Redemption Legal Meaning and Definition

Here is a simplified definition of the legal term Redemption.

Redemption (noun): Redemption refers to the act of regaining ownership or control of a property, item, right, etc., by buying it back, paying off debts, or giving necessary compensation. This re-acquiring process is usually applied when the said property or right has been sold, given away, used as collateral, or transferred in any other way to another person.