Property Management
A gross lease in Alabama means the tenant pays:
ABase rent plus a share of operating expenses
BOnly a flat rent with the landlord paying most expenses✓ Correct
CRent based on a percentage of gross sales
DRent plus property taxes only
Explanation
Under a gross lease, the tenant pays a flat rental amount and the landlord pays most operating expenses including property taxes, insurance, and maintenance. This is common in residential rentals.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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