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A triple net lease is an agreement between a commercial property owner and a tenant, commonly used for retail, industrial, and standalone buildings. It requires the tenant to cover three main expenses: property insurance, real estate taxes, and common area maintenance, collectively referred to as the "three nets." These costs are usually estimated annually and included in monthly rent. At the end of the year, if actual expenses are lower than estimated, the tenant receives a refund; if higher, they pay the difference. Many tenants often ask for a cap on the triple net amounts to manage their financial responsibility. A free lease template is also available for those interested.
