Section 33. If land or rights have been taken and set off on execution, the debtor may within one year after the levy or, if such land or rights have been sold on execution, within one year after such sale or within the time and upon the terms provided in section forty-seven, redeem the same by paying or tendering to the creditor or purchaser, as the case may be, the amount for which they were so set off or sold, with interest thereon from the time of the levy, all amounts paid for lawful taxes and assessments, reasonable expenses incurred for repairs and improvements and, in case of levy by set-off, all amounts lawfully paid on account of any mortgage or other lien recoverable under section forty-eight, and deducting from such amount in each case the rents and profits received or which might have been received by the creditor or purchaser and with which he is lawfully chargeable. The creditor or purchaser shall thereupon deliver to the debtor a deed of release, prepared by the debtor or at his expense, of the land or rights so taken and set off or sold.