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Finance Dictionary and Glossary of Investment Terms
free and clear
A title that is free of liens and legal questions as to ownership of the property. A requirement for the sale of real estate. In general, a company that specialize in checking title claims for clients (a title company) will be hired to ensure that a title is clear when a sale of real estate is taking place. also called just title or good title or perfect title or clear title.
A slang phrased used to describe a situation when someone owns something outright. In other words when an asset is completely paid off and no creditor has a claim on the property.