Hello experts,
15 days back my father-in-law made an agreement on Rs.100 bond to a buyer to sell his property for Rs6,50,000 and recieved 50,000 as advance by cash. In that agreement, a date is fixed (20-12-2012) to make arrangements for sale. Now my uncle is not willing to sell his land thinkikg the future of his son who is minor aged 13 years. So, he made a DD of Rs.51,000 to return to buyer to cancel the agreement. But the buyer is not willing for cancellation of agreement. He is threatening us that at any cost he needs that property. only my father-in-law & mother-in-law signed in that agreement, my wife, sister-in-law and brother-in-law have not signed. We need to cancel that agreement and want to be free from mental tensions. What to do next to cancel the agreement? What consequences we should face if the buyer approaches the court? If we lose in court, should we sell our land to buyer or should we return back the advance amount with interest?
