Free and clear
From Infogalactic: the planetary knowledge core
In property law, the term free and clear refers to ownership without legal encumbrances, such as a lien or mortgage. So, for example: a person owns his 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.[1] Over 35% of all properties in the United States are owned free and clear with no outstanding mortgages or liens.[2]
References
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