pcuz

Hi,

I am looking to rent a house in NY and found the perfect place. But when I read the contract the landlord wanted me to sign it contains the words "Triple Net Lease" I have looked this up and it appears I would have to pay rent + taxes and other expenses.

For me I want to rent and its down to the landlord to pay taxes and repair the place if there is damage (I thought that was the point! :-)).

Anyway is this type of lease normal in the US? Or is this landlord trying something fast on me?

Any advice?

Thanks!

ian-mstm

http://en.wikipedia.org/wiki/Net_lea..._of_net_leases

You'll find this in larger cities! There are always more people wanting to rent than there are properties for rent - so the landlord can pretty much set whatever conditions he wants. If you don't like the terms, look elsewhere.

Ian

Bluegrass Lass

Wow, I learned something new today. I've never heard of this type of lease before. Personally, unless we faced a high likelihood of homelessness, I would never sign such a lease. After we get our house sold, we plan on renting for quite awhile because we don't want to deal with the hassle of insurance and maintenance, so I can't see what advantage such a lease would have for someone.

S Folinsky

As noted in the link you post -- this is quite common indeed in commercial leases. Even so, the triple net does not absolve the landlord of payment of those expenses, it establishes a right to reimbursement.

pcuz

So after going back to the landlord it seems this is a standard lease he uses for all his properties (including some commerical) so I am making him clearly state what he expects me to pay before I move forward.

It goes without saying that you need to read everything you get before your sign it!