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A triple net lease is a lease agreement between a commercial property owner and a tenant. This type of lease is typical for retail, industrial, and freestanding buildings. The term "triple net" refers to the tenant's responsibilities for three key expenses: property insurance, real estate taxes, and common area maintenance. These costs are typically estimated annually and included in the monthly rent. At year-end, if costs were lower than expected, the tenant receives a refund; if higher, they must pay the difference. Tenants often request a cap on the triple net amount to manage expenses. The video also offers guidance on obtaining a free lease template.
