On buying property under execution

(Conclusion)

Redeemed property may again be redeemed within 60 days after the last redemption upon payment of the following: (a) sum paid on the last redemption, with 2 percent thereon; (b) the amount of any assessments or taxes which the last redemptioner may have paid thereon after redemption by him, plus the corresponding interest; (c) the amount of any liens held by said last redemptioner prior to his own; and (d) corresponding interest on these amounts.

Written notice of any redemption must be given to the officer who made the sale, while a duplicate copy shall be filed in the proper registry of deeds. If: (a) any assessments or taxes were paid by the last redemptioner; or (b) he acquired any lien other than that upon which the redemption was made, notice thereof must in like manner be given to the officer and filed in the registry of deeds.

If the notice was not filed accordingly, the property may be redeemed without paying such assessments, taxes or liens.

If the judgment obligor would redeem the property, he must pay as is required to effect a redemption, after which no further redemption shall be allowed and he is restored to his estate. The person receiving the redemption payment must execute and deliver to the judgment obligor a notarized certificate of redemption, a copy of which must be filed and recorded in the proper registry of deeds.

Before he may redeem the property, the redemptioner must produce present to the officer or the person from whom he seeks to redeem a certified copy of the judgment or final order under which he claims the right to redeem.

If he was redeeming upon a mortgage or other lien, he must present a duly certified memorandum of the record thereof or an original or certified copy of any assignment necessary to establish his claim, as well as an affidavit executed by him or his agent, showing the amount actually due on the lien.

Meanwhile, before the time allowed for redemption should expire, the court may, as in other proper cases, restrain the commission of waste on the property by injunction. But, it is not waste for a person in possession of the property at the time of the sale, or entitled to possession afterwards, during the period allowed for redemption, to continue to use it in the same manner in which it was previously used, or to use it in the ordinary course of husbandry, or to make the necessary repairs to buildings thereon while he occupies the property.

The purchaser or redemptioner shall not be entitled to receive the rents, earnings, and income of the property sold on execution, or the value of the use and occupation thereof when such property is in the possession of a tenant. All rents, earnings and income derived from the property pending redemption shall belong to the judgment obligor until the expiration of his period of redemption.

If the property was not redeemed within one year from the date of registration of the certificate of sale, the purchaser is entitled to a conveyance and possession of the property.

If so redeemed whenever 60 days have elapsed and no other redemption has been made, and notice thereof given, and the time for redemption has expired, the last redemptioner is entitled to such conveyance and possession. In all cases, the judgment obligor shall have the entire period of one year from the date of the registration of sale to redeem the property.

Upon the expiration of the right of redemption, the purchaser or redemptioner shall be substituted to and acquire all the rights, title, interest and claim of the judgment obligor to the property as of the time of the levy. The possession of the property shall be given to the purchaser or last redemptioner by the same officer unless a third party is actually holding the property adversely to the judgment obligor.

The purchaser of the real property sold on execution, or his successor-in-interest, may file a motion to recover from the judgment obligee the price paid, with interest, or to have the original judgment revived in his name when: (a) he fails to recover the possession thereof; (b) he is evicted therefrom because of irregularities in the proceedings concerning the sale; (c) the judgment has been reversed or set aside; (d) the property sold was exempt from execution; or (e) a third person has vindicated his claim to the property.

Read more...