Exclusive buyer representation agreement & buyer's compensation
I am just learning about real estate investing, and I recently met someone at a local real estate investor meetup that has been investing in real estate for 9 years. He recently became a real estate agent, and he knows our area well (Baltimore County MD). We talked and decided that he could help us find our first rental property to owner-occupy. He wants me to sign an exclusive buyer representation agreement that contains a clause for a 3% compensation to be paid to him at closing. Is that standard? Is it possible that all or part of that may be paid by the seller? Also, does exclusive mean that I shouldn't look at any properties without him being there after signing this agreement? I will also ask him these questions. I just wanted to come here to see what this community thinks.