The right of redemption provided in Section 10-125 shall apply to any and all forfeitures and sales of real estate. Whenever the Director of Finance acting under a formal order in writing of the Council has received and receipted for the taxes, interest, penalties and costs due upon any piece or parcel of ground heretofore sold to the Council for want of a satisfactory bid, the forfeiture of the property shall cease as fully as if the property had not been sold to Council. Upon such redemption, the Director of Finance for the time being, shall enter upon the proper books of his office and upon the report of sale relating to such parcel of real estate redeemed, the date and fact of such redemption. The Council shall refund to any delinquent taxpayer the residue of the proceeds of sale of his parcel of real estate forfeited, and sold by them after deducting therefrom taxes, interest, penalties and costs of sale due and accrued on account of, upon and against such parcel at the time of the sale by the Council.