Father deceased 1988
Mother acquired Alzheimer's disease 2010
My parents property was sold on December 2012(19 months ago) by our eldest brother who has an SPA given by my mother(not sure if before or after Alzheimer's as my mother can still sign to this day).
1. Our eldest brother ask all siblings to sign a Quit Claim as required by the prospective buyer. We all signed.
2. After signing he(eldest brother) told us that he will only give us interest as he will use the money. Two of us siblings said we would like to get our shares and he agreed to give us our shares instead of interest. My other siblings opted for the interest.
1.After a month when the property was fully paid by the buyer, he(eldest brother) said he had invested our shares (without asking for our permission since we have not opted for interest) and would give us interest instead.
2. The interest payment given to us was reduced because instead of equal sharing among siblings he has given himself 4 shares compared to our 1 share each because he said that his 4 shares would be fair for all since the property was his and given as a gift to my parents. (The property was given to my parents 30 years ago and was in their name when the property was sold.)
3. I reluctantly accepted the interest payment. I ask for a definite date when I could get my share and he said after 2 months.
4. The money never came and I was repeatedly given a definite date and so I waited. The last extension ended last July 31, 2014. All in all I waited for 18 months or so but the money never came.
3. Before the last extension expired he told my brother he cannot pay us because of financial incapacity and that the property was his and was given to my parents as a gift (again 30 years ago).
He challenged my brother to get a lawyer and a police to put him in jail because he has no money to pay us.
4. Before my mother acquired Alzheimer's she told us all siblings separately that she will give us a portion of our rightful share once the property is sold.
1. Did we lose our rightful shares by signing the Quit Claim required by the buyer?
2. Can we revoke the SPA my brother has and for what grounds?
3. What case can we file to have the best chance of getting our shares?
Thanks and more power.