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A triple net lease is a lease agreement between a commercial property owner or manager and a tenant, commonly used for retail, industrial, and free-standing buildings. In this agreement, the tenant is responsible for three primary payments, referred to as the "three nets": property insurance, real estate taxes, and common area maintenance. Typically, costs for these nets are estimated annually and included in monthly rent. At the year's end, if actual expenses were lower than estimated, the tenant receives a refund; if higher, the tenant must pay the difference. Tenants often request to cap the triple net amount to manage expenses effectively.
