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LSDefine

Simple English definitions for legal terms

free and clear

Read a random definition: four corners

A quick definition of free and clear:

Free and clear means owning something completely without any debt or loans attached to it. This usually applies to real estate, but can also apply to other things like cars or appliances. If someone has a mortgage or loan on their property, they don't own it free and clear. But once all the debt is paid off, they will own it completely without any obligations.

A more thorough explanation:

Definition: Free and clear means that someone owns property without any debt attached to it. This applies to real estate, cars, appliances, and other items. When there is a mortgage, loan, or lien attached to the property, the person does not own it free and clear. However, once all debt is paid or released, the person will own the property free and clear.

  • John bought a house for $200,000 and took out a mortgage for $150,000. He still owes $100,000 on the mortgage, so he does not own the house free and clear.
  • Sarah inherited a car from her grandfather. There is no loan or lien attached to the car, so she owns it free and clear.
  • Mark bought a refrigerator on credit and still owes $500 on it. He does not own the refrigerator free and clear.

The examples illustrate the definition of free and clear by showing situations where someone either does or does not own property without any debt attached to it. John's house and Mark's refrigerator are not owned free and clear because there is still debt attached to them. Sarah's car, on the other hand, is owned free and clear because there is no debt attached to it.

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General chat about the legal profession.
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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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