A Property owner has signed a Letter of Agreement to promise to enter into a contract of Lease with Person A at a specific date in the future, for five years and for a fixed rent amount every month. The Letter of Agreement is signed by the Property owner and the Person A and also has witness signaturies. It also is nortorised by 'Hand and Seal' by a Lawyer/Attorney of Law.
My question is this: How strong is this signed Letter of Agreement and can it hold up in the court of Law given that a Contract of Lease is not yet signed?
I am afraid that the Property Owner can refuse to sign a Contract of Lease in the future date specified. If they do so, what are the legal consequences? Is signing this Letter of Agreement as strong as signing a Contract of Lease?
A detailed answer or advice is appreciated.