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Exclusive Buyers Agreement Questions (Virginia)

We have interviewed several agents and narrowed it down to 2 that we liked the most. One of them agreed to do some showings with us this afternoon, but sent over an exclusive agreement for me to sign, which wasn't unexpected but some of the verbiage in here stands out to me. Just wanted to check to see if I'm crazy or this seems excessive -

    1. TERM AND TERMINATION: This Agreement commences when signed and, subject to the COMPENSATION paragraph, expires at 11:59pm on JULY 31, 2020 ("Expiration Date"). Either party may terminate this Agreement prior to the Expiration Date by notice to the other. In the event Buyer wishes to terminate this Agreement prior to the Expiration Date, without good cause, Buyer shall compensate broker $1000 ("Early Termination Fee"), in addition to any compensation otherwise due pursuant to this Agreement.*

  • 8B. Payment. Buyer shall pay compensation in the amount of 3% of the sales price (or as per MLS this was hand written in) Commission ("Broker's Fee") to the Broker if Buyer enters into a contract to acquire real property during the term of this Agreement and goes to settlement on that contract at any time thereafter. In most cases, seller pays Broker's Fee, but in the event seller does not pay any or all of the amount due, Buyer hereby agrees to pay any and all remaining Broker's Fee due to the Buyer's Broker. Broker may retain any additional compensation offered by the seller or seller's representative, even if this causes the compensation paid Broker to exceed the fees specified above.

The early termination stood out to me - first off, I was going to ask them to shorten the time period - I don't want to be committed to them until the end of July if things don't work out. Then, the termination fee to me seemed ridiculous - and what classifies a "good cause"?

For 8B, we are not expecting to purchase anything not listed on MLS, but would it be unreasonable for me to request this to be adjust to remove the 3% part and only state "as per MLS"?

submitted by /u/notsosure9999
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source https://www.reddit.com/r/RealEstate/comments/fav36m/exclusive_buyers_agreement_questions_virginia/
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