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Posted on November 30, 1999 by Joy Stoyle | Posted under Leasing Renting
NNN Lease - Who Gets them and Why
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There is usually not a reason for a person to enter into an NNN lease agreement for something like an apartment or house. Most of the time, if a person rents an apartment or house, he pays a monthly rent and usually also pays for heat and electricity. The person who owns the apartment or house, the landlord, pays for any maintenance to the structure and any insurance to cover the structure in case of damage such as fire or water damage. So why would anyone want to enter into an NNN lease? Usually it's not just one person but a company that takes advantage of this type of lease. When a large company or corporation wants to move into an area, they often don't want to purchase the property needed outright. For example, a large department store chain may want to establish a store in a certain area, so they will enter into an NNN lease for the property on which they put their building. The property will be insured and maintained by the large department store chain, and they will pay a monthly fee to the owner of the property. Though the monthly rent fee, insurance and maintenance costs may seem costly for the large department store chain, it almost always ends up being less than if the company buys the property outright. An NNN lease might work well for you if you own a large enough piece of property in a commercially zoned area. If you do, you might want to hold out for this type of lease if you are looking to rent out your property. The great thing about it is that you get a monthly rent payment, but you don't have pay for things like maintenance and insurance, and these leases are almost always long term. When it comes time for the lease to be up, chances are that the renter will want to sign another NNN agreement. About The Author: |
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