Imagine writing a fifty-three million dollar check (also known as $53,000,000) as a deposit on a real estate transaction. Mind you, this check represents a mere 10% of the overall $527 million price of the home that you’re buying. I think we can all agree that it’s a rather sizable check, nonetheless.
Now, since we’re already in fantasy land, think about this: let’s say that you have a change of heart. You no longer want the house. Guess what? You just lost $53 million dollars.
The good news is, you’re worth nearly $20 billion. While the above relayed story isn’t exactly what happened to Russian billionaire Mikhail Prokohorov, it is a cautionary tale to anyone purchasing real estate. Be aware of the terms of your contract, and be very aware of the various deadlines involved in your transaction.
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Edit Credit: Atlanta Journal Constitution