Property Management
In Ohio, a 'gross lease' is distinguished from a 'net lease' primarily because:
AA gross lease applies only to residential properties
BIn a gross lease, the landlord pays most operating expenses; in a net lease, the tenant pays some or all operating expenses✓ Correct
CA gross lease is only used for industrial properties
DNet leases are less common than gross leases in Ohio
Explanation
In a gross lease, the landlord typically pays property taxes, insurance, and maintenance while the tenant pays a flat rent. In a net lease, the tenant pays some or all of those costs in addition to base rent.
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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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