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An affidavit of execution consists of three main components: the preamble at the top, the body of the affidavit in single spacing with double spacing between numbered paragraphs, and the jurat at the bottom, where the deponent signs and is commissioned by a commissioner for oaths. The jurat can be easily formatted using a table feature, which is explained in a tutorial video. This affidavit is commonly used in various applications, especially when a document requires a witnessed signature. It serves as a crucial tool for validating the signing process.