Legal Question in Real Estate Law in Georgia
contract
Is a letter of intent to lease commercial property considered a contract under the following circumstances? When signed by both the lessor and lessee, when the lessee gives a monetary deposit check to the lessor and the lessor cashes the deposit check. Is it considered a breach when the lessor fails to peform, and returns the deposit money to lessee without compensation.
Asked on 3/27/00, 2:53 pm
1 Answer from Attorneys
Charles W. Field
Charles W. Field, Attorney at Law
Re: contract
A letter of intent is just that: a mutual statement of intent to do something in the future. You need to turn to the exact terms of the letter to see who owes what to whom if for whatever reason one party does not follow through and actually enter into a lease.
Answered on 3/30/00, 9:55 pm
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