Real Estate Investing : Gross Lease

Homes For Rent - Real Estate Investing : Gross Lease

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People lease commercial real estate properties using either a gross lease or modified gross lease or a net lease. Residential properties are normally leased under a gross lease with the irregularity of the utility expenses. A gross lease is also referred to as a pass-through lease or a full service lease. When a tenant leases a property using a gross lease, he pays a gross rent and the landlord has to pay the operating costs of the construction risking rising operating expenses over the duration of the lease. A net lease refers to a lease where the lessee is responsible to pay for the taxes, insurance and maintenance of the property.

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Types of Gross Lease:
Full service Gross Lease: In this kind of lease, the landlord is responsible for the cost of taxes, maintenance, insurance and utilities. All these expenses are included in the base rent paid by the tenant. The lessee is responsible for any property insurance, taxes and utility expenses beyond the permitted construction standards. The lessee has to agree to pay his share of any increase in the operating expenses of the building.

Modified Gross Lease: In a modified gross lease, which is similar to a full service gross lease, except that certain basic services such as taxes, maintenance, insurance, janitorial services, electrical services etc. Are excluded from the lease. This type of lease is generally used in multi-tenant structure where there are separate tenants with separate needs.

Commercial Gross Lease: The lessee pays the landlord a fixed monthly rent and the landlord is responsible to pay for the operating expenses of the construction and its maintenance. The lessee pays for the utilities, maintenance, operating expenses, taxes as well as janitorial services.
Industrial Gross Lease: The landlord leases an entire commercial construction to a tenant. The tenant has to use the construction as per the agreement in the lease, manufacturing and distributing and maintaining an office in it. The landlord will be responsible to pay for the maintenance, operating costs, taxes, insurance, utilities etc. That will be paid for by the lessee in the base rent.

The landlord has to take precaution against lessees with deceitful intent and make sure they verify any data provided by the lessee before signing the lease. The lessee, especially in a commercial building, has to make sure to find out if the lease includes only his office space or also parts of tasteless area such as, hallways etc. The lessee has to make sure that he studies the terms of the lease thought about to ensure he is not paying for something that is not linked with his office space as if a new hallway built in another floor!

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