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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 standalone buildings. The term "triple net" refers to the tenant's responsibility for three costs: property insurance, real estate taxes, and common area maintenance. These expenses are typically estimated annually and included in monthly rent payments. At the year's end, if actual costs are lower, the tenant receives a refund; if higher, they must pay the difference. Tenants often seek to cap their total liability for the triple net expenses. Additionally, the tutorial offers a free lease template for further assistance.
