Question about Compensation Agrmt- No MLS

[Chris DeTreville]

I would like to see if someone can help me with this question I have. I realize agency relationships may be different in different areas but the same basic rules should apply here in this case.
I have a seller who was trying to negotiate commission with me on a listing. 6% is the going rate. Well, in the meantime, I find a potential buyer who is looking for the exact house/price range/condition/etc. So I'm thinking I could just bring this buyer to the seller, and ask the seller to pay me 3% using a compensation agreement. In other words, I would not list the house. The compensation agreement that I would use from my local Realtor association basically says that the seller is treated like a FSBO and that I would represent the buyer. Here is exactly what that one paragraph says;

"It is understood and agreed to by all parties that (salesperson name)_______ and (real estate agency name)___________are acting as an agent solely representing the buyer in this transaction (buyers agent) This form does not create an agency relationship in accordance with SC code of laws 40-57-139"

So I am a little confused by the language. I have never met these buyers, and may not ever meet them. I have only talked to a contractor who the buyers know-who will be doing the rehab. They are out of towners doing this for their kids who will be attending college next fall. Basically my question is, do I have to represent them? It sounds like I become the buyers agent, but then it says there is no agency relationship created....what fiduciary duties would I owe to the buyers if any?