Philadelphia Pennsylvania Triple Net Lease for Residential Property

Name: Philadelphia Pennsylvania Triple Net Lease for Residential Property
Brand: US Legal Forms
Rating: 4.7 (431 reviews)

Category:

Landlord Tenant - Commercial Leases - Triple Net

State:

Multi-State

County:

Philadelphia

Control #:

US-01668-AZ-2

Format:

Instant download

Description

This form is for the lease of a commercial building. The document also provides that this lease will in all respects be treated as a triple net lease with all costs and expenses paid for by the lessee, including, but not limited to, real and personal property taxes; fire, casualty, theft, and liability insurance; trash removal; water, gas, electricity and other utilities; repairs and maintenance and all improvements.

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FAQ

Cons of a Triple Net Lease-Tenants Tax Liabilities: Because the tenant is responsible for annual property taxes in a triple net lease, this also means that they will be prone to all the liabilities of taxes as well, including fines and penalties for late or incorrect tax remittance.

Triple net properties are one of the most attractive real estate investments for a variety of reasons: they can offer low risk, minimal responsibilities for the landlord, and long-term passive income.

The very apparent disadvantage to the tenant in a NNN lease is the costs associated with the property that they have to bear no matter what. Unlike the rent of the property, which is pre-decided in the agreement, the costs are not fixed. Tax rates and insurance premiums can increase.

From an investor standpoint, NNN Leases/Triple Net Leases offer a stable long-term real estate investment where the owner/investor has very little to do with the active management of the property. Normally, these leases are with credit worthy tenants with corporate guarantees.

Another advantage is that these leases tend to be quite flexible: caps to tax increases, insurance increases, etc. For the landlord, triple net leases can be a reliable source of income and have very few overhead costs. The landlord also does not have to play an active role in the management of the property.

NNN is a good investment vehicle because it's a source of passive income with minimal responsibilities for the landlord. Tenants also benefit from a lower base rental rate than a gross lease agreement.

In commercial real estate, the most common form of net lease is the triple net lease, often referred to as net-net-net lease or NNN lease. With a triple net lease, the business tenant is responsible for most costs, including the base rent, property taxes, insurance, utilities and maintenance.

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Landlord reserves the right to require future rent payments in the form of money order, or certified check. For the tenant, taking on the burden of managing the property themselves comes with upsides.New businesses will need to go through zoning variance for approval. In a gross lease, the tenant only pays rent. PA1000 Pennsylvania Property Tax or Rent Rebate Program. Find commercial real estate services and property investment strategies. Homes. This is no accident. Legally zoned for Grocery store. The 2200 Square Feet manufactured home is a -- beds, 2 baths property. Browse apartments and houses for rent, check prices, view property details, find the perfect place and submit your rental application with RentCafe.

Philadelphia Pennsylvania Triple Net Lease for Residential Property

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What are the disadvantages of triple net lease?

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What are the disadvantages of NNN?

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Are triple net leases worth it?

Is NNN lease a good investment?

Is a triple net lease standard?

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What is a Triple Net Lease for residential property in Philadelphia?

Why would someone consider a Triple Net Lease for a residential property in Philadelphia?

What are the major expenses involved in a Triple Net Lease for a residential property in Philadelphia?

Can the tenant negotiate the terms of a Triple Net Lease for a residential property in Philadelphia?

What should tenants consider before entering into a Triple Net Lease for a residential property in Philadelphia?

Are there any potential risks for tenants in a Triple Net Lease for a residential property in Philadelphia?

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