Redemption period

Redemption period — the window after a foreclosure sale in which the former owner can reclaim the property by paying the auction price plus interest and costs: one year from registration for individuals under Act 3135; at most three months for juridical mortgagors of banks. For the auction buyer it means conditional ownership — you might receive a redemption payout instead of a property. Acquired assets (already through auction and redemption) carry no such condition, which is why the course points first-timers there.

First used in: 3.6 · Foreclosures end-to-end