Is there a limit on how much the reconciliation amount can be for NNN?
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Is there a limit on how much the reconciliation amount can be for NNN?
We have been in the lease 2 years and last year was surprised with $17,000 charge and this year $12,000.
Asked on May 26, 2009 under Real Estate Law, California
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
A NNN property means a single tenant has a commercial lease and leases on net, net, net terms, which means the tenant is responsible for real estate taxes, insurance and maintenance. So it may not be surprising to have such charges based on what you are responsible for. However, did you get an accounting? Proof of the accounting?
Have your lawyer review the material or CPA. For a lawyer, try www.attorneypages.com and then check his or her disciplinary record at www.calbar.ca.gov under attorney search.
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