What does the statutory right of redemption allow a defaulted property owner to do?

The statutory right of redemption is a legal provision that permits a defaulted property owner to reclaim their property following a foreclosure or tax sale, provided they fulfill certain conditions, typically involving the payment of the outstanding debt, fees, and costs associated with the sale. This right serves as a consumer protection mechanism, allowing owners a chance to recover their property even after it has been sold due to default.

In this context, the correct choice reflects the essence of this right, emphasizing the ability to recover the property after it has been sold. It is an important feature of real estate law in many states, designed to prevent the permanent loss of property due to a financial hardship.

The other choices do not accurately capture the purpose of the statutory right of redemption. Selling the property at any time or transferring ownership may occur under different circumstances but are not rights specifically granted by the statute in cases of default. Meanwhile, collecting interest on the property does not relate to the redemption process; rather, it pertains to the financial obligations tied to property ownership. Therefore, the option indicating the ability to recover the property after sale most accurately describes the function of the statutory right of redemption.