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
(1) Mildly convex arch built into a load bearing beam, girder, or truss to counteract any load bearing stress placed on it. (2) Slight slope designed into a structure such as a drive4way or ...
Provision in a mortgage that requires the final payment to be substantially more than all other payments. ...
Natural resource, such as oil, coal, and timber, having a limited useful life and subject to depletion. Such assets decrease in worth primarily due to the extraction of the valued commodity ...
A purchase of real property made on account. Loan extended to business or individuals to buy real estate. In taxation, a dollar-for-dollar reduction in taxes. An example of a tax ...
Term indicating a resemblance or analogous to a legal classification. For example, a quasi corporation, quasi contract, quasi possession, quasi offense. ...
Group of investors pooling their money to purchase real estate. ...
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Financial standing of a debtor as a basis to pay obligations. ...
Business entity providing water services in a particular locality. ...
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