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net lease, often used with singleuser industrial facilities, means that the tenant pays "TMI" taxes, maintenance, and property insurance.
Form P-64B, Rev 2019, Exemption from Conveyance Tax.
A triple net lease (triple-net or NNN) is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
In the State of Hawaii, a real estate license is required to sell, buy, lease, and manage real property. The law provides an exception for individuals, and an individual can sell, buy, lease, and manage his/her own property without a real estate license.
NNN stands for net, net net which are the property's operating expenses (taxes, insurance, & common area maintenance fees) that the owner passes through to tenants.
Gross leases are commonly used for commercial properties, such as office buildings and retail spaces. Modified leases and fully service leases are the two types of gross leases. Gross leases are different from net leases, which require the tenant to pay one or more of the costs associated with the property.
A triple net lease (triple-net or NNN) is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
Leases for these spaces are very different from residential agreements, especially since landlords may require you to pay an amount in addition to your actual rent. This payment often covers taxes, maintenance, and insurance (TMI).
How does the landlord calculate TMI? Usually, your landlord will add up the total costs for annual taxes, insurance, and maintenance, and then divide it by the total square feet of the building. From there, the company multiplies the per square price by the number of square feet in your individual space.
net lease, often used with singleuser industrial facilities, means that the tenant pays "TMI" taxes, maintenance, and property insurance. Tenants also are responsible for all costs associated with their occupancy, including personal property taxes, janitorial services, and all utility costs.