Definition of "Demise"
The definition of the term “demise” covers more spectrums than just real estate related. Most commonly the term demise is used to talk about someone’s death. It is also used to describe the end of something that had been considered powerful but is no longer, such as a business, industry, or a system. In law, the term “demise” is used to describe a property that you decide to rent to someone for a specific period of time, or a legal agreement through which you rent, give or leave someone a property through a will. Another legal term used in real estate today is demised premises.
In the past the term “demise” was used to lease or rent a vessel by the shipowner to someone else. From the start date of the demise to the end date, that ship, it’s earnings, use and management fell entirely in the hands of the person renting it. When that time expired, everything went back to the shipowner and the demise contract had to be written again.
What means demise in real estate?
In order to define the word “demise” in real estate, we have to go to its origins. The term, when used in a legal or real estate setting, is derived from the Anglo-Norman démettre or demittere which means to send away. Today, the word “demise” is a legal jargon that means the act of granting a lease of property. For real estate, it refers to giving an estate, to transfer it through a will or a lease. What is important to mention is that a real estate demise is defined by a lease that allows ownership of a property for a specific period of time or for life, but the end time of the lease is mentioned, whether by date or by something that will happen in the future (i.e. Demise a property till the time of death). It is used synonymous to leasing or letting a property for a period of time. To demise means to convey land or property through a deed or contract for a particular period of time.
Popular Real Estate Terms
An Option Listing agreement is one of the many specificities of a Listing Agreement. Here’s what happens when the house seller signs an Option Listing: he gives someone (a home buyer, ...
A roof forming a triangle from the eaves to the ridge of the roof. ...
Conversion of a rental apartment house to individual condominium ownership of a portion of the minimum ownership of a portion of the building. Often, the tenant is given an opportunity to ...
Lender (such as a bank) that has the property of the borrower as collateral (security, lien). If the mortgage is not paid, the property may be sold to make payment on the outstanding ...
Geographic location where a court action and trial takes place. The legal proceedings should occur in the place where jurisdiction applies. A "change of venue" may occur in a criminal ...
Timber wood situated on the exteriors of a loading deck to safeguard it from damage resulting when trucks unload and load. ...
A recorded plat defines a subdivision map that you have to file in the county recorder’s office. It will show the location and boundaries of your parcels of land. Knowing this, we can ...
In real estate, Attractive Nuisance is how insurance companies classify something that is inherently dangerous and particularly enticing to children. A hazard located within a property that ...
Interest rate on a mortgage that moves up or down based on some variable such as an index of lender's cost of funds, inflation rate, or prime rate. ...
Comments for Demise
What does demise mean?
Feb 23, 2020 08:12:10Hello, Lauren! Demise refers to the act of transferring legal rights, custody, attributes or other related aspects from one party to another or from one person to another. In real estate, demise can also mean a conveyance of property. The transfer of property for lifetime or for a determined amount of time. The term is loosely used to describe any conveyance. Demise is sometimes used synonymously with a lease, by which one conveys property, land or services to another for a determined amount of time. Also, having a short term lease or a long term lease is debatable and we have an article that highlights the pros and cons of short term leases.
Apr 08, 2020 12:23:17Have a question or comment?
We're here to help.