Do you need to collect Earnest Money on a Back up Addendum

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.

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