What Are Redemption Rights?
Redemption rights give a property owner the chance to recover property by paying what is owed before ownership is permanently lost. They arise most often in foreclosures and tax-delinquency situations, giving the owner a final opportunity to cure the default and keep the property.
Redemption in a Florida Foreclosure
Under § 45.0315, Florida Statutes, a borrower (or junior lienholder) has the right to redeem the property at any time before the later of the filing of the certificate of sale by the clerk or the time specified in the foreclosure judgment. To redeem, the party must pay the full amount due — principal, interest, and costs. Once the certificate of sale is filed, that right of redemption is cut off.
Tax Deed Redemption
- When property taxes go unpaid, a tax certificate is sold against the property
- The owner can redeem by paying the delinquent taxes, interest, and fees before a tax deed is issued
- Redemption stops the loss of the property to a tax-deed sale
Related Terms
- Foreclosure — Where the right of redemption commonly arises
- Tax Deed — The instrument redemption can prevent
- Default — The event that puts redemption rights in play
Barnes Walker Real Estate
Barnes Walker's attorneys advise Florida owners and lenders on foreclosure, redemption, and tax-deed matters. Request a legal inquiry for assistance.
Florida Law Reference
Fla. Stat. § 45.0315
Gives the mortgagor or a junior lienholder the right to redeem the property by paying the amount due at any time before the clerk files the certificate of sale or the deadline set in the foreclosure judgment.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC