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A triple net lease is an agreement between a property owner and a tenant for commercial property. This type of lease is common in retail, industrial, and free-standing buildings. The tenant is responsible for paying property insurance, real estate taxes, and common area maintenance, known as the "three nets." These costs are estimated for the year and included in the monthly rent. At the end of the year, any cost discrepancies are reconciled, with the tenant receiving a refund or owing additional funds if costs were higher than estimated. Tenants often request a cap on the triple net amount.