Landlord is backing out of agreed upon lease before signing? Any thoughts?
We agreed upon terms for a month to month lease on May 27th. Security deposit and first and last months rent. I wanted month to month because I'm not sure how business will be with the pandemic still going on for a retail store. Leasing agent went on vacation from June 4th to June 10th. Since then he has been telling me the contract isn't finished. I had to supply proof of liability insurance. Making me jump threw hoops. It's been over a week now and he is telling me he can't reach the owner. He even mentioned because it's below market and a month to month lease he won't be making a commission on this. Can anyone explain to me what they think is going on. I have already hired people to do window graphics and ordered products on the first of June because we had agreed upon terms and I didn't think it would go on another 3 weeks. It's frustrating.
[{"id": "fvaww1q", "text": "Seeking deposit back. Stop window work to save your some money. How can you commence window work w/o a ratified written contract?", "replies": [{"id": "fvax99p", "text": "No money was deposited. Nothing was signed. Agent assured me I would have keys by the 15th of this month to start prepping work to open on July 1st. Window work has not started. I pushed out the day they were suppose to come and start work because I had not received the keys. I had submitted financials and sent in proof of liability insurance. Then nothing but emails from agent saying he is having a hard time reaching owner. I am thinking he trying to get me to stop pursuing deal because he is not making any commission on this.", "replies": [{"id": "fvaxqpb", "text": "For commercial month to month is rare. Offer him a higher rent see he goes for it. Good luck.", "replies": [{"id": "fvay090", "text": "Offer him a higher rate? So the terms and price we agreed upon, I should just voluntarily up the offer? I'm trying to get answers as to why they are wishy washy on this when this could have been finalized 3 weeks ago. It was only last week where they said they wanted proof of liability, which I then supplied.", "replies": [{"id": "fvb0gub", "text": "Sorry, that sounds shitty. But until a lease is signed you do not have any contract. My gut says they got a better offer and are going radio silent on you while they try to negotiate the other deal and If that falls through, they\u2019d try to come back to you. I would give them an ultimatum to provide a lease by particular date or you walk away and be prepared to walk away.", "replies": [{"id": "fvb2yje", "text": "I appreciate the input. It was a below market offer that was accepted. I just wonder if they had second thoughts. It didn't help that the agent went on a one week vacation. Gave them more time to think about it.", "replies": [{"id": "fvb4ytn", "text": "As they say, talk is cheap. The internet says the elements of a contract are:  \"(1) **offer**; (2) **acceptance**; (3) **consideration**; (4) **mutuality** of obligation; (5) competency and **capacity**; and, in certain circumstances, (6) a written instrument.\"\n\nMaybe they got a better deal or the owner died from covid.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}, {"id": "fvbl1bz", "text": "1. I would keep calling or move on never commit to having work done on the unit till you have a fully executed ( both parties signed) contract. They should of not asked for Insurance Liability till signed as well.\n\nI would guess...\n2. The agent is trying to work another deal with a longer term.  Month to month is not good commission and agent may be stalling.  A deal is not a deal until a contract is fully executed.\n\n3. This happens, socks, but it does.  The Agent is by law obligated to bring every offer to the Landlord/Principle. Month to month is not steady rent. Perhaps the landlord has had a change of heart.\n\nHard to say for sure... a lot of shady agent/brokers out there especially when it comes to their commission.", "replies": [{"id": "fvcqrf3", "text": "Agent told me he offered to give up commission to owner of building. I offered to give him some money out of my pocket to get deal done. Should I email him and offer to sign a one year lease? I asked for month to month because I am nervous about how things may play out with the corona virus. Who knows if we may go back under quarantine and I have to close the store.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "fvbzryk", "text": "Even if the contract was signed, deposit cashed, I believe there is a 72 hours the landlord can cancel or void the agreement. Check your local laws.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fvb8o43", "text": "If you didnt sign a contract and have paid a deposit then it doesnt matter What you have negotiated up until this point. They could rent it to someone else tomorrow and you wouldn't have a word to say about. Get it in writing what you agreed for the lease or you dont have a deal.", "replies": [{"id": "fvbecva", "text": "I do have it in writing. I have the terms. I sent the financials that they requested. I even paid for insurance on the place. It's just frustrating.", "replies": [{"id": "fvbinyw", "text": "Did you have a letter of intent? They are typically not binding and subject to the final terms of the actual lease. \n\nSorry that is happening to you. But in commercial real estate nothing is done until lease is signed.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fvbeee3", "text": "Nothing is binding until it\u2019s signed (in most cases). It sounds like a landlord you don\u2019t want to be in business with anyway if this is how they operate. Consider it a blessing.", "replies": [{"id": "fvbegvl", "text": "I guess we will see how it plays out.", "replies": [], "depth": 2}, {"id": "fve5910", "text": "Yeah, it sucks - but that\u2019s the game", "replies": [], "depth": 2}], "depth": 1}, {"id": "fvbvsjh", "text": "They are probably negotiating with someone else and stringing you along in case it doesn't work out.", "replies": [{"id": "fvcq4kg", "text": "Make sense.", "replies": [], "depth": 2}], "depth": 1}]