Definition (house-style)
Exagorazo (Gr. ἐξαγοράζω) is the second of the three Greek redemption verbs and builds upon agorazo. The prefix ex- (‘out of’, ‘away from’) adds to the purchase act the removal of the purchased person from the market. Christ does not merely buy the believer — he takes him away from the slave market so that he does not return to the auction block. In the New Testament exagorazo appears in Gal. 3:13 (‘Christ redeemed us from the curse of the law’) and Gal. 4:5 (‘to redeem those who were under the law’).
In threefold redemption, exagorazo represents liberation: the change of status of the purchased person relative to his former condition under law or sin.
Author variants
Warnock
Warnock describes exagorazo as the step by which the slave departs the market:
“A second word, prefixed by the preposition ex (exagorazo), means ‘bought out of and away from the market.’ The picture is: a slave is standing on the auction block in the market place. Another man puts down the redemption money out of compassion. He has bought the slave for himself […] and takes him away from the place of sale.”
[Warnock, The Hyssop that Springeth Out of the Wall, hyssop2.html]
For Warnock, exagorazo underscores the break with the former state of bondage. The slave is no longer for sale; his situation is definitively changed. In his soteriology this corresponds to the experiential liberation from the dominion of sin — something that goes beyond mere forensic imputation.