Property Management
A Vermont commercial tenant's lease includes a 'triple net (NNN)' provision. This means the tenant pays:
ARent only, with all operating expenses paid by the landlord
BBase rent plus their proportionate share of property taxes, building insurance, and maintenance/operating expenses✓ Correct
CThree times the base rent
DRent plus utilities only
Explanation
In a triple net (NNN) lease, the tenant pays base rent plus property taxes, building insurance premiums, and maintenance/operating expenses. This is common for Vermont commercial properties and shifts most operating costs from the landlord to the tenant.
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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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