18:49
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LSDefine
Simple English definitions for legal terms
redemise
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A quick definition of redemise:
Term: REDEMISE
Definition: Redemise means giving back or transferring an estate that has already been leased or rented out. It is the opposite of a demise, which is the act of leasing or renting out an estate.
For example, if a landlord leases a property to a tenant and then decides to take it back before the lease is up, they would be engaging in a redemise.
Note: This definition is intended to be easily understood by a child.
A more thorough explanation:
Definition: Redemise is a legal term that refers to the act of transferring back an estate that has already been leased or rented out. It is the opposite of a demise, which is the initial transfer of the estate.
Example: John leased a commercial property to Sarah for five years. After two years, Sarah decided to transfer the lease back to John. This transfer of the lease is called a redemise.
Explanation: In this example, John initially transferred the estate (the commercial property) to Sarah through a lease agreement. However, after two years, Sarah decided to transfer the lease back to John. This transfer of the lease is called a redemise because it involves the transfer of an estate that has already been demised (leased out).