net lease

Definition

A property lease in which the lessee agrees to pay all expenses which are normally associated with ownership, such as utilities, repairs, insurance and taxes. also called closed-end lease.

Use net lease in a sentence

You should try to rent your property out as a net lease so that the other party has to pay for all the costs

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The net lease agreement was favorable because the person renting the home was a handy man that wanted the responsibility.

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ABC Corporation obtained the property at 1000 Main Street from Properties Management Inc. by signing a net lease and becoming responsible for all taxes and expenses associated with the ownership.

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triple net lease gross lease