Triple Net Purchase For Lease
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How to fill out Triple Net Lease?
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FAQ
A triple net lease, commonly abbreviated as NNN, is a leasing agreement where the tenant is required to pay for the three main expenses of a property on top of the base rent.
In the purest form of a net lease, the tenant is expected to pay for all the costs related to a piece of property as if the tenant were the actual owner. A net lease is the opposite of a gross lease, where the tenant pays a flat rental fee while the landlord is responsible for the other costs.
The term net lease refers to a contractual agreement where a lessee pays a portion or all of the taxes, insurance fees, and maintenance costs for a property in addition to rent.
A triple net lease is the opposite of a gross lease. The lessee agrees to pay rent, utilities, and all of the property's operating expenses. This includes maintenance costs such as common area maintenance (CAM), insurance, and property taxes (represented by ?NNN?).
The three most common expenses charged back are property taxes, insurance, and maintenance, often called the "three nets". A triple net lease that includes the three nets is particularly common and is often abbreviated in writing as "NNN lease" but is still pronounced as "triple net lease".