Contracts
In New Mexico, a commercial 'triple net lease' with a 10-year term would be an example of which type of lease?
AA month-to-month lease
BA fixed-term lease with definite start and end dates✓ Correct
CA lease at will
DA periodic tenancy
Explanation
A lease with a specified 10-year term is a fixed-term (estate for years) lease—it has definite beginning and ending dates and terminates automatically at the end of the term without notice.
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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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