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
The phrase used for the period in which the escrow agent communicates to both the buyer and the seller as to what documents or moneys have to be deposited with the escrow agent to satisfy ...
The term apportionment can be easily applied to many contexts. For example, apportionment in insurance is concerned with how the loss is allocated between two or more insurance companies ...
Founded in1934 and located in Chicago, IL with a 1993 membership of 8,300, the IAAO seeks to ameliorate assessment standards as well as to perform ongoing property assessment research. The ...
Power or strength of economic factors an variables influencing the real estate market. For example, real estate values may decline in times of recession because people cannot afford to buy ...
Generic name given for any association of property owners sharing an interest in commonly owned property. Community associations may be developed in condominium, cooperative, or housing ...
Written obligation of a borrower that is backed by collateral in the event of default. The lender must assure himself that the market value of the security equals or exceeds the amount of ...
Type of investment company that invests money in mortgages and various types of investment in real estate, in order to earn profits for shareholders. Shareholders receive income from the ...
The meaning of a guarantee covers a legal and financially-binding agreement signed between three parties involved in real estate or financial transactions. In this document, typically ...
In real estate and across the nation, you will see different types of house structures, frames, and aspects. One of those is the A-frame type. This is an architectural style that leans ...
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.