The Illinois Orders of Transfer Assignment and Reassignment (STAR) is a set of rules and procedures governing the transfer of property or assets from one party to another. STAR is used in real estate transactions, business transactions, and other transfers of title or ownership. It is also used to transfer assets to an estate or trust. STAR allows parties to transfer property or assets without a traditional court proceeding. Instead, a transfer document is filed with the court, along with certain required documents, to initiate the transfer. The court then reviews the document and, if accepted, will issue an order of transfer or reassignment. There are two types of Illinois STAR: Assignment and Reassignment. An Assignment is used when transferring title or ownership of property from one party to another. The transferring party is called the “assignor,” and the receiving party is called the “assignee.” A Reassignment is used when the title or ownership of a property is being transferred from an assignor to a different party. The original assignee retains ownership, but the title is now held by the new party. The original assignee is now a reassign oror” and the new party is a “reassignee.” Both typesSTAROTAR require the filing of a transfer document with the court, along with certain required documents and a fee. The court will review the documents and, if accepted, will issue an order of transfer or reassignment. Once the order is issued, the transfer is complete.
The Illinois Orders of Transfer Assignment and Reassignment (STAR) is a set of rules and procedures governing the transfer of property or assets from one party to another. STAR is used in real estate transactions, business transactions, and other transfers of title or ownership. It is also used to transfer assets to an estate or trust. STAR allows parties to transfer property or assets without a traditional court proceeding. Instead, a transfer document is filed with the court, along with certain required documents, to initiate the transfer. The court then reviews the document and, if accepted, will issue an order of transfer or reassignment. There are two types of Illinois STAR: Assignment and Reassignment. An Assignment is used when transferring title or ownership of property from one party to another. The transferring party is called the “assignor,” and the receiving party is called the “assignee.” A Reassignment is used when the title or ownership of a property is being transferred from an assignor to a different party. The original assignee retains ownership, but the title is now held by the new party. The original assignee is now a reassign oror” and the new party is a “reassignee.” Both typesSTAROTAR require the filing of a transfer document with the court, along with certain required documents and a fee. The court will review the documents and, if accepted, will issue an order of transfer or reassignment. Once the order is issued, the transfer is complete.
