What Is a Triple Net Lease?

Many landlords like to have tenants sign a “triple net lease” – meaning that the tenant, not the landlord, pays for the real property taxes, the insurance and the maintenance of the property as well as the common areas shared by other tenants. There are many pitfalls in negotiating triple net leases – like what your share of common area expenses should be based upon, what exactly is included in the maintenance, and how you can verify what property taxes and insurance are being paid.