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Updated 6 months ago,

User Stats

9
Posts
1
Votes
Thuan Nguyen
Pro Member
  • Lacey, WA
1
Votes |
9
Posts

Triple Net Lease for an office

Thuan Nguyen
Pro Member
  • Lacey, WA
Posted

Tenants are responsible for property taxes, insurance on the building, and common area and maintenance costs under triple net lease. We are renting one of the units in a office building. One of the restroom water pipes broke over the weekend and flooded the whole office that would need a major renovation. The contractor estimate for the cost to repair the damage is approximately 93k. Which such a large expense, does the tenant still responsible for the repair as part of the maintenance cost under triple net lease or is this consider as catastrophe/crisis and it would fall under the landlord responsibility?

  • Thuan Nguyen
  • Loading replies...