// Workers AI · dad joke modeWhat did "free and clear" say to the debt? You're cleared for free?
In property law, the term free and clear refers to ownership without legal encumbrances, such as a lien or mortgage.[1] For example: a person owns a house free and clear if he has paid off the mortgage and no creditor has filed a lien against it.
Lately there has been a resurgence in interest for free and clear properties despite being an investment form that has been prevalent from early on. Investing in free and clear properties removes the need for a bank loan entirely.[citation needed] Over 35% of all properties in the United States are owned free and clear with no outstanding mortgages or liens.[citation needed]
See also
[edit]References
[edit]- ↑ Black, Henry Campbell (1995). A Law Dictionary Containing Definitions of the Terms and Phrases of American and English Jurisprudence, Ancient and Modern ... The Lawbook Exchange, Ltd. p. 523. ISBN 978-1-886363-10-6.
 | This law-related article is a stub. You can help Wikipedia by adding missing information. |