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Recent Triple Net questions

I am moving out of a commercial space that I have rented for

I am moving out of a commercial space that I have rented for 5 years. My property manager just called me to tell me that the triple net was not updated in 2016 so I owe over $8000. I have not seen any paperwork detailing this. Can the landlord force me to pay this amount?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: texasJA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: No, except that I have been a good tenant and never missed my rent payments

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Loren

Juris Doctor

45,914 satisfied customers
I own a commercial mutli-unit property in Chicago, Illinois.

I own a commercial mutli-unit property in Chicago, Illinois. I'm interested in setting up a Master Lease with Option to Buy and would like to clarify whether I'm required to have any type of license to do so? Also, I'd like a general idea on the pros & cons associated with a Master Lease agreement from a seller's perspective vs a Lease with an Option to Buy or a Contract for Deed.

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Irwin Law

Juris Doctor JD

10,072 satisfied customers
I have triple net lease on a commercial building in North

I have triple net lease on a commercial building in North Carolina. We are responsible for wear & tear & replacement for the building. Hurricane Mathew hit us resulting in damage to the roof of the building & the only fix is to replace the roof. I filed a claim with insurance for repairs, the claim was denied because the damage is a casualty resulting in damage to the building & rules it as landlord responsibility under section 11 on my lease. I gave this info to the landlord & they are saying this is still my responsibility to repair. Who's responsible for the damages in this situation me or the landlord?

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Loren

Juris Doctor

45,914 satisfied customers
We have a forty year forgive able Liam by the State provided

We have a forty year forgive able Liam by the State provided the building is used for a homeless shelter. Currently major repairs are need in shelter so we cannot honor our contract with State. We want to return building to State. We have one tenant that pays no rent but shares triple net costs. Can we make this tenant vacate in order to close the building?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

54,762 satisfied customers
Building occupancy not correct leased, need to change to

Building occupancy not correct for business leased, need to change to receive certificate of occupancy. Business in building 10 years sold to new owner and discovered not correct. is the Business owner or building owner responsible for obtaining correct c of o. We have aTriple net lease

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Legalease

Attorney At Law

Doctor of Law w/ highest honors

15,426 satisfied customers
I entered a commercial purchase contract based on the verbal

I entered a commercial purchase contract based on the verbal information provided by the owner and realtor. During the dual diligent period, I reviewed tenant leases and find out that some tenants are not triple-net leases as the owner claimed. That means after the purchase the Net Operation Income (NOI) will be significantly lower than what owner declared. Can I request to renegotiate purchase agreement? If the owner refuses to adjust the purchase price, do I have the right to void the contract and request compensation due to the false information seller provided?

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CalAttorney2

Attorney

Doctoral Degree

20,486 satisfied customers
A new home developer (D) has indicated that, if we agree to

A new home developer (D) has indicated that, if we agree to buy the model home currently being used as D's sales office, D would rent it back for (example) 6% of the agreed-to sales price until the community was "built out". We anticipate this to be 2-3 years.We see some advantages to this arrangement, as we would like to live where we are for another 2-3 years. Also, the model home has many enhancements and upgrades which, if we wanted to replicate them, would be extra cost ... or not even be options in a "new build". We also see some complications. How to handle such things as (commercial?) insurance for a house used for business. HOA fees. Taxes. Need for D to convert the garage used as sales office into its intended purpose as a ... garage. Assurance that it would pass a rigorous engineering inspection when D exits. That the building would be maintained in a reasonable "like new" condition at the end of the lease.Can you provide your insights into how a lease agreement would be structured to assure us that we won't get burned? What are the dangers for us? Any advice that you can provide would be appreciated.

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Richard

Owner

Doctoral Degree

50,128 satisfied customers
We have been renting a shop from a family LLC than 30 years

We have been renting a shop from a family LLC for more than 30 years near Seattle Wa. The LLC has recently hired a real estate management company and that company is trying to force us to sign a new lease which includes an increase in the triple net and an incremental rent increase over then next 5 years to more than double what we are paying now. They are also forcing us to pay a "security deposit". The situation with that is that when we first moved into this space, it was not up to code and it was in horrible disrepair. The owner and I had an agreement that i would fix the place up in lieu of any deposits. However, the new manager says that because we dont have anything in writing, that is void and since there are no deposits on file, we have to pay a deposit equal to 2 months rent. Is this all legal? Do we have any recourse?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

54,762 satisfied customers
We are wondering about NNN , If Landlord presents asks

Customer: Hello, we are wondering about NNN JA: Thanks. Can you give me any more details about your issue? Customer: If Landlord presents asks for tenant pay more for NNN because the spending for the building care exceeded the base amount that is on the contract, does he have to disclose the detail? JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to Real Estate Law Experts (you only pay if satisfied). There are a couple customers ahead of you. We can help you for less if you're not in a rush. Are you willing to wait a bit? Customer: ok I will wait JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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3,854 satisfied customers
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