Compensation in Buyer-Broker Agreement
I am reviewing my first buyer-broker agreement. The compensation section says that Buyer agrees to compensate Broker as follows:
"The amount of compensation shall be 3% of gross sales price, or the compensation Broker receives from seller or seller's broker, whichever is greater. In either event, Buyer authorizes Broker to accept compensation from seller or seller's broker, which shall be credited against any compensation owed by Buyer to Broker pursuant to this Agreement."
Is this typical for an arrangement in which the Broker is representing the Buyer only?