The following was a Q&A from the Tennessee Association of Realtors Hotline:
Question: I have a client interested in purchasing a foreclosure property. There is a statement in the addendum from the mortgage company that states, “Buyer understands that the Property may be subject to redemption by the prior owner…”. How long is this redemption period and how can we determine if the previous owner has initiated redemption?
Answer: In Tennessee there is a two year right of redemption in the event that a property is sold to satisfy debts. [See Tenn. Code Ann. 66-8-101.] In order to exercise that right of redemption, “Any debtor whose interest in real estate has been so sold, and is subject to redemption, may redeem the interest by paying to the purchaser, or to anyone claiming under the purchaser, the amount bid or paid by the purchaser, with interest thereon at the current composite prime rate as published by the federal reserve board as of the date of purchase per annum, together with all other lawful charges.” – Tenn. Code Ann. 66-5-106. If the purchaser cannot be found, then the funds can be paid into the court clerk’s office of the county in which the property sits. – Tenn. Code Ann. 66-8-113.
If you have questions about the right of redemption, you need to speak with your own attorney. Please remember that Realtors cannot provide legal advice to their clients.
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