Conventional Redemption
(Arts. 1601-1618)
Legal Redemption
(Arts. 1619-1623)
It is the right which the vendor reserves to himself, to reacquire the property sold provided her returns to the vendee the price of the sale, the expenses of the contract, any other legitimate payments made therefore and the necessary and useful expenses made on the thing sold, and fulfills other stipulations which may have been agreed upon.It is the right to be subrogated, upon the same terms and conditions stipulated in the contract, in the place of one who acquires a thing by purchase or dation in payment, or by any other transaction whereby ownership is transmitted by onerous title.  
Nature: 
(a)    it is purely contractual because it is a right created, not by mandate of the law, but by virtue of an express contract[Ordoñez vs. Villaroman, 78 Phil. 116];
(b)    it is an accidental stipulation and, therefore, its nullity cannot affect the sale of itself since the latter might be entered into without said stipulation [Alojado vs. Lim Siongco, 51 Phil. 339];
(c)    it is a real right when registered, because it binds third persons [Mortera vs. Martinez, 14 Phil. 541];
(d)    it is a resolutory condition because when exercised, the right of ownership acquired by the vendee is extinguished[Aquino vs. Deal, 63 Phil. 582];
(e)    it is potestative because it depends upon the will of the vendor;
(f)     it is a power or privilege, not an obligation, that the vendor has reserved for himself [Ocampo vs. Potenciano, CA 48 OG 2230];
(g)    it is reserved at the moment of the perfection of the contract for if the right to repurchase is agreed upon afterwards, there is only a promise to sell which produces different rights and effects and is governed by Art. 1479 [Diamante vs. CA, 206 SCRA 52];
(h)    the person entitled to exercise the right of redemption necessarily is theowner of the property sold and not any third party [Gallar vs. Husain, 20 SCRA 186];
(i)      it gives rise to reciprocal obligationthat of returning the price of sale and other expenses, on the part of the vendor, and that of delivering the property and executing a deed of sale therefore, on the part of the vendee [Pandaquilla vs. Gaza, 12 Phil. 663].
Nature:  (a)     identical with conventional redemption, except for the source of the right – conventional redemption arises from the voluntary agreement of the parties; legal redemption proceeds from law;
(b)     it is not predicated on proprietary right but on a bare statutory privilege to be exercised only by the person named in the statute – the statute does not make actual ownership at the time of sale or redemption a condition precedent, the right following the person and not the property[Magno vs. Viola and Sotto, 61 Phil. 80];
(c)     it is in the nature of a mere privilegecreated partly for reason of public policy and partly for the benefit and convenience of the redemptioner to afford him a way out of what might be a disagreeable or inconvenient association into wh