. My preferred lawyer does not have a trust account and my bank requires a non-refunable fee of $3,500 and wants to set up a 30 pg escrow agreement. The title agencies I've reached out to do not have business acquisition experience so they're hesitant to assist.

I'm looking for a low-cost alternative, any ideas? 

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8 comments

searcher from University of Toronto - Joseph L. Rotman School of Management

Check out Escrow.com

7 months ago | like reply | 0 likes

intermediary from California State University, Northridge

I most commonly use an escrow company. Some escrow companies perform services in multiple states. First Choice Business Brokers has 80 offices around the country. If you'll let me know what state the business is located in, I'll be happy to get a referral for you.

7 months ago | like reply | 0 likes

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