title that is “free & ___” means property can be sold & there are __ ___. problem is, almost every property has ___ ___. term “free & clear” frequently heard in real estate industry, but actually means property owner has __ ___ on property.
clear – no encumbrances – utility easement -no liens
The missing word in the title “free & ___” is “clear”. This term “free & clear” refers to the condition where a property is fully paid off, meaning there are no outstanding mortgages or liens against it. When a property is free & clear, it can be sold without any legal restrictions, and the owner retains all the equity from the sale.
However, it is important to note that not all properties are free & clear. In fact, it is common for properties to have mortgage loans and liens against them. These encumbrances can restrict the transfer of ownership and may require the satisfaction of the outstanding debt or liens before the sale can be completed.
Therefore, when a property is advertised as “free & clear”, it is often considered a positive selling point as it provides assurance to the buyer that there are no legal claims against the property. It is also beneficial for the seller as it allows them to receive the full value of the property without any deductions or legal complexities.
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