I and my brother signed a plain paper stating that we wish to sell our mother's property, after consulting with parents over phone. This paper was signed by buyer, myself and my brother and we took a token amount from the buyer. Next day after understanding the situation, my mother does not wish to sell due to emotional reasons. We have expressed our apologies politely to broker and seller that we want to withdraw the sale and return the token money to the buyer. But buyer is refusing to meet us and threatening court action.
- What is the legal value of plain paper agreement that is NOT signed by the property owner?
- Is it right to threaten legal action for withdrawing out of a property agreement signed on plain paper?
- We brothers never claimed to be the owner of the property. Is the broker responsible for not informing both parties that verbal/written consent from property owner (my mother) is mandatory, and gave false hopes to buyer?
- What can we do to protect our rights? We have full intention of returning the token money, but the buyer is refusing to meet us.
