Chattel
Definition and meaning of Chattel in real estate.
Chattel is a legal term for personal property that is movable and not permanently attached to real estate, such as furniture, vehicles, and household goods.
In more detail
In real estate transactions, it is crucial to distinguish between real property, which is land and anything permanently attached to it, and chattel. Unless explicitly written into the sales contract, chattel is typically not included in the sale of a home and remains the property of the seller.
Disagreements can arise over items that are on the border, such as wall-mounted televisions or custom light fixtures. If a buyer wants certain personal property to remain in the house, their agent must write those items into the purchase agreement.
Key facts
| Category | Legal, Titles & Closing |
|---|---|
| Also known as | Personal property or personalty |
| Applies to | Movable items like furniture, appliances, and vehicles |
| Watch out for | Items not written into the sales contract are excluded by default |
A homebuyer assumes the freestanding refrigerator in the kitchen is included in the sale, but because it is classified as chattel, the seller legally takes it with them on moving day.
Frequently asked questions
What is the difference between chattel and a fixture?
Chattel is movable personal property, like a microwave sitting on a counter. A fixture is personal property that has been permanently attached to the real estate, such as a built-in microwave, and is included in the sale.
Can you finance chattel with a standard home mortgage?
No, standard residential mortgages only finance the purchase of real property. Personal property, or chattel, must be financed separately or purchased with cash.
Related terms
Sources & references
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