Property Management
In New Mexico, which type of lease would be most common for a retail space in an Albuquerque shopping center?
AGross lease with the landlord paying all expenses
BNet lease (NNN) where the tenant pays base rent plus operating expenses✓ Correct
CGround lease
DPercentage lease with no base rent
Explanation
NNN (triple net) leases are standard for retail shopping centers — the tenant pays base rent plus their proportionate share of property taxes, insurance, and CAM costs. This structure is common throughout NM's commercial retail market.
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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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