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A triple net lease is a lease agreement between a commercial property owner or manager and a tenant, commonly used in retail, industrial, and standalone buildings. The term "triple net" refers to the tenant's responsibility for three main expenses: property insurance, real estate taxes, and common area maintenance. These costs are typically estimated annually and included in the monthly rent. At year's end, if the actual costs are lower than estimated, the tenant receives a refund; if higher, the tenant pays the difference. Tenants often request that the triple net expenses be capped to limit their financial liability. The tutorial also offers insights on obtaining a free lease template.
