Clearinghouse?

[Rebecca77]

What is the name of your state (only U.S. law)? Colorado

If you come into a large sum of money ( millions ) by selling some land, do you get your money right away or does it sit in a clearinghouse I guess you call it, then you get the money after a certain time. Someone told me after 911, the government set this up. Is there even such a thing like this? Thanks

 

[LdiJ]

What is the name of your state (only U.S. law)? Colorado

If you come into a large sum of money ( millions ) by selling some land, do you get your money right away or does it sit in a clearinghouse I guess you call it, then you get the money after a certain time. Someone told me after 911, the government set this up. Is there even such a thing like this? Thanks

No, if you sell property the money does not go into any kind of clearinghouse. You walk away from the closing table with a check in your pocket.

Now...if you inherit money its possible that the estate may need to go through probate, and that can take a few months, or it might take a few weeks to receive an insurance payout, but again no, there is no clearinghouse where money has to be held.

 

[Rebecca77]

Thank you for the answer