right of redemption

Definition

The right of a property owner to redeem his/her real estate from foreclosure or tax sale either by paying off the amount owed.

Use right of redemption in a sentence

You should try to make sure that you understand the right of redemption and use it in your favor if you can.

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We had the right of redemption and we knew that we were the people in charge of the future of what would happen.

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The right of redemption was still available to the homeowner who had missed their last three payments as the bank would be happier to be paid.

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right of recourse right of rescission