Legal Definitions - redemise

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).