Michigan Triple-Net Office Lease of Commercial Building
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How to fill out Triple-Net Office Lease Of Commercial Building?
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FAQ
The main disadvantage of a triple net lease in commercial real estate is the higher monthly costs as opposed to those in double or single net lease structures.
There are various ways that the amount of a triple net lease can be calculated. Sometimes landlords will add up all the property taxes, insurance, maintenance expenses, and common area expenses for a building and divide the total by 12.
Michigan eviction laws vary from county to county, but they still follow the same general eviction process: Send a clear written notice. Fill out the forms. Serve the tenant. Attend the trial. Wait for judgment.
As a tenant, you have the right to pursue legal action if the landlord acts in bad faith or becomes involved in illegal acts. You also have the right to pursue legal action if the landlord discriminates against you through eviction or other means.
The following are some of the most important landlord responsibilities in Michigan: Follow Anti-Discrimination Laws. ... Provide Habitable Housing. ... Follow the Rules on Security Deposits. ... Use a Lease with Required Disclosures and Other Important Terms. ... Learn What to Do if Things Go Wrong.
Triple net lease (NNN) A type of commercial real estate lease under which you typically pay the base rent, plus property taxes, building insurance and utilities, as well as other operating and maintenance costs. The landlord assumes no costs, other than those for structural repairs.
In a full-service lease, the lessor pays a certain amount of rent, and the landlord has the responsibility of paying all expenses of the property, including repairs, maintenance, taxes, insurance, and utilities.
