HB673 Alabama 2012 Session

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

To amend Sections 6-5-248, 6-5-250, 6-5-253, and 6-5-254, of the Code of Alabama 1975, relating to redemption of real property that is sold pursuant to an execution, judgment, or foreclosure sale; to reduce the period of time to exercise the right of redemption for all property other than agricultural property and forestry property; to provide that these redemption periods would apply to all sales pursuant to an execution, judgment, or foreclosure that occur on and after September 1, 2012; to repeal the prohibition of pre-sale waivers of the right of redemption; and to define permanent improvements to mean all improvements made to the property after the date of the sale, irrespective of their necessity or reasonableness.