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Triple Net Lease Contract Review Lawyer

By May 29, 2016November 8th, 2023Illinois Sales Tax, Uncategorized

Triple Net Lease Contract Review Lawyer
How do we do a better job at reviewing contracts?
We understanding business better than most other lawyers. Our tax back ground helps us in understanding tax implications ranging from out-of-state transactions, property leases, and employee benefits to say a few.
Why would this be important?
If you are purchasing an existing business, getting a new job, or simply need to understand your contract, we explain the bigger picture. For example, one of our favorite clients was about to sign a 5-year lease on a commercial property. He was floored at the price that he was getting – very cheap compared to surrounding properties. However, he was unaware of the workings of a triple-net lease. When he was explained that a triple-net lease was a fancy way of saying that he would be liable for all of the taxes (amongst other things) he quickly realized that his fixed rent was not as fixed as he thought.
But how much is property tax? Does it go up?
We were able to pull all of the documents from the Assessor’s office to see how much he would have to pay before and even after the build-out. His rent nearly went up 70% as a result of the taxes alone. We haven’t even gotten to the clause about common area maintenance.
Our client has been with us ever since and we have been able to be a part of a business that has grown from one small location to now 4 locations with approximately 25 employees.
Triple Net Lease Contract Review Lawyer
(888) 577-1482

Ansari Law Firm

Author Ansari Law Firm

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