REDEMPTION PERIOD the period during which a former owner can reclaim FORECLOSED property. See EQUITY OF REDEMPTION. Example: Collins' property was foreclosed. If she acts within her state's redemption period, she can reclaim her property by paying the DEBT and legal fees.
REDEVELOP the process of demolition of the existing improvements and construction of new improvements on a site. The new improvements are often of a different type from the old. Example: Since the old building has outgrown its usefulness, the owner plans to redevelop the site as the location of a new office tower.