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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.
n. the act of redeeming, buying back property by paying off a loan, interest and any costs of foreclosure. (See: redeem)
redemptionnoun deliverance, indemnification, recovery, release, reparation, replevin, repossession, repurchase, rescue, restoration, retrieval, return, salvation
Associated concepts: right of redemption
See also: discharge, freedom, indemnification, indemnity, liberation, payment, progress, ransom, recovery, rehabilitation, replevin, restitution, salvage
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.
2. The right of redemption then is an agreement by which the seller reserves to himself the power of taking back the thing sold by returning the price paid for it. As to the fund out of which a mortgaged estate is to be redeemed, see Payment. Vide Equity of redemption.