How does Delaware classify mortgages in terms of property type?

In Delaware, mortgages are classified as personal property. This designation stems from the nature of a mortgage being a security interest in real property rather than the real property itself. A mortgage gives the lender a right to take possession of the property if the borrower defaults, but it is fundamentally a legal relationship and interest that does not change the ownership status of the physical property.

Real property, on the other hand, refers to the land and anything permanently affixed to it. While a mortgage is associated with real property, it remains a distinct legal instrument classified as personal property because it represents a financial transaction and obligation rather than an ownership interest in tangible real estate.

Considering the other options, classifying mortgages as intangible property could be a possibility given that they represent a right rather than a physical asset, but the more accepted classification within the context of property law is personal property. Mortgages are also not categorized as a public record, even though they are recorded publicly; they simply exist as a legal claim on the property that creates an obligation for payment from the borrower to the lender.