Massachusetts Third Party Master Lease Agreement
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How to fill out Third Party Master Lease Agreement?
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FAQ
Traditional master leasing is a third-party leasing strategy in which an agency becomes the primary leaseholder and leases individual units, a subset of units in a single building, or all units in an entire building. The agency then subleases to the secondary tenant.
The general rule is that leases travel with a property when it is sold and the new owner has no right to terminate the leases. This is an exception dealing with the sale of foreclosed property if the the new owner intends to occupy the property they may terminate the lease with a 90 day notice.
As long as both parties have agreed to the terms (either by signing a written agreement or using a verbal confirmation), it is a legally binding document.
If the building is sold, the landlord must transfer all security deposits to the new owner within five days, or return the security deposits to the tenants. Landlords must notify the tenants, by registered or certified mail, of the name and address of the new owner.
Transfer of interest in leased premises by landlord. Following such transfer, the lease will remain in force and effect and the new landlord and the tenant will generally have the same rights and obligations with respect to each other as did the prior landlord and tenant.
Benefits of a Triple Net Lease The most obvious benefit of using a triple net lease for a tenant is a lower price point for the base lease. Since the tenant is absorbing at least some of the taxes, insurance, and maintenance expenses, a triple net lease features a lower monthly rent than a gross lease agreement.
Transfer of interest in leased premises by landlord. Following such transfer, the lease will remain in force and effect and the new landlord and the tenant will generally have the same rights and obligations with respect to each other as did the prior landlord and tenant.
A lessor may be called a landlord. A lessor is a person or legal entity that owns a property and rents it out to a lessee, who in term pays the lessor to live in their property.