I assume that “deem” is a typo error and that you intended the word “deed”.
So first of all, unlike a title to a motor vehicle, land deeds are not “signed over”.
In other words, a recorded owner of land that wishes to transfer their ownership in the land to a third party doesn’t simply sign/endorse the same deed by which they acquired ownership in the property and deliver it to the new owner. There must be a separate deed.
The point here is that your apparent misunderstanding of this process could be so reflected in the drafting of the language in your “agreement” as to be a critical issue of whether or not it is legally binding on your friend.
“Legally binding” in the sense that the agreement to convey the property to you can be enforced in a court of law through an action for specific performance.
But what seems puzzling is that inasmuch you went to the trouble to prepare such an agreement and have your friend’s signature notarized, WHY DIDN’T YOU JUST HAVE HIM DEED THE PROPERTY OVER TO YOU?
That said, it is not uncommon for people to enter into agreements whereby one party agrees to convey to another party their interest in real property at a future date.
But to be enforceable these agreements must be clear in their terms and conditions and the description of the property. And without studying this particular agreement it is impossible to say whether or not a court would enforce it.
And then there are the practical issues. Does you friend own marketable title to the land? And if so, what is the extent of his equity in the land?
