Hound bishop off property (5)
I believe the answer is:
asset
'property' is the definition.
(I've seen this before)
'hound bishop off' is the wordplay.
'hound' becomes 'basset' (basset hound is an example).
'bishop' becomes 'b' (abbreviation used in chess).
'off' suggests deleting specific letters.
'basset' with 'b' taken away is 'ASSET'.
(Other definitions for asset that I've seen before include "- - -stripper" , "A useful thing l" , "Something useful" , "Item well worth having" , "Holding" .)