triple-net lease

Triple-Net

A lease in which the tenant is responsible for costs in addition to rent. The tenant is responsible for net property taxes, net insurance, and net maintenance for the duration of the lease, which is the origin of the name. Because the tenant is responsible for costs that the lessor would otherwise pay, rent on a triple-net lease is usually lower than on other leases.

triple-net lease

A lease that requires the tenant to pay all costs and expenses associated with ownership of the property,including taxes,insurance,repairs,and maintenance. Contrast with gross lease.