Property Management
In a Washington triple-net (NNN) commercial lease, the tenant is responsible for:
ARent only
BRent plus the landlord's mortgage payments
CRent plus property taxes, insurance, and maintenance/operating expenses✓ Correct
DRent plus a percentage of the landlord's other properties
Explanation
In a triple-net (NNN) lease, the tenant pays the base rent plus the three 'nets': property taxes, building insurance, and maintenance/operating expenses. This shifts most property costs 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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