Oakland, California (EastBayDaily) — First Rate Property Inspection, specializing in commercial properties, states that accurate property condition information is a necessity for both property owners and businesses desiring a lease. There are many different types of leases and First Rate Property Inspection provides tips on using a triple net lease.
The triple net lease is very popular in commercial building leasing because it reduces the owner’s need to spend time and money monitoring property conditions and providing maintenance, repairs and/or replacement of roofing, air conditioning and other major property components. This type of lease works especially well for owners who wish to create an “armchair investment” situation.
The basic idea of a triple net lease is for the lessee to assume responsibility for all the property’s expenses, both fixed and operating. While there are many versions, triple net typically includes taxes, insurance and maintenance.
Most triple net leases require the lessee or tenant to cover costs to maintain the various components of the building that can wear out or be damaged during the lease period. A modified net or modified gross lease is a variation of the triple net lease in which the tenants pay their own utilities, interior maintenance, repairs and insurance, and the landlord pays everything else, including real estate property taxes.
For more information about triple net lease or any of First Rate Property Inspection’s services, call 855-537-5326 or visit http://www.firstratepropertyinspection.com. First Rate Property Inspection is located at 360 Grand Ave., #194 Oakland, CA 94610.
About First Rate Property Inspection
First Rate Property Inspection’s primary purpose is to provide easy to use, high-quality home inspection and property inspection reports, which describe key components of commercial properties and provide valuable information their clients need to make important decisions on purchasing, leasing and maintaining properties. The company’s inspection services include roof surfaces, drainage and flashings, HVAC, heating, ventilation and air-conditioning, structural components, plumbing and electrical systems, exterior and interior components, and surfaces.