right of redemption

Right of redemption

The right to recover property that has been attached by paying off the debt .
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Right of Redemption

In foreclosure or repossession, the right of a borrower to receive back the stated property before it is re-sold (and sometimes after it is re-sold) in exchange for repaying the debt guaranteed by the property that was foreclosed or repossessed. The length of time one has the right of redemption varies, but it can be for up to one year.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

right of redemption

The statutory right to redeem property either after it has been set for foreclosure or sometimes after the foreclosure itself. Postforeclosure redemption rights typically belong to the borrower,to any other persons with interests in the property,and to creditors of the borrower.It gives such persons the right to buy the property from the foreclosure purchaser,even if the purchaser was the lender, for the foreclosure price plus accrued interest at a statutorily set rate.The right of redemption may extend as long as one year in some states.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The one-year redemption period expired on May 31, 1985, without the spouses exercising their right of redemption. Hence, on June 25, 1985, more than one year after the certificate of sale was registered, a new transfer certificate was issued in favor of the LD Bank.
In the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes accept the Change of Control Offer and the Company purchases all of the Notes held by such Holders, the Company will have the right, subject to the terms and timelines set forth in the Amended Indenture, to purchase all of the Notes that remain outstanding following such purchase at a price equal to the Consideration plus, to the extent not included in the Consideration, accrued and unpaid interest on the Notes up to the date the notice of redemption is given (the "Right of Redemption").
If a period of 30 days expires from the date of notification with no partner exercising the right of redemption, the partner shall be free to dispose of his shares to third parties.
What we're talking about here is called the "statutory right of redemption." Simply put, it gives a former owner whose property has been taken back in a foreclosure proceeding the ability to redeem the mortgage and keep said property -- if, within a prescribed time frame, the former owner is somehow able to come up with enough money to repay what was owed.
After the tax deed is executed and recorded, the municipality owns the real estate, subject only to the very narrow right of redemption, with almost all aspects of property ownership transferring to the municipality.
If the existing partners do not exercise their right of redemption within fifteen days of publication, then the partner is free to transfer any parts.
[E]very mortgagor has a statutory right of redemption, made part of every mortgage, which continues even after a post judgment foreclosure sale until issuance of a certificate of sale by the clerk of court conducting the sale.
In order to protect the right of redemption as to the residential property, the court amended the confirmation order to allocate the sales proceeds to each tract in proportion to its appraised value using the appraisal evidence presented by Ebenezer and Martinez.
Further, homeowners who are foreclosed on should be allowed a 60-day right of redemption that allows them to purchase their home back for 110 percent of the amount for which it was sold at auction.
statutory right of redemption. Part III will discuss the effect of the
The new shares are issued at NOK19.85 per share, with a 7% fixed dividend yield and with a right of redemption after three years at the issued price