Property Management
A Florida commercial lease requires the tenant to pay base rent plus their proportionate share of operating expenses. This type of lease is called:
AGross lease
BNet lease or triple net lease✓ Correct
CPercentage lease
DGround lease
Explanation
A net lease requires tenants to pay base rent plus some or all operating expenses (taxes, insurance, maintenance). A triple net (NNN) lease requires the tenant to pay base rent plus property taxes, insurance, AND maintenance.
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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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