Question

Which of the following statements best defines Statutory Right of Redemption?

A) The right of a defaulted property owner to recover damages after the sale.
B) The right of a lender to recover expenses after the sale from the defaulted property owner.
C) The right of a defaulted property owner to recover and remove personal property after the sale.
D) The right of a defaulted property owner to recover the property after the sale.

Answer 1

The Statutory Right of Redemption is the right of a defaulted property owner to recover the property after it has been sold, by paying off the outstanding debt and any associated costs.

Step-by-step explanation:

The Statutory Right of Redemption is the right of a defaulted property owner to recover the property after it has been sold. This means that if a property owner fails to make mortgage payments and the property is sold at a foreclosure auction, they have the right to reclaim their property within a specified period of time after the sale. However, it is important to note that this right usually involves paying off the outstanding debt and any associated costs.