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Redemption |
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The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. redemption n. the act of redeeming, buying back property by paying off a loan, interest and any costs of foreclosure. (See: redeem) REDEMPTION, contracts. The act of taking back by the seller from the buyer a
thing which had been sold subject to th right of repurchase.
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