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Real Estate Definition - statutory right of redemption

statutory right of redemption - a right granted under state laws (different in each state) giving a person the right to redeem (buy back) a property lost in a judicial foreclosure or tax sale for a specific period of time after the foreclosure. The redeeming party must generally pay all foreclosure costs, back interest, and the full encumbrance. Statutory redemption periods range up to a year after the sale. There is generally no right of redemption in a nonjudicial foreclosure such as a trustee?s sale. See also judicial foreclosure and nonjudicial foreclosure. See, by contrast, redemption, equitable right.



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