Free and clear

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

1. ↑ "http://www.investsteps.com/loans/how-to-find-free-and-clear-properties-for-investment/". 
2. ↑ "How to Buy Free and Clear Real Estate (Part 1)".