What is the definition of triple net lease?

This is not the academic version of the definition, but in my view:

Is the "set it and forget it" lease. Your tenant is essentially responsible for paying all of the maintenance, taxes, insurance and utilities associated with the property.

It is common on properties such as the ones used in retailing, but mostly where the tenant occupies the whole building.

The opposite is the “gross lease”, where the property owner pays most if not all of the associated expenses. I would say that this is common on industrial/warehouse buildings.

Question: For a "gross lease" - that would include electricity, water, and the like? Somewhat like a 'utilities included' commercial lease? Also, how does insurance work for a gross lease, liability and property?

Utilities are almost never included in either type. Maybe just the ones for common areas.

" how does insurance work for a gross lease, liability and property?" Hazard insurance usually covered by the landlord. Liability is usually left to the tenant. Although, I am not 100% sure that the hazard does not contain some form of liability included.

Checking on the insurance requirements is more a function of administration than of credit so I am going to claim some ignorance in this issue.

Understood. Thanks!

The triple net lease is where the tenant is responsbile for paying property taxes, utlilities and maintenance costs whatever they are and whenever they increase.

Just a side note: My friend is in a building with a triple net lease. He is having to move out in 2 years since the building is being sold but a few months ago the landlord wanted to upgrade the parking lot which costs the tenants $100,000 out of their pocket.

I don't like the idea of triple net leasing.

I believe the best NNN Leases are Single Tenant NNN Leases. Go to my website on my signature for more information.