Escrow & Title
What is an 'assignment of beneficial interest' in an Illinois land trust?
AA transfer of the trustee's legal title to a new trustee
BA document that transfers the beneficial interest (the ownership rights) in an Illinois land trust from one party to another without transferring the legal title or recording a deed✓ Correct
CA court-ordered transfer of land trust interests in a divorce
DAn IDFPR requirement for changing the beneficiary of an Illinois land trust
Explanation
Because the trustee holds legal title in an Illinois land trust, ownership interests transfer through an 'assignment of beneficial interest' rather than a deed. The assignment transfers the beneficial interest (economic rights, right to direct the trustee) without recording a deed, allowing the land trust's primary advantage—privacy of ownership—to be maintained.
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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).
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EasementA non-possessory right to use another person's land for a specific purpose.
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