Escrow & Title
In Illinois, a property owner may transfer real property at death without probate through which of the following methods?
ARecording a last will and testament with the county recorder
BTransfer on Death (TOD) deed/instrument, joint tenancy, or a revocable living trust✓ Correct
CFiling a transfer affidavit with IDFPR
DOnly through a certified estate attorney
Explanation
In Illinois, common ways to transfer property outside of probate include: joint tenancy with right of survivorship (title passes to surviving co-owners), a Transfer on Death (TOD) instrument (designates beneficiaries in a recorded deed), or a revocable living trust (property passes to trust beneficiaries). Each has different legal implications.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Math Concepts
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