No experience with this either, but I would be talking to a property lawyer/broker in your area to get some advice. Someone that knows what needs to happen and is experienced with your local laws.
In general, the title/deed would transfer to the new owner the same as a normal sale, but instead of paying a bank, he would be paying you as you are essentially loaning him the money to buy your property. If he stops paying, then you would need to foreclose on the property to gain it back.
In the same way that a bank would have him apply for the loan, you should as well. What is the reason he wants you to finance his loan instead of a bank? Does he have poor credit and can't get a traditional loan? Why does he want the property? If it is to build on, they have loans for that as well?
I would be asking a ton of questions as there seems to be a lot of risk involved with very little pay off. If you don't need to sell the property (which it seems you don't as you've held it for so long) then I might pass and let it continue to appreciate in value. If everything checks out, then I might risk it...but I would be very careful as it seems to me that there are a ton of ways for this type of deal to go South and you don't have the protections a bank has.