Question: Do you need to collect Earnest Money when a Buyer enters into a Back up Contract?
Answer: See section 3 of form 18 A – Secondary “Backup” Contract Addendum…3. EARNEST MONEY DEPOSIT: Buyer agrees to deliver to Buyer’s Brokerage no later than seven (7) calendar days after Buyer’s receipt of Seller’s Notice, Buyer’s Earnest Money in the form of:______________________. So the simple answer is only after Back up offer becomes the Primary offer.