US Legal Forms
Triple Net Commercial Lease Agreement

Triple Net Commercial Lease Agreement

Name: Triple Net Commercial Lease Agreement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.7 (312 reviews)

Category:

Small Business - Landlord Tenant - Leases - Agreements

State:

Multi-State

Control #:

US-1321SB

Format:

Instant download

Description

This form is a lease agreement on a property where the tenant or lessee agrees to pay all Real Estate Taxes (Net), Building Insurance (Net) and Common Area Maintenance (Net) on the property in addition to any normal fees that are expected under the agreem A Triple Net Commercial Lease Agreement (or NNN Lease) is a lease agreement between a tenant and a landlord where the tenant is responsible for all taxes, insurance and maintenance costs associated with the property. This type of lease agreement is commonly used in retail and office space leases. The tenant must pay a base rent plus the taxes, insurance and maintenance costs. The landlord is responsible for the upkeep of the building, but the tenant is responsible for all other costs. There are two main types of Triple Net Commercial Lease Agreements: Gross Lease and Modified Gross Lease. In a Gross Lease, the tenant pays a flat rate for the space, and the landlord pays all expenses associated with the property. In a Modified Gross Lease, the tenant pays a base rent plus a portion of the operating expenses.

A Triple Net Commercial Lease Agreement (or NNN Lease) is a lease agreement between a tenant and a landlord where the tenant is responsible for all taxes, insurance and maintenance costs associated with the property. This type of lease agreement is commonly used in retail and office space leases. The tenant must pay a base rent plus the taxes, insurance and maintenance costs. The landlord is responsible for the upkeep of the building, but the tenant is responsible for all other costs. There are two main types of Triple Net Commercial Lease Agreements: Gross Lease and Modified Gross Lease. In a Gross Lease, the tenant pays a flat rate for the space, and the landlord pays all expenses associated with the property. In a Modified Gross Lease, the tenant pays a base rent plus a portion of the operating expenses.

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FAQ

Because the tenant is responsible for nearly all the costs associated with the property?from property taxes and insurance to regular upkeep costs?a triple net lease agreement is a fairly low-risk investment for an investor.

NNN leases afford lower risk than standard commercial leases. NNN leases are most commonly used for buildings with significant cash flow, such as office buildings and restaurant chains. Similarly, a shopping mall might be paying rent through an NNN lease to the property owner.

NNN Advantages Unlike the stock market and high-maintenance real estate, a NNN lease investment is a valuable, tangible asset that offers the security of monthly income backed by a lease, steady cash flow, and very few or no responsibilities for lifestyle freedom.

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.

Long-Term Occupancy Most triple net lease agreements are structured to offer long-term tenant occupancy (upwards of 20 years). This is advantageous for landlords because it removes the risk and losses of a property sitting vacant between tenants.

With a triple net lease (NNN), the tenant agrees to pay the property expenses such as real estate taxes, building insurance, and maintenance in addition to rent and utilities.

Triple net lease (NNN) is normally a commercial lease where the lessee pays rent and utilities as well as three other types of property expenses: insurance, maintenance, and taxes.

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. Furthermore, since tenants become responsible for taxes, this puts them on the hook for any tax-related liabilities such as fines and penalties.

More info

A triple net lease (NNN) is a commercial rental form that makes all property expenses the responsibility of the tenant. This will be a written agreement that parties must complete before a lease is official.This agreement will be between two parties – a landlord and a tenant. A triplenet lease is an agreement where the responsibility for the majority of the expenses is assigned to the commercial tenant. A triple net lease (or an NNN lease) is a form of lease agreement where the tenant is obligated to cover taxes, maintenance, and insurance for the property. Triple net leases, also called NNN leases, are legal contracts between a lessor and a lessee. At signing a triple net lease, company ABC estimates a monthly budget for water and sewer charges. Illinois Leases. In Illinois, there are three different types of commercial rental contracts that you can use. The triple net (NNN) lease is a lease agreement structure where the tenant pays all of the operating expenses for the property.

Triple Net Commercial Lease Agreement

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Are triple net leases risky?

Is there a benefit to NNN?

Are triple net leases good or bad?

Why would someone do a triple net lease?

Why does a commercial landlord generally prefer triple net NNN leases?

What items does a triple net lease typically require the tenant to pay for at least?

What is typically included in a triple net lease?

What is the downside of a triple net lease?

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