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
Property description contained in a title deed. A deed description is intended to inform a reasonable person where property is located. It can be described by metes and bounds, by ...
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Map within a governmental jurisdiction showing the boundary lines and ownership of all real property. A cadastral program produces the cadastral map. ...
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