A single net lease is a type of lease agreement in which the tenant pays a base rent along with property taxes. In this arrangement, the landlord takes on the responsibility for all other operating expenses related to the property. This structure allows tenants to have a clearer understanding of their financial obligations, as they only need to manage the rent and taxes.
Single net leases are commonly used in commercial real estate transactions. They are particularly relevant in leasing retail spaces, office buildings, and industrial properties. This type of lease is a part of real estate law, which governs the rights and responsibilities of landlords and tenants. Users can manage their lease agreements effectively by utilizing legal templates available through US Legal Forms, which are drafted by qualified attorneys.
Here are a couple of examples of abatement:
Example 1: A retail store enters into a single net lease for a shopping center. They agree to pay a monthly rent of $2,000 and cover the property taxes, while the landlord manages utilities and maintenance (hypothetical example).
Example 2: An office tenant signs a single net lease, agreeing to pay $3,500 per month plus property taxes. The landlord is responsible for insurance and upkeep of the building (hypothetical example).
| State | Key Differences |
|---|---|
| California | Single net leases may require additional disclosures under state law. |
| Texas | Standard practices for property taxes may differ significantly. |
| New York | Commercial leases often include specific tenant protections. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Net Lease | A lease where the tenant pays some or all of the property expenses. | Single net lease specifically requires payment of property taxes by the tenant. |
| Double Net Lease | A lease where the tenant pays base rent, property taxes, and insurance. | Double net lease includes insurance, while single net lease does not. |
| Triple Net Lease | A lease where the tenant pays base rent, property taxes, insurance, and maintenance. | Triple net lease places all operational costs on the tenant, unlike single net lease. |
If you are considering entering into a single net lease, it's essential to review the lease terms carefully. Ensure you understand your obligations regarding property taxes and clarify any maintenance responsibilities with the landlord. You can explore US Legal Forms for templates that can help you draft or review your lease agreement. If your situation is complex, seeking professional legal advice may be beneficial.
Browse our library of 85,000+ state-specific legal templates.
A single net lease is a lease agreement where the tenant pays base rent and property taxes, while the landlord covers other expenses.