Absolutely! An option agreement should always be in writing to be valid. It's like saving a receipt; you want to keep track of what was promised!
Yes, an option agreement is a legally binding contract. So, just like a handshake deal, you want to make sure you understand what you're signing up for!
Yes, you can usually back out before exercising the option, but there might be consequences depending on the terms you've agreed to. It's wise to read the fine print!
Option agreements are commonly used by real estate investors, homebuyers, or developers who want a property but need time to make a final decision. It's a way to kick the tires before buying!
The duration of an option agreement can vary, but it's usually anywhere from a few months to a couple of years. Think of it like a short-term rental on your dream house!