Talk on the phone of an item of property (7)
I believe the answer is:
chattel
'an item of property' is the definition.
(I've seen this before)
'talk on the phone' is the wordplay.
'talk' becomes 'chat' (chat can mean to talk).
'on' is a charade indicator (letters next to each other) (in a down clue, letters appear on others).
'the phone' becomes 'tel' (short for telephone).
'chat'+'tel'='CHATTEL'
'of' is the link.
(Other definitions for chattel that I've seen before include "Personal possession" , "Item of non-freehold property" , "Item of personal property" , "Personal effect" , "Piece of portable property" .)