redemption period

Definition

The period during which a borrower may reclaim the title and possession of property by paying the debt it secured.

Use redemption period in a sentence

He hoped that he would be able to raise the correct amount of money while the property was still in the redemption period.

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The redemption period for reclaiming his house was almost up and he certainly did not yet have the money available to pay off what he owed.

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Finally, since he had scrounged up enough money with his second job, he was able to pay off the property lien well into the redemption period.

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redemption mechanism certificate of sale