Because the documment was witnessed and notarized, it certainly is better than a verbal agreement. Depending upon how the document was worded you may, or may not, have an enforceable contract.
If you're going to do this, it needs to be a written and notarized contract signed by both of you and a witness. You can't do it without their consent, and you have no protection against them claiming theft without the signed and notarized contract.
A properly written and executed agreement is called a contract. A contract that has been executed has been signed or possibly notarized.
Marriage was viewed as a contract only validated if it is written, sealed and witnessed.
It should be signed by the grantor exactly how their name is written in the granting clause and exactly the same way by which they took title. It should be witnessed and notarized.
A written, signed, and notarized, and sometimes public recording, of a contract validates the terms and conditions of an agreement. It memorializes both (or all) parties acceptance on the matter.
You have no legal recourse if there was not a written contract. Verbal contract are not enforceable unless it was said in front of a camera and witnessed by others.
If the handwritten will was not properly signed, witnessed, or notarized by the deceased, it may not be considered legally valid. It's important to consult with a probate attorney to determine the next steps and whether the handwritten will can still be submitted for probate. Without proper execution, the handwritten will may not hold up in court.
Most courts, that I have heard of, need a written "contract" with the person taking out the loan signature.
Simple answer: There is no such thing. Contracts MUST be written and signed by bothparties to be legally binding. There is an old saying, "A verbal contract is as good as the paper it is written on."
A contract must have a promise or obligation from one party in exchange for a promise or obligation from another party. There is no requirements that contracts be signed, witnessed, or even written to be enforceable. Oral contracts as well as contracts written on napkins in bars have been enforced by courts. A contract only requires that both parties are doing something in exchange for whatever the other party is doing.
baring in mind "said contract" has not been overlooked by a solicitor...