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Developer is asking for 30-35% as earnest money

First time poster here: Quick question for anyone that might know commercial development. There is a retail condo development I’m really interested in and numbers looked okay - not amazing, but in a good area I want to be in where retail condos are not typically available and where even a small building in the area would easily be millions. They are currently in pre-sale, and the developer is asking for 30% of the purchase price as earnest money upon signing the contract to lock in. This amount would be credited towards sale and downpayment. Looking at the end of next year to for delivery… This is located in the suburb of a major city in Texas. Somewhat well-known developer with large local presence so I’m not worried about my money entirely missing (or that is not the issue yet), just trying to see if anyone has come across this before…

submitted by /u/Healthy-Entrance-391
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source https://www.reddit.com/r/RealEstate/comments/1bk08jm/developer_is_asking_for_3035_as_earnest_money/
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