3rd quarter or 4th quarter payment? sold rental property august 31st.

[hdurina84]

I sold my rental property in New Jersey on August 31st. The money didnt come into my account till a day or two.

I am trying to pay estimated taxes on the state of NJ website. Should the payment be applied to 3rd quarter or 4th quarter?

Thanks.

[Critter-3]

Depends on your state ... if there is a 3 day hold where the sale could be cancelled then 4th quarter. 

[hdurina84]

Never heard of this rule for sale of property before. 

Any links to support this? 

[Critter-3]

If there was no mandatory hold then it is a third quarter sale ... it could be the Direct deposit took a day to clear the bank.  

Call your real estate agent or the lawyer/closing company and let them explain why you did not leave the closing table with a check in your hand or a direct deposit to your account.  

[Rick19744]

We don't practice real estate law on this forum.

The ability to rescind a contract, and in particular real estate, is a standard practice but the time frame will vary by state.

Edit:  The ability to rescind a contract is available in certain circumstances; failure to disclose material facts, misrepresentations, to name a few instances.

Contact your real estate agent or read your contract. 

[hdurina84]

The above responders sound confused. 

I think they are referring to the 3 day attorney review period that happens way before closing. 

I am talking about post closing-- don't think there is any hold or ability to rescind a sale after closing without expensive consequences.

Its a good thing that you don't practice real estate law-.

[Critter-3]

I am a licensed realtor and in my RE class the teacher did mention a 3 day "cool down" period is in affect in some states ... not mine so that is all that was said about this matter.   But the fact that the check did not post the same day as the closing  indicates this was simply a banking issue and not anything more ... in that case the closing date is the day of sale and not when the money was available for withdrawal. If  you walk away from the closing table with a check in your hand (which hardly happens any longer) and deposited into the bank then you are subject to the bank's rules on when the deposit can be touched. Holding periods for withdrawals can be a week or longer until the check clears  unlike a direct deposit which clears usually overnight.  

[Anonymous_]

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@hdurina84 wrote:

The above responders sound confused. 

I think they are referring to the 3 day attorney review period that happens way before closing. 

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There is a lot of potential for confusion including, not only the attorney review period but the 3-day right of recission under TILA.

Regardless, you are correct; after closing there is no right of recission (absent exigent circumstances).

[Rick19744]

Deleted comment.  See edit in original post.