The quality or state of being capable of being demised or leased; the legal capacity to be rented or transferred.
From demise (from Old French demis, past participle of demettre, to transfer) + -ability (suffix forming nouns of quality). This legal term became standardized in property law during the 17th-18th centuries.
Real estate lawyers needed precise language to describe what properties could and couldn't be leased—some properties had 'demisability' while others were entailed or restricted by ancient laws, and getting this wrong could invalidate a contract.
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