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Redemption period
Redemption period A period of time established by state law during which a property owner has a right to redeem real estate after a foreclosure or tax sale by paying the sales price, interest and costs.
RELATED TERMS--------------------------------------
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
Foreclosure
A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.
Interest
Money paid to a lender as compensation for money that is borrowed.
SIMILAR TERMS--------------------------------------
Redemption
The process of paying off the mortgage at the end of the mortgage term.
Redemption charges - penalty
Charges made by the lender when the borrower pays off the loan.
PREVIOUS AND NEXT TERMS--------------------------------------
Rectangular (government) survey system
A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines.
Red flag
A visual sign or indication of a defect. Something that warns a reasonably observant person of a potential problem, thus requiring further investigation.
Red herring
The preliminary prospectus for an initial public offering.
Redemption
The process of paying off the mortgage at the end of the mortgage term.
Redemption charges - penalty
Charges made by the lender when the borrower pays off the loan.
Redemption period
Redlining
The practice of refusing to provide loans or insurance in a certain neighborhood.
Reduction certificate (payoff statement)
The document signed by a lender indicating the amount required to pay a loan balance in full and satisfy the debt.
Refinance
Obtaining a new loan to pay off an existing loan. Refinancing is a popular practice when interest rates drop.
Refinance transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.
Refinancing
The process of the same mortgagor paying off one loan with the proceeds from another loan.
This dictionary contains 6433 terms. |
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