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Recovering A Loss After Revocation Of Commercial Lease Deal

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  • 05-10-2008, 06:10 PM
    Juantenice
    Recovering A Loss After Revocation Of Commercial Lease Deal
    My question involves business law in the state of: Georgia

    Four weeks ago I viewed a building and met with the owner of the building. After a detailed conversation the owner of the building gave me the key and advised that the contract would be mailed to me. The owner also told me that they trusted me and my idea was great. They wanted to help me with the set up by working with me regarding the deposit and advised me that I had full access to the building and could began excepting contracts and business.

    I began to market the business and confirmed 3 contracts (one being a million dolllar contract), found an investor and set my open house date. I called the owner to confirmed that I had received the contract and was sending the signed contract with the full deposit (althought they told me it would be installments).
    The owner replied by advising that they had changed their mind and wanted the key and the contracts returned. There was no valid reason for them to rescind the contract the owner only replied that they did not have a good feeling and timing was a issue.

    I advised the owner that I had complied to the dates of the contract and had confirmed a few contracts.

    The owner advised that I was not to enter the building again and needed to send the contract and the key back.

    I kept my signed contract and returned the owners copy of my signed contract with the key.

    I received a letter today that the owner received the key and contract and wished me much success.

    Can I recover my future loss because I can not accept the contracts without the building? I have been searching for a year for a building I could afford and I need to try to recover my loss.
  • 05-12-2008, 11:25 AM
    LawResearcherMissy
    Re: Recovering A Loss After Revocation Of Commercial Lease Deal
    I'm not so sure about recovering "future losses" - how do you quantify that? But certainly, you can try to bring suit for breach of contract.
  • 05-12-2008, 01:13 PM
    Mr. Knowitall
    Re: Recovering A Loss After Revocation Of Commercial Lease Deal
    The idea that you have numerous clients and a $million contract lined up, but will lose everything if you can't move into a specific building, is not credible. Commercial real estate space is largely fungible as you're usually just renting the "box" you have to finish yourself, and there are lots of commercial vacancies these days. If you want your profits, your best bet is to rent another building. Your better claim, assuming you can't find an equivalent building at the same rate, would be to try to sue for the difference in rent.
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