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A triple net lease is a lease agreement between the owner or manager of a commercial property and a tenant. This type of lease is common for retail, industrial, and standalone buildings. The term "triple net" refers to the three key expenses the tenant is responsible for: property insurance, real estate taxes, and common area maintenance. These expenses are typically estimated annually and included as part of the monthly rent. At the end of the year, if actual costs are lower than estimated, the tenant receives a refund; if higher, the tenant pays the difference. Tenants often request caps on the triple net amount. A free lease template is also available.
