The Real Estate Encyclopedia
Right Of Redemption
Category - Real Estate Glossary - Real Estate Terminology
1.  A right a party has to buy back or repurchase and recover property lost through a judicial sale. The right of a mortgagor to retain title to a property during a foreclosure period as well as the right to regain the title within a permitted set period.

2.  In certain states, the Trustor under the deed of trust, or mortgagor under the mortgage, and/or junior lien holders have the right to redeem the real property following foreclosure sale. The period of time during which the property may be redeemed, if right of redemption is permitted and whether it is applicable to non-judicial and/or judicial foreclosure, varies significantly by state and can be as little as three months or more than a year.


References
 
Category(s)
Real Estate Glossary - Real Estate Terminology
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