All your advise and thoughts on the below matter will be greatly appreciated. Been very stressful for the last couple of nights.

Basically i own a number plate, i have been in correspondence with a potential buyer. We txted each other and i did txt back saying I am happy with the number plate for $xx plus one of his number plates. He txted back saying email me with your bank details and so i can send you a sale and purchase agreement. I gave him my email address. I txt back to him saying i am away and will be back in 2 weeks times, send the forms to my email address and i will fill it out.

Now i decided not tell it and wish to keep it in the family.

He txt back saying if i don't get this matter concluded he will take legal action and said if forced to, i will sue you for specific performance to ensure you comply with the terms of the agreement and that will be costly for me.

I have not been replying to his email and txts.

Here are some of he emails he wrote me:

I'd like to conclude the deal this week, as I've borrowed the balance and have all the $xx sitting here now.
My lawyer has drawn up a proper Sale & Purchase agreement also, to properly record the transaction for Personalised Plates records.


for whatever reason, I don't mind waiting till you return to complete the transaction, but to be clear, the binding Agreement for Sale and Purchase we reached via our detailed text message correspondence on 07 May states the final terms of that agreement.
Specifically, that the consideration for your plate xx is the sum of $xxx in cash, together with entitlement to the plate xx.


I would therefore like your confirmation by email, so that I have something from which to make a hard copy, that the terms of the agreement reached are as I have stated.
The Agreement has already been reached, but I need to have it securely recorded for my file.


Hi XX

Sale and Purchase agreement for the plates XX and XX.

I confirm I will pay the sum of $XXX in cash for the plate X.
I will also transfer ownership of the plate XX to complete the purchase.

Please advise your bank account details and I will deposit $XX now, and $XX as soon as I receive those funds.

I will arrange to borrow the remaining $XX to complete the transaction.

I will now transfer ownership of the plate XX to you, but require a physical address to complete the transfer form.

Please confirm that the terms as stated above correctly record our agreement.

Regards

Are you back from your trip yet?

I'd like to conclude the deal this week, as I've borrowed the balance and have all the $xxx sitting here now.
My lawyer has drawn up a proper Sale & Purchase agreement also, to properly record the transaction for Personalised Plates records.

Please advise.

Regards

XX, as per the mail below and the text sent to you earlier today.
My frustration at your ignoring my communications has caused me to seek clarification of the position with my litigation adviser at XXXX

The position is crystal clear, in that the written communications we've had via texts and emails has clearly established an agreement for sale and purchase of the plate "X"
Whether you are experiencing "sellers remorse" or whatever the case may be, is of no consequence here.

After numerous texts over several days, bargaining over the terms of the deal, you have entered into a binding legal agreement to trade the plate for " XX and $XX
I have made the necessary arrangements to fulfill my obligations, by selling a Ducati motorcycle and raising a loan for the balance required to settle with you.

My lawyer is drafting a notice to you today, outlining the position in legal terms.
I am putting you on notice at this point that should you attempt to withdraw from the deal, or seek to dispose of the plate " X" to any other person, I will without hesitation file a claim in the District Court, seeking specific performance.
The full legal costs of any such action will therefore be claimed against you.

XX, we have been communicating over a period of more than two years now, since you first messaged me, and I have always been courteous and replied to your questions about the property and plate markets.
We have now entered into a business arrangement where you have agreed to sell, and I have agreed to buy, the Personalised Plate "X ".

All that I require of you is that you honour the commitment you've made. Nothing more, nothing less.
I really do regret the need to have to write to you in such harsh words, but should you renege on the agreement reached, you will leave me with no option than to pursue performance of this deal in the Courts.



I have not taken any money nor reply back to any emails expect one stating that i will need to put this on hold until i get back from my holiday.

Do i need to commit and sell my number plate to him? or should i keep on ignoring him?