Wow Jed Lane of Fog City, I am quite taken aback by your response (not to mention your lack of knowledge regarding the subject matter). To be perfectly candid I was trying to get a discussion going as to the different types of net leases as agents/people seem to throw the term "triple net" around rather loosely. In my opinion:
"Essentially a single tenant bondable lease (also known as a single tenant true triple net lease or a single tenant absolute triple net lease) is a lease in which there is one single tenant and this single tenant takes responsibility for every fathomable real estate risk related to the property and is responsible for every single property related expense.â€
I have written articles on the topic, find one here:
This comment is in response to Jed Lane of Fog City (company name goes to show his sentiments of our City)â€¦ as he will probably retract the comment below:
"Jed Lane; Fog City
San Francisco, CA
Come on Greg what's the story here?
This is hilarious. Gregory Garver lists himself as a Commercial Broker. If he in fact has a Brokers license and advertises himself as a "NNN Commercial Broker" he should know what a triple net lease is and the difference between a triple net, double net, net, or a gross lease.
For all the rest of the folks who might find this thread in the future the answer is every lease will vary. If I am working for the owner I want few to no expenses and a decent return. I am willing to trade some future expense for a higher return. If I represent the lesee I want the cheapest rent and the least exposure to unknown expenses. Does the tenant take responsibility for the roof lets say. Depends on how long he's going to be there and where is the breakdown of the monthly payment.
When buying an investment property one should look out for and be aware of everything. There are few disclosures and it's truely a buyer-beware transaction. Doing the due-diligence during the escrow period is key to knowing what you are buying. If you like to ride rough with agents that will skin you if possible go for it.
Every agent who has questions about terms should have a copy of Barron's Dictionary of Real Estate Terms and any agent that needs to ask a question like this should never represent a client in a transaction like this."