chattel real
- A type of property interest that involves a stake in an immovable asset—like land or a building—where the interest is significant but falls short of a full ownership or freehold estate
- When the business leased the office space, it acquired a chattel real which gave the company certain rights to the property.
- Although he doesn't fully own the land, his lease agreement grants him the rights of a chattel real.
- For the length of their 10-year lease, the corporation holds a chattel real in the downtown office building.
Provide Feedback
