Business Lease Question...

[RNCTN]

Here is a stickey situation that I need some thoughts on.


My company recently was out looking for new office space. We are a small company 5 employees locally (others are remote). We found the perfect location, etc. We signed a Letter of Intent, but it states it is not binding. We were scheduled to move in to the new office space 5/27 and all plans and preparations have been made, new letterhead, business cards, signs, etc. We have actively been working with the agent of the realty company to make appropriate changes and addendums to the lease agreement for about a week.

Now, I get a call yesterday afternoon...that the realty company does not even own the building NOR does the people they were trying to lease it for! They will not be able to close on the office space as their purchase...until at least August due to financing! I can't believe this. They were trying to get the lease in place for something they didn't even own yet!

I don't know what to do. I can't tell you the amount of money and marketing that has been done on the new location. I am out thousands of dollars due to this. Although you may say well you should have waited until the ink dried...it is obvious that there were agreements...we have real estate agents on both sides and have plenty of emails and such that state this is a done deal. The lease hasn't been signed, they were updating the last addendum just yesterday morning. I guess they didn't realize they were not going to close until yesterday afternoon. We were suppose to sign the lease today!

What do I do? Is it legal for these people to have been even having the discussions with me to the point we had gotten to when they didn't even own the space? Is there anything that I can recover on my costs I am out?

Thoughts? Any ... please....