The process for filling out a Triple Net lease form may vary slightly between buildings and depending on the party drafting the lease, though in most cases it involves outlining the full responsibility of the tenant to handle all operating and maintenance costs on a commercial property. The lease also needs to include the names of each party, the duration of the lease, the cost per lease term and the process for vacating the agreement.Continue Reading
The basic concept behind a Triple Net lease is to remove all responsibility and liability from the owner of a commercial property and transfer it to the renting party. This can include the price of insurance on the structure, paying for repairs to the property or covering the cost of any additional licences and city code compliance. Filling out this type of lease requires the landlord and the tenant to meet prior to signing to discus its terms, including what responsibilities fall on each party.
The lease also needs to include the full names and contact information for all parties participating, specifically in regards to the tenants to establish legal rights and liabilities. Additionally, it must also include the official start date for the lease, the initial term during which the lease is in effect, the monthly or annual cost of the lease and the dates on which the rent amount is due. It must also include sections outlining the course of action if either party violates the lease and terms for renewal or cancellation at the end of the term.Learn more about Real Estate