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A triple net lease (triple-Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three "nets") on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.).
Common area maintenance charges (CAM) are one of the net charges billed to tenants in a commercial triple net (NNN) lease, and are paid by tenants to the landlord of a commercial property. A CAM charge is an additional rent, charged on top of base rent, and is mainly composed of maintenance fees for work performed on the common area of a property
The example below describes a typical lease-option for residential properties; commercial lease-options are typically more complicated. The contract is typically between two parties: the tenant (also called the lessee or tenant-buyer), and the landlord (lessor), who owns or has the right to lease or dispose of the property.
A commercial leasing agreement is also called a commercial property, commercial real estate, business, industrial, and office space lease. [1] The individual in ownership of the property to be rented is called the lessor or landlord. [2] The lessee or tenant uses and rents the property owned by the lessor and provides them with monetary ...
Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many U.S. states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.
The most common form of real property lease is a residential rental agreement between landlord and tenant. [8] As the relationship between the tenant and the landlord is called a tenancy, this term generally is also used for informal and shorter leases. The right to possession by the tenant is sometimes called a leasehold interest.
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