Property

Question 1

Statutory redemption

Answer 1

is the right of a mortgagor to recover the land after the foreclosure sale has occurred, usually by paying the foreclosure sale price.

Question 2

equitable redemption

Answer 2

is the right of a mortgagor to recover the land by paying the amount overdue on the mortgage, plus interest, at any time before the foreclosure sale.

If the mortgagor has defaulted and the mortgage or note contained an acceleration clause, then the full balance of the mortgage must be paid in order to redeem in equity.

Question 3

3 types of notice

Answer 3

• Actual notice, meaning the defendant had literal knowledge of the promises contained in the prior deeds
• Inquiry notice, meaning the neighborhood seems to conform to the common restriction (it’s the “the lay of the land”)
• Record notice, meaning the form of notice sometimes imputed to buyers on the basis of the publicly recorded documents (so, there’s a prior deed with the covenant in grantee’s chain of title)