Lease agreements come in a variety of shapes and sizes. If you plan to lease property for your business in Chesterfield or Henrico Counties, first exercise your due diligence by ordering a building inspection from Burgess Inspections, Inc.. Our inspectors will help you fully understand the condition of the property, thus protecting your business from expensive, unexpected repairs.
Types of Lease Agreements
Lease agreements are common in the business world. These agreements outline which party is responsible for certain obligations with regard to the property, including taxes, insurance, and repairs. The primary types of leases are:
- Gross Lease – The tenant only pays rent. The landlord and tenant agree to a set fee per month. This is typically the most expensive form of rent because the cost of taxes, insurance, and repairs are factored into the monthly fee.
- Net Lease – The tenant pays rent and property taxes, while the landlord pays for property insurance and repairs.
- Double Net Lease – The tenant pays rent, property taxes, and insurance, but maintenance is covered by the landlord.
- Triple Net (NNN) Lease – The tenant pays all expenses associated with the property. This includes utilities, taxes, rent, and repairs. If the property is part of a larger facility, lessees may also have to contribute toward expenses for common areas like parking lots, landscaping, security, etc.
Order an Inspection Before You Sign
While it is important to order an inspection before you rent any commercial property, it is especially important if you are entering into a triple net lease agreement. The greatest risk of NNN leases is the cost of emergency or large-scale repairs. To avoid being stung with hidden building problems, it is imperative to schedule a commercial building inspection prior to signing the lease. Our inspectors will identify any potentially expensive repair items so you don’t get “grandfathered in” to pay for pre-existing problems.
Request a Commercial Inspection Today
In addition to commercial building inspections, we also perform pre-purchase inspections, pre-listing building inspections, and construction draw inspections. Regardless of the industry or size of the building, our property inspectors will thoroughly review the building and its components, and make note of any necessary repairs or potential future expenses. We will arm you with the knowledge needed to negotiate a fair price on a home for your business. To request a commercial building inspection in Richmond, Charlottesville, or the surrounding areas, contact Burgess at (844) 804-9219.