In my opinion yes.
Anything that is done in writing between two parties involved- bearing each other valid signatures let alone their willingness (under no coercion or forced will) shall serve as valid and therefore be considered as lawful - even without the notary public.
Ang technical flaws mo lang dyan is you should have signed it with witnesses and also mas maganda dyan kung na- notarized.
My argument for this why I consider it as valid and holding is the same as when someone dies and is deprived of time like in the case na na-murder sya and he/she has no time to write and have it notarized - then he/she writes out the name(s) of the culprit - recognized yun ng court. also in the case of making a will testament - kahit sulat kamay lang yan at hindi notarized valid pa din yun testamento as long as you wrote the said instrument under "good sound of mind."
In your case, your present situation may apply. In case, he/she defaults.
Mind a piece of advice?
Pa notarized mo na agad yun papel na hawak mo.
Question? ilang copy ba ginawa mo? Kung isa lang at ikaw ang may hawak -very good. have it notarized immediately.
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