This would be treated as any other contract so you would follow the same procedures such as getting it notorized. It must contain all the elements of a contract such as:
1.offer
2.acceptance
3.consideration
4.legality
5.capacity
These 5 elements are also required fo it to be binding.
1.agreement must be in writing (oral promises of this kind are always prohibited)
2.must be executed voluntarily
3.full and/or fair disclosure at the time of execution
4.the agreement cannot be unconscionable
5.it must be executed by both parties (not their attorneys) "in the manner required for a deed to be recorded", known as an acknowledgment, before a notary public
