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A triple net lease is a lease agreement between a commercial property owner or manager and a tenant. This type of lease is often used for retail, industrial, and standalone buildings. The term "triple net" refers to the tenant's responsibility for three expenses: property insurance, real estate taxes, and common area maintenance. Typically, these costs are estimated annually and included in monthly rent. At year-end, if the actual costs are lower, the tenant receives a refund; if higher, the tenant pays the difference. Tenants often request a cap on the triple net amount to manage expenses effectively. Additionally, a free lease template is available for use.