What term describes personal property that is not considered real property?

The term that describes personal property that is not considered real property is "Chattel." Chattel refers specifically to movable items that can be owned and are not affixed to the land or a building, distinguishing them from real estate, which typically includes land and anything permanently attached to it, like buildings or immovable structures.

In the context of mortgage lending and property law, understanding the distinction between chattel and real property is essential. Real property comprises land and improvements, such as houses or commercial structures, while chattel pertains to items like furniture, vehicles, and equipment, which can be relocated easily and are not tied to a physical location in the same way as real estate. This knowledge is vital for loan officers when assessing collateral for loans and understanding the nature of the property involved in transactions.

While fixtures, assets, and belongings may relate to property types, they either represent items that are attached to real property (fixtures), more generalized financial items (assets), or personal items without specific legal significance in property tax terms (belongings). Thus, chattel remains the specific legal term that encapsulates personal property distinct from real property.