Escrow & Title
A Maine property sold at a tax lien foreclosure. The previous owner's right to reclaim the property by paying taxes and costs before the redemption period expires is called:
AEquitable redemption
BStatutory redemption✓ Correct
CRight of first refusal
DDeficiency judgment
Explanation
Statutory redemption is the right granted by law (statute) to the former owner to reclaim property after a foreclosure or tax sale by paying the amount owed plus costs within the redemption period.
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