Affidavit of Execution or Not? Lease Option

[imteamleader]

Hi, has anyone got experiance in using Affidavit of Executions when putting a property under contract with an Option to purchase?



My questions are..



Do you NEED to use one?

I'm guessing not, but it will give you a much stronger position down the road.



Do you need to go to a Lawyers/Notary as they are the person under oath signing that both parties signed.

I would say yes to this. But doesn't this make the whole contract signing quite involving. As I am trying to keep it as simple as possible.



Can the Option contract be Notarised at a later date?

I would guess no, unless both parties just signed new contracts in front of the notary. for sake of getting it notarised!



So If any one out there has gone through this in a lease option / purchase you help would be very much appreciated



Many Thanks

Paul

 

[imteamleader]

So.. I guess nobody bothers with Affidavit of Execution, or getting the contracts Notarised?

 

[smmcguire]

Using a properly executed option may only require the signatures and at least one if not two witnesses to the event. On top of that, some type of consideration such as a small amount of money. Say $10-$1000 dollars, depending on the deal itself. It's something to discuss with a lawyer or Realtor. In Ontario, form # 103 Option to Purchase, is used for this. (if working with a realtor)



After this, some form of sche'd A to define the terms of the deal i.e. how it's to be financed, inspections etc.



If using a REIN / R. LeGrand type form, then consider a notary to aid in the legitamacy of the contract.

 

[imteamleader]

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Thanks for the reply.



I'm using Barry McGuire's Deal Ready Doc's, and they last page on the option is a Affidavit of execution.



I'm pretty happy you don't "need" one, just wondered if anyone uses them or gets the contracts notarized or not.