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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. In this type of lease, the tenant is responsible for three main expenses, known as the "three nets": property insurance, real estate taxes, and common area maintenance. These costs are typically estimated annually and included in monthly rent. At the end of the year, if actual costs are lower, the tenant receives a refund; if higher, the tenant must pay the difference. Tenants often request a cap on the triple net amount to limit their expenses. The tutorial also offers a free lease template for users.
