Property Management
Under a triple net (NNN) lease in Virginia, the tenant pays:
ABase rent only
BBase rent plus utilities only
CBase rent plus property taxes, insurance, and maintenance✓ Correct
DAll expenses including capital improvements
Explanation
In a triple net (NNN) lease, the tenant pays base rent plus three additional expenses: property taxes, property insurance, and maintenance/operating costs. It is common for commercial and retail 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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