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
Room containing a toilet and wash basin, but does not include a shower or bath tub. ...
The addendum definition is an attachment, clause, or section added to an agreement or contract specifying additional terms, conditions, or requirements to the original agreement or ...
The closing process is the final step of a property sale. It starts when the home seller agrees to the home buyer’s offer and it ends after all Closing costs are paid ...
Short-term leases are leases that run its completion in a faster time than regular ones.In real estate, short term-leases usually refer to temporary housing; that is: rent.The length of a ...
Clay-baked, glazed piping that is not damage by water. It is often used in underground drainage. ...
Valuation method for land or improvements to property. It takes into account gross rentals less operating expenses. ...
Nonload bearing layer of brick covering a wall of decorative purposes only. The wall is usually constructed of wood framing or masonry block. ...
Proposing or presenting for acceptance a price for a property parcel. Evidence of willingness to enter into a sales agreement. The bid price in a real estate or security ...
Rooflike cover that extends over any place to provide shelter from the sun, rain, or wind. ...
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.