First I always recommend that if he has a buyer than to bring you an offer with what he is looking for in the written . 2 % is fair, but you can offer him 100% if he does not have an offer.
Secondly, most buyer agents should have a written agreement with their buyer. The agreements vary greatly as to the fee amount, but it is not uncommon for the agreement to state that the buyer broker will seek their compensation from the seller, in the event the seller is unwilling to compensate them, or is offering less than the agreed upon fee, then the buyer will be responsible for the fee or the balance of it.
If you do not sign the extension then your contract will expire on that term. You do not need to sign the extension, but if you do not, your buyer may not be able to meet the condition of the contract.... more