Cohousing-L Mailing List: option contracts

[LPManiccia (LPManiccia]

I am looking for information on option agreements made for purchasing
property.  I need to know what the standard block of time to tie up the land
would be - for example - 30  days or 6 months??  Also, what is the amount
people have used as earnest money - money that they would lose if the option
is not exercised.  We have found a raw piece of land that may have water
problems so we may want an out, but need to put down enough money to appear
serious.  We are involved in a closed bid process with the city.
Looked in archives... didn't find anything.

Leslie Maniccia
Cascadia Cohousing