Can landlord cancel lease after both parties signed lease agreement? (Ontario, Canada)?
I leased a commercial building to conduct used car sales in. The landlord and I agreed on terms and price and we both signed the lease agreement. A week later he calls me and says he doesn t want to rent me the building anymore, he s just going to keep it. This puts me in a terrible spot, scrambling to find a new (and probably more expensive) lot to rent. Is there any legal action I can take or am I out of luck? Thanks!
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He probably found out he rented it for too little money. However he signed the lease and it is too late now for him to back out. In the world of commerce a contract can not be broken just because one party changed his mind.
You need to talk to an attorney who specializes in commercial real estate as is is very different from residential.
You can sue him...
You can sue...that's what the signed contract means.
You can sue him. For commercial leases they are far stricter and far more likely to give you any money you are out.
You can get an attorney and sue to force him to honor the lease. You can sue him for any money damages you can prove.
Hire an attorney to review the contract and render an opinion.
You are asking for legal advice. Only a licensed lawyer can give legal advice. Consult a lawyer. A letter from a lawyer may be just the clout you need to get him to honor the lease he signed.
He has to compensate you in some way, the lease is legally binding to him and to you.
If the lease does not have a backout clause you may have a case. Get some paid, local, legal counsel. Until the matter is settled you may still be without a place of business.