Option to Purchase- Notary

[Brett Iwanowicz]

Hello Guys,

I just brokered my first property with a private seller and one of my investors, as well as arranging an option to purchase the property in four years.  I am extremely excited about this home, not only does it make above average returns but a recent comp shows this home to be of much higher value than my original analysis.

My questions is do we need to have a notary stamp our option purchase agreement in NYS?

[Wayne Brooks]

Notarized won't make it any more legit.  More importantly, do you have an executed contract referenced to in the option?  If not, does the option include all the possible details, terms, and conditions that are contained in a normal, complete purchase agreement?  I've seen many options, by their simplicity, that became practically unenforceable.