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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.
These include: 1. The right to a safe and habitable living space: Landlords are required to provide tenants with a safe and habitable living space. This means that the property must be free from hazards such as mold, lead paint, and other dangerous conditions. 2.
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.
The letter of intent should include the following six things: A Statement Declaring Your Interest in Leasing the Space. ... A Description of Your Company. ... An Outline of On-Site Employees, Equipment, and Machinery. ... Your Business Hours. ... An Overview of Your Current Space. ... Contact Details.
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.
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.