HB673 Alabama 2012 Session

Summary

Primary Sponsor

Mike Hill

Republican

Session

Regular Session 2012

Title

Real property, period of redemption reduced, exceptions, apply to sales pursuant to an executive, judgment, or foreclosure on and after September 1, 2012, prohibition of pre-sale waiver of the right of redemption repealed, permanent improvements defined, Sec. 6-5-248, 6-5-250, 6-5-253, 6-5-254 am'd

Description

Under existing law, certain parties may redeem real property sold pursuant to an execution, judgment, or foreclosure sale for up to one year from the date of the sale, and the redemption price includes the value of all permanent improvements made to the property after the date of the foreclosure, execution, or judgment sale.

This bill would repeal the prohibition of pre-sale waivers of the right of redemption and reduce the time period to exercise the right of redemption for all property, other than agricultural property and forestry property, to 90 days from the date of the execution, judgment, or foreclosure sale.

The bill would retain the one-year period to exercise the right of redemption for property used for agricultural or forestry purposes.

The bill would also define permanent improvements to mean all improvements made to the property after the date of the sale, irrespective of their necessity or reasonableness.

The bill would apply to all execution, judgment, and foreclosure sales that occur on or after September 1, 2012.

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Subjects

Property, Real and Personal