Illinois Landlord Tenant Commercial Package
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How to fill out Landlord Tenant Commercial Package?
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FAQ
Net Lease Structures: Triple Net (?NNN?) Lease: In a Triple Net lease, the tenant is responsible for their proportionate share of property taxes, property insurance, common operating expenses and common area utilities.
Triple Net Lease/?NNN? Lease A triple net lease is essentially the opposite of a gross lease. The tenant (you) agrees to pay for not only the fees for rent and utilities but also all of the commercial property's operating expenses, such as maintenance fees, building insurance, and property taxes.
Landlords cannot raise the rent or retaliate in any other way because a tenant complained about a building or health code violation. Landlords also cannot evict a tenant because the tenant asked them to make repairs, joined a tenants' organization, or acted on any legal right or remedy.
A gross lease is a type of commercial real estate lease agreement where the landlord is responsible for paying all operating expenses, and the tenant pays a fixed rent.
Single Net Lease or Net Lease: The commercial tenant is responsible for paying utilities and property tax. The commercial landlord is responsible for paying maintenance, repairs, and insurance.
In commercial real estate, a net lease is a lease in which the tenant is required to pay a portion, or all, of the taxes, fees, and maintenance costs for a property.
A triple net lease (NNN) assigns sole responsibility to the tenant for all costs relating to the asset being leased, in addition to rent. A double net lease makes the tenant responsible for both property taxes and insurance premiums due.
No, Illinois lease laws do not require that an Illinois Rental Agreement be notarized.