temporary car lending till buying

[grizli]

Hi all,
I have an interesting situation. I have a person who wants to buy a car. Car price is $4700. He already gave me $2000 deposit in cash just to hold it and I promised to sell him the car. My Bank had the title though. So last week I requested the title so I can pick it up at the local branch. They said it will be there within 3-4 from now.
The guy who wants to buy it is desperate, because he doesn't have a car. So what I want to do is give him the car with a written by him notice stating that he will purchase the car upon receiveing the title, simply because he may put 1000 miles on it and then decline to buy it.
I guess I have 2 questions now.
1) Since he will write personal notice and we both sign it - I have no notary to notarize this, would video of conversation/signing be enough to prove this later?
2) Can someone help with some sort of legal letter I should prepare for him to sign.
Hope someone can help.

 

[racer72]

1. A notary is not required if both parties are present at the signing of a contract. All a notary does is verify the people signing a contract are who they say they are and is done when contracts are signed with both parties are not present. A notary has nothing to do with contract language or the validity of the contract. You can tape the signing, I see no need to do so.

2. State the facts and terms that you both can agree to. You really need just a simple purchase agreement, you can find many examples using Google, just modify to fit your needs.