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Simple instructions on how to Assemble Triple Net Lease Agreement

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How to Assemble Triple Net Lease Agreement

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A triple net lease is a lease agreement between a commercial property owner or manager and a tenant, commonly used for retail, industrial, and free-standing buildings. The term "triple net" refers to the tenant's responsibility for three expenses: property insurance, real estate taxes, and common area maintenance (the three nets). These expenses are typically estimated annually and incorporated into the monthly rent. At the end of the year, if costs are lower than estimated, the tenant receives a refund; if higher, they must pay the difference. Tenants often request a cap on the triple net amount for cost control.

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What is the downside of a triple net lease?

Drawbacks to a Triple Net Lease There is an inherent danger in using a triple net lease with regards to the unknown. Unexpected and substantial damage to the property could docHubly increase your monthly maintenance and repair costs.

Who pays the expenses in a triple net lease?

Understanding Triple Net Leases (NNN) If a property owner leases out a building to a business using a triple net lease, the tenant is responsible for paying the buildings property taxes, building insurance, and the cost of any maintenance or repairs the building may require for the term of the lease.

What is included in NNN?

An NNN lease is the most common type of commercial lease and is commonly called a triple net lease. On an NNN lease, tenants pay additional expenses in addition to the lease fee, to the landlord or lessor. The NNN fees includes property taxes, property insurance and common area maintenance for a building (CAM).

What is not covered in a triple net lease?

A triple net lease works by a commercial property owner leasing a building or space to a tenant. However, instead of including all taxes, insurance, and common area maintenance (CAM) in the rent amount, the tenant pays an equal portion based on square footage.

What are the expenses that a tenant must pay in a triple net lease?

With a triple net lease, the tenant promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These payments are in addition to the fees for rent and utilities.

What are the three parts of a triple net lease?

In a triple net lease, op/ex consists of three main elements: property taxes, insurance, and common area maintenance (CAM) fees. In a triple net lease, your annual rental obligation, called gross rent, will be your base rental rate plus operating expenses.

Who pays operating expenses on a triple net lease?

Under a Triple Net Lease, the Tenant bears the cost of all operating expenses, taxes and insurance which are allocable to the Premises. Triple Net Leases are advantageous to the Landlord because they allow the Landlord to have certainty with regard to its income stream.

How do you account for a triple net lease?

The latter pays off maintenance charges, real estate insurance, and property taxesin addition to rent. How do you calculate the triple net lease? The NNN lease is computed as the sum of base rent amount, property maintenance charges, tax, and insurance divided by the total number of months in the year, i.e., 12.

Does a triple net lease include capital expenditures?

Triple Net Leases A tenant will pay a monthly base rent, along with property and real estate taxes, insurance on the building, and substantially all maintenance costs. Maintenance costs in a triple net lease will generally include both operational expenses and capital expenditures.

What is typically included in a triple net lease?

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.

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Assemble Triple Net Lease Agreement