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Simple English definitions for legal terms
certificate of redemption
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A quick definition of certificate of redemption:
A certificate of redemption is a document given to someone who has paid the amount owed to reclaim their property that was foreclosed. It proves that the debtor has paid the redemption price for the foreclosed property. Redemption means getting back something that was lost by paying a specific price. In the case of foreclosed property, it means paying the amount owed to get the property back. This is important because it protects against the sale of property at a price far less than its value.
A more thorough explanation:
Definition: A certificate of redemption is a document issued by a sheriff or other designated officer to a debtor whose property has been foreclosed. It serves as evidence that the debtor has paid the redemption price for the foreclosed property. Redemption refers to the act of reclaiming or regaining possession by paying a specific price.
Examples:
- After John's property was foreclosed, he paid the redemption price and received a certificate of redemption from the sheriff.
- In bankruptcy, a debtor has the right to repurchase property from a buyer who obtained it at a forced sale initiated by a creditor. This is known as redemption.
- When a borrower defaults on a mortgage, they may have the right to redeem the property by paying the outstanding debt or charges within a specified period. This is called statutory redemption.
These examples illustrate how a certificate of redemption is used to prove that a debtor has paid the necessary amount to reclaim their foreclosed property. Redemption can occur in various contexts, such as bankruptcy and mortgages, and may involve different types of payments and timeframes.
certificate of reasonable doubt | certificate of registration