How it works in a data room
Files opened under view-only rights are displayed in the platform’s secure document viewer, not delivered as originals. Download and print buttons are hidden or disabled, text selection is blocked, and the page is usually watermarked. The setting is applied per folder or file for each group, so the same contract can be view only for bidders and downloadable for the seller’s lawyers. Reviewers still see everything on the page; they simply cannot take a copy away through the room.
Why it matters in a deal
View only is the default many sellers start from, because a download is the moment control is lost. It keeps sensitive contracts, payroll detail and technical files inside an environment where every view is logged. The cost is convenience: an analyst building a model may need the numbers in a spreadsheet. A common pattern is view only for the early rounds and controlled downloads for the preferred bidder, managed through print and download controls. Check the pricing page too, since some low-cost plans limit viewer features.
Example
A Singapore family business selling a chain of clinics makes every folder view only in the first round. In the second round, the two remaining bidders may download the financial statements, but patient-related contracts stay locked. One bidder asks for an exception for a lease schedule and receives a watermarked PDF after a call with the adviser. The due diligence guide shows how sellers usually sequence access.