Meritage Homes Corporation Annual report pursuant to Section 13 and 15(d)

VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables)

12 Months Ended

Dec. 31, 2017

The table below presents a summary of our lots under option that are not recorded on the balance sheet at December 31, 2017 (dollars in thousands):



	Projected Number of Lots (unaudited)	Purchase Price (unaudited)		Option/ Earnest Money Deposits–Cash
Purchase and option contracts recorded on balance sheet as Real estate not owned	228	$	38,864	$	3,886
Option contracts — non-refundable deposits, committed (1)	3,822	273,925		33,623
Purchase contracts — non-refundable deposits, committed (1)	6,527	281,887		22,885
Purchase and option contracts —refundable deposits, committed	355	18,592		517
Total committed	10,932	613,268		60,911
Purchase and option contracts — refundable deposits, uncommitted (2)	6,326	187,726		2,920
Total lots under contract or option	17,258	$	800,994	$	63,831
Total purchase and option contracts	17,030	$	762,130	$	59,945	(3)


(1)	Deposits are non-refundable except if certain contractual conditions are not performed by the selling party.


(2)	Deposits are refundable at our sole discretion. We have not completed our acquisition evaluation process and we have not internally committed to purchase these lots.


(3)	Amount is reflected in our consolidated balance sheet in the line item “Deposits on real estate under option or contract” as of December 31, 2017.