Redemption – In the Property Law, the legal term “redemption” details the act of releasing a mortgaged property. This happens in situation where the debt has been paid in full towards the creditor. The origin of the term is the word “redeem”, which means to pay back a loan together with the interest on top of it; to restore money previously taken.
In practice, the word “redemption” has got application in the legal term “redemption from tax sale”, applicable in the area of Tax Law. There it details a procedure, available to any person who has interest in the real estate, to pay the due taxes and interests to the Authorities, in order to avoid execution and sale of this real estate. Synonyms are “atonement”, “restitution” and “reparation”.