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
An increase in land occurring from the withdrawal of a body of water. Normally, when reliction occurs, the increase in land area belongs to the individual having water rights in the area. ...
To understand the definition of the term demised premises, one must understand what demise means. Because demised premises is a widespread use for the term demise. The demised premises ...
Economic or physical life of a fixed asset. The property is depreciated over the period benefited. ...
Expected period that property will provide benefits. It is typically less than physical life of the property because the property continues to have physical life regardless of inefficiency ...
Horizontally placed timber that is connected to other timber. Smooth, flat, thin piece of metal. Electrical covering. ...
A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs. ...
The term foraging comes from the old germanic language, which passed through Old French “fuerre” and “fourrage” and it means the search for wild food resources. ...
Ownership of property by two or more people in undivided interests, without the right of survivorship. Each coowner's interest may be conveyed separately by its owner. Tenancy in common ...
Fan with an opening to the outside air that lets stale or hot air exit the structure; usually used in a kitchen when cooking or in a bathroom that does not have a window. It is used for ...
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