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A triple-net lease is a tenancy contract in which the tenant agrees to be responsible in paying for all costs and expenses associated with operating the property in addition to the rental.
The extra expenses can include:
- Property tax
- Maintenance fees
They can basically include all fixed costs and variable costs.
In certain cases, the tenant might even be required to pay for the interest on the mortgage for the landlord.
Sometimes also referred to simply as net lease, a tenant must be certain of what he is doing before signing up for a triple-net lease as expenses can take up a bulk to total expenses of renting the property.