certificate of redemption

noun

Definitions of certificate of redemption

(UK) also:mortgage redemtion certificate a certificate a property owner gets to prove that the mortgage on the property has been paid off

The certificate of redemption is often necessary when a property is being sold.

(US) an official document confirming that you have paid all outstanding property taxes and fines associated with a property that has been subjected to foreclosure (=the process of forcing the sale of property because the owner is not able to pay back debts relating to that property). A certificate of redemption allows the former owner to regain ownership of the property after foreclosure but before an auction sale (=the sale of an asset such as a piece of real property or a business to the highest bidder).

The Sheriff's Office will issue a Certificate of Redemption upon receipt of the full amount of the redemption payment.