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Calgary Foreclosures: Let’s Talk About Chattels

Posted by Rachel R. Vanderveen on Tuesday, March 27th, 2012 at 10:30pm.

This is always one of the difficult topics to encounter when writing an offer on a Calgary Foreclosure. Before we talk about how the majority of Calgary Bank Foreclosures deal with chattels, let’s define “chattels” so we’re all on the same page. Dictionary.com defines a chattel as: “any article of tangible property other than land, buildings, and other things annexed to land.”  In terms which are more accessible to the public, chattels are things like the fridge, stove, dishwasher etc.  Anything not attached to the property.

Most (not all) bank foreclosures in Calgary do not guarantee any chattels, which means that when you get to the point where you write in the chattels on the AREA (Alberta Real Estate Association) contract, you have to write “none.” As in zip, zilch, nada. The bank does not guarantee them. In most cases the bank will not remove them, but if they are not there on closing day or if anything is wrong with them, you have no legal recourse. In all my days of doing foreclosures, I have never, ever seen a property sold from the bank to a private buyer, where the chattels which were not included in the contract were not there. Meaning, they’re not guaranteed, but in almost all cases (and in every single case I’ve ever dealt with), they are there on closing day.

So is there a risk to buying a foreclosure when you have no guarantee that the expensive appliances within will be there on closing? Well, in short, yes. I suppose there is a small risk. Robbers could break into the home and take them. An unscrupulous employee of the management company caring for the property could steal them. There are very small risks that you take, but by and large, you can be fairly certain that the appliances you bought will be there when we turn the key on closing day.


Rachel Vanderveen

The Vanderveen Team
Maxwell South Star Realty
Phone: 403.253.5678 Fax: 403.592.6736
Email: Info@VanderveenTeam.com

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