In legal terms, “redeem” refers to the act of repurchasing or reclaiming property or rights by fulfiling certain conditions or obligations. Redemption may involve the payment of a specified amount of money, the performance of certain actions, or the fulfilment of contractual terms. For example, in the context of mortgages, redemption allows a borrower to regain ownership of property by paying off the outstanding loan amount plus any accrued interest and fees. Similarly, in the context of contracts or agreements, redemption may involve the fulfilment of certain obligations to restore rights or privileges that were previously forfeited or restricted. Redemption rights are often governed by contractual agreements, statutory provisions, or court orders, and the specific requirements and procedures for redemption may vary depending on the circumstances and jurisdiction.
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This glossary post was last updated: 29th March, 2024.
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