Meritage Homes Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

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

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

6 Months Ended

Jun. 30, 2021

Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract]

The table below presents a summary of our lots under option at June 30, 2021 (dollars in thousands):


	Projected Number of Lots	Purchase Price		Option/ Earnest Money Deposits–Cash
Purchase and option contracts recorded on balance sheet as Real estate not owned	—	$	—	$	—
Option contracts — non-refundable deposits, committed (1)	8,901	469,798		38,094
Purchase contracts — non-refundable deposits, committed (1)	11,871	359,331		28,600
Purchase and option contracts —refundable deposits, committed	2,650	89,326		886
Total committed	23,422	918,455		67,580
Purchase and option contracts — refundable deposits, uncommitted (2)	27,311	733,026		6,817
Total lots under contract or option	50,733	$	1,651,481	$	74,397
Total purchase and option contracts not recorded on balance sheet (3)	50,733	$	1,651,481	$	74,397	(4)

(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)Except for our specific performance contracts recorded on our unaudited consolidated balance sheets as Real estate not owned (if any), none of our purchase or option contracts require us to purchase lots.

(4)Amount is reflected on our unaudited consolidated balance sheets in Deposits on real estate under option or contract as of June 30, 2021.