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Free and clear
From Wikipedia, the free encyclopedia
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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]
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