What is a chattel in real estate?

Put simply, a chattel is a movable personal property not permanently affixed to the land. Some examples of chattel include furniture, appliances (dishwashers, dryers, stoves, and fridges), and personal items. Beyond a basic definition, what else do you need to know? Let’s dive a bit deeper. What is a Chattel? Your Basic Questions Answered

What is the difference between chattel and real property?

As mentioned, the primary difference between chattel and real property is that chattel is movable while real property is fixed permanently to one specific location. In general, chattel refers to tangible property, or property that has a physical presence and can be seen or touched.

How do you get a chattel mortgage?

Anyone can obtain a chattel mortgage by pledging personal movable property. To be considered movable, the item cannot cause any change or damage to a freehold real estate property, such as a building or land owned by the borrower. Under a chattel mortgage, the purchaser borrows funds from the lender to buy a movable property.