Free and Clear

A slang phrase describing the situation of someone when he or she gains outright ownership of an asset, such as when it is completely paid off and no creditor has a claim on the property.

The phrase is probably most commonly used in reference to one's mortgage. If your house is completely paid off, you own your house "free and clear."

In the case of real estate, before a sale can occur, the property must be "free and clear" so the buyers know that there are no prior claims on it.

Investment dictionary. . 2012.

Look at other dictionaries:

  • free and clear — adj. Of property, unencumbered by liens. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. free and clear Property ownership that is not subject to a secu …   Law dictionary

  • free and clear — adverb (or adjective) : without liens or other legal claims after only a few months the property was free and clear they owned it and owned it free and clear * * * free and clear phrase without any limits or conditions Thesaurus: free and… …   Useful english dictionary

  • free and clear — The title to property is said to be free and clear when it is not incumbered by any liens; but it is said that an agreement to convey land free and clear is satisfied by a conveyance passing a good (i.e. marketable) title …   Black's law dictionary

  • free and clear — without debt or legal claims. He owns a home in Mexico free and clear. Usage notes: usually said about houses and property …   New idioms dictionary

  • free and clear — Synonyms and related words: above water, all clear, all straight, by one, clear, held, in fee, in fee simple, in hand, in seisin, in stock, in store, on hand, out of debt, own, owned, possessed, solvent, unindebted, unowing …   Moby Thesaurus

  • free and clear — not mortgaged, paid off, clear of any debt …   English contemporary dictionary

  • free and clear — without any limits or conditions …   English dictionary

  • Free and easy — Free Free (fr[=e]), a. [Compar. {Freer} ( [ e]r); superl. {Freest} ( [e^]st).] [OE. fre, freo, AS. fre[ o], fr[=i]; akin to D. vrij, OS. & OHG. fr[=i], G. frei, Icel. fr[=i], Sw. & Dan. fri, Goth. freis, and also to Skr. prija beloved, dear, fr.… …   The Collaborative International Dictionary of English

  • free and easy — Synonyms and related words: Bohemian, affable, afoot and lighthearted, airy, at large, at liberty, beat, blase, boon, breakaway, breezy, buoyant, carefree, careless, casual, clear, convivial, cordial, corky, cursory, debonair, degage, detached,… …   Moby Thesaurus

  • Breach and clear — is a tactical name for a common SWAT [US] maneuver. It is used when infiltrating a room or area with guards, enemies, or hostile civilians near the entrances to the area. An explosive charge [commonly C4… …   Wikipedia

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