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
The minimum age required for legal competency ( in most states 18 years). ...
Transaction savings realized by setting a fixed and certain price. ...
An individual appointed by a court to manage the affairs and property of a legally incompetent party. The conservator has full decision-making authority over the affairs of the property in ...
Ownership of a real estate in which at least two or more individuals have equal ownership. If a member of the group dies, the property is transferred to the survivor (s), for example, a ...
The definition of gross sales price in real estate refers to the combined cost of a property or listing before subtracting the real estate agent’s commission, sales tax and other ...
Physical record card where the date of the last assessment valuation and its results, as well as a property description are kept. ...
Same as term development: Process of developing an area by planning and building homes, shopping centers, schools or churches. The development process includes the construction of streets, ...
Regular rental of property between the lessee and lessor for a fee. An operating lease does not satisfy the criteria for a capital lease. An example is renting an apartment. A lessee ...
A public foreclosure sale where public notice is given anyone is allowed to participate. Normally, a public sale occurs because of the property owner's failure to pay taxes. ...
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