Recently, I was driving to Owen Sound and as I neared Shelburne, I happened upon a Ferris wheel standing in a field. I thought about how interesting it would be to have a Ferris wheel as an included Chattel in an Offer to Purchase.
There is much confusion on the topic of chattels and fixtures and yet it’s quite simple. Fixtures are items in the house or property that are attached to the property. Chattels are free standing items such as appliances.
In general, fixtures are always included, unless specifically excluded. A common exclusion is the dining room chandelier. In this case, all of the electric light fixtures except the chandelier will be in the house when you take ownership. Chattels are never automatically included unless they are specifically written into the offer and most commonly are appliances such as fridge, stove, microwave, dishwasher, washer, dryer, etc.
The confusion often occurs when some items can be considered either a chattel or a fixture depending upon the use. An example of this would be the ubiquitous Billy bookcase. I see
On Jan. 21, 2015, the Bank of Canada lowered the bank rate by 25 basis points (1/4%). This was the first change in the bank rate since September, 2010. For the past year, there had been much discussion on how interest rates were projected to increase by to 1% in 2015, which made this rate drop all the more shocking.