P>In today's video, we're going to discuss the different types of leases that you need to know for your real estate licensing exam. All right, so there's eight different types of leases that you need to know for your exam. So let's take a look at each one of them. The first lease I wanna talk about is a Net Lease. Now the net lease is sometimes called a Triple Net Lease, because in a net lease, the tenant is going to pay a monthly or quarterly rent, or however the rent schedule is set up. Plus, there are three other items that they're going to pay in addition to the rent. And that is going to be, they'll be responsible for maintenance, property taxes, and also, the property insurance. The next one I wanna talk about is a Gross Lease. Now a gross lease is typically used in residential settings, all right, that's the first thing. Apartments and single family homes and those type of things. And typically, with a gross lease it's just one rent payment at the beginning of the month and that's it. It's just monthly rent, and then the owner is responsible for paying things like taxes and insurance. Now under a gross lease, the tenant may or may not have to pay utilities, that's going to depend on the specific unit that's actually being rented out. So, we see these in presidentially zoned type properties. The next lease I want to talk about is a Percentage Lease. Now a percentage lease is what's typically used in retail establishments, such as malls and things like that. And the tenant is gonna typically pay a monthly rent, plus a certain percentage of gross sales. And it's important to know that it's gross and not net. That's a key point you're going to have to know, in particular for brokers exams. I have had students...
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About Blumberg Lease
Blumberg Lease is a legal document that serves as a comprehensive lease agreement between a landlord and a tenant. It is named after the Blumberg Excelsior company, a well-established provider of legal forms and documents. The Blumberg Lease is designed to protect the rights and interests of both the landlord and the tenant. It outlines the terms and conditions of the lease, including the duration of the lease, rent amount, payment schedule, maintenance responsibilities, provisions for rental increases, rules and regulations, and any other specifications deemed necessary for the proper and fair renting of a property. Typically, the Blumberg Lease is utilized by residential, commercial, or industrial property owners who wish to lease their property to tenants. Landlords use this document to establish a formal agreement with their tenants, ensuring that both parties are aware of their rights and obligations throughout the tenancy. Similarly, tenants who are looking to rent a property, be it a house, apartment, office space, or retail store, may need the Blumberg Lease to protect their rights and ensure a clear understanding of the terms of the lease. By signing this document, tenants can avoid any misunderstandings or disputes in the future and can refer back to the lease agreement for clarification on various aspects of their tenancy. In summary, the Blumberg Lease is a legal document used by landlords and tenants to establish a transparent and fair agreement regarding the rental of a property, protecting the interests of both parties involved in the lease arrangement.
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