Definition
A statutory period after foreclosure during which the former owner may reclaim the property by paying the debt.
Example
The state's six-month redemption period delayed the investor's ability to take clear possession.
Related terms
- Abstract of Title
- Adverse Possession
- Affidavit of Title
- Certificate of Occupancy
- Chain of Title
- Cloud on Title
Frequently asked questions
What does Redemption Period mean in real estate?
A statutory period after foreclosure during which the former owner may reclaim the property by paying the debt.
How is Redemption Period used in practice?
The state's six-month redemption period delayed the investor's ability to take clear possession.
This definition is provided for educational purposes. Legal and tax terminology can carry jurisdiction-specific meaning — confirm with a licensed professional before relying on it in a transaction.