Property is divided into real property (a term reflecting ownership of land, things growing in or attached to the land, rights over land (e.g. easements) and profits) and personal property. Personal property is further divided into tangible property (commonly referred to as chattels or goods) and intangible property (such as intellectual property rights which, by and large, are only enforceable through court proceedings (further examples - choses in action, debts, shares, bills of sale).
What is the significance of these distinctions in law? Well - tangible property is capable of possession, so title and possession may be severed. For example, a garage can retain possession of a vehicle pending payment for repair. This is called a mechanic's or repairer's lien.
Possession of tangible property may confer a legal interest in the property.