Redemption Period
time period, as established by state statute, during which a property owner can redeem a defaulted mortgage or land contract or reclaim a foreclosed property. A property owner acting during the redemption period must pay all defaulted payments and associated charges. For example, Brian acted within the stipulated three-month redemption period and paid all defaulted mortgage payments and late charges on his home thereby preventing a foreclosure proceeding.
Popular Real Estate Terms
Branch of the federal government responsible for collecting taxes including personal and corporate. The IRS administers tax rules and regulations, and investigates tax irregularities. ...
An easement granted to a public utility. ...
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Square footage of space a parcel of land has. ...
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