What,The,Triple,Net,Lease,When business, insurance What Is The Triple Net Lease?
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When you enter into the typical lease, you are only responsible forpaying regular rent payments for the right to occupy the property. Allother expenses such as fixing toilets and repairing the roof fall tothe property owner. When you enter into a triple net lease, theresponsibilities are separated in a much different way. With this lease structure, the renter is required to pay for a lot ofthe expenses that other types of leases require the property owner topay. Since this makes renting the property more expensive, this type ofagreement often comes with much lower rent prices than would otherwisebe granted. Besides the usual rent payments, the renter in this type of lease mustpay for three other expenses on a regular basis: insurance, taxes, andmaintenance or upkeep expenses. This may seem like a bad deal for the renter, since they will have alot more responsibility for property that they do not own. It istypically used in the case of relatives or friends occupying and caringfor the property of someone they know. A lot of landlords that livequite a distance from the property may opt for this agreement as well. For some reason, the landlord in this agreement does not want to keepup with the property, or for some reason is unable to do so. It isbasically easier or potentially cheaper for them to allow the renter totake care of the property in exchanged for a reduced rental rate. If you are considering a Triple Net Lease for a property you want torent, make sure you look into the expenses that you will be responsiblefor. You must know how much the taxes typically run and what therental insurance will cost. Also, you have to inspect the property so you knowabout any expensive repairs that may be needed after you sign on thatbottom line.
What,The,Triple,Net,Lease,When