Property Management
An Oklahoma commercial lease includes a 'triple net' (NNN) provision. This means the tenant pays:
AOnly base rent with the landlord covering all operating expenses
BBase rent plus their proportionate share of property taxes, building insurance, and common area maintenance (CAM) expenses✓ Correct
CDouble the market rent rate
DRent only for the net usable space, excluding common areas
Explanation
In a triple net (NNN) lease, the tenant pays base rent plus the three 'nets': property taxes, building insurance, and maintenance/CAM costs. This shifts operating expense risk to the tenant and is common in retail and commercial properties.
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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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