Free and Clear Definition

The colloquial phrase "free and clear" is usually meant to indicate something is not subject to a lien or mortgage; e.g., that an asset is free of debt and clear of any lien. For example, after paying off your house you might exclaim to your spouse, "I can’t believe it, but after thirty years it’s finally ours-free and clear!" If used in advertising or sales, the term "free and clear" should be considered suspect as it has no rigorous definition.