17th Nov 2009 by Tom Lindmark
A triple net lease is a term that is almost always used to describe a lease for commercial real estate space. Essentially, triple net leases require that the lessee be responsible for all payments on the premises that he or she is renting. That includes taxes, insurance, maintenance and even a proportionate share of common area expenses. Triple net leases generally also adjust every year to reflect actual expenses incurred and can include cost of living increases. In many areas of the country, triple net leases are the most common type of commercial lease. It is extremely important to understand the type of lease one is entering into when renting commercial real estate and to retain a professional for advice if there is any lack of certainty about the implications of the lease.
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