Hi guys. Need some advice here. Has anyone bough a car or a bike this way?

I'm talking to a guy who wants to sell his bike to me.

1). He owes the bank for the bike.
2). He wants to meet me at the bank so I can pay the bank off.
3). The bank will notarize the bill of sale (according to his words)
4). The bank then will send him the title (or me) and he can then sign it over to me.
5). I take it to the DMV and get the title under my name.

Would this be the proper procedure? Would love to hear from those of you who have some experience in this.