Property Management
A Massachusetts commercial lease that requires the tenant to pay base rent plus property taxes is an example of a:
AGross lease
BSingle net (N) lease✓ Correct
CDouble net (NN) lease
DTriple net (NNN) lease
Explanation
A single net (N) lease requires the tenant to pay base rent plus one of the three main expense categories—typically property taxes. A double net adds insurance; a triple net adds 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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