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VARIABLE INTEREST ENTITIES AND CONSOLIDATED REAL ESTATE NOT OWNED (Tables) | 9 Months Ended
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Sep. 30, 2020
Variable Interest Entities and Consolidated Real Estate Not Owned [Abstract] |
Summary of Lots Under Option | The table below presents a summary of our lots under option at September 30, 2020 (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) |  | 8,740 |  |  | 469,067 |  |  | 36,885 |  |
Purchase contracts — non-refundable deposits, committed (1) |  | 9,298 |  |  | 336,146 |  |  | 21,332 |  |
Purchase and option contracts —refundable deposits, committed |  | 2,208 |  |  | 59,719 |  |  | 1,075 |  |
Total committed |  | 20,246 |  |  | 864,932 |  |  | 59,292 |  |
Purchase and option contracts — refundable deposits, uncommitted (2) |  | 15,059 |  |  | 432,573 |  |  | 3,675 |  |
Total lots under contract or option |  | 35,305 |  |  | $ | 1,297,505 |  |  | $ | 62,967 |  |
Total purchase and option contracts not recorded on balance sheet (3) |  | 35,305 |  |  | $ | 1,297,505 |  |  | $ | 62,967 |  | (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 balance sheet 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 sheet in Deposits on real estate under option or contract as of September 30, 2020.

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- Definition The tabular disclosure of the Company's real estate lots currently under option or contract with a third party including a detailed description of the number of lots, the purchase price and the amount of earnest money (if any)as of the balance sheet date. + References No definition available. + Details
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- Definition Variable interest entities and consolidated real estate not owned. + References No definition available. + Details
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