As the buyer, you would not have to pay that 3% unless explicitly the seller explicitly states they will not pay a buyer's agent, which can be the case in a FSBO.Every state has their own version of the residential purchase contract, but as was alluded to by @Nathan G., you can use a self-drafted document as a contract.

I am pretty sure that’s the case in NC

@Chris TaylorHere's the reason you should consider having full replacement cost coverage:Let's say I have a property in a decent area, but just the lot itself is not highly marketable (very often the case in a B/C neighborhood). 

What I've found personally is that it's far easier to achieve the 1% rule in C type areas, which is usually the case in any market.

This is the case in commercial deals in general, not just syndicated deals.

Not sure if it's the same case in Woburn. 

So all this to say there was alot of good along with and bad as is usually the case in life.

If your selling...Case in point we sold a $13,500 duplex on a Lease Option $38k @ 13% & he paid all taxes, ins & maintenance.

If that is the case in your state, then yes you'd keep the $6k security deposit as rent owed and invoice the tenant for the remaining. 

And you are going to need a permit to change the windows, at least that's the case in my area.