What if I change my mind after reserving?

Question

Accepted Answer

The $1,000 reservation deposit is non-refundable, because the tract comes off the market the moment you reserve and the title company starts working on your file. That is why we encourage you to visit the land first, study the listing, the survey and the flood map, and use the calculator before you reserve. Reserving does not lock everything, though: until the title company prepares your closing documents you can still choose your down payment, 5%, 10% or 20%, and your term, 10 or 15 years. If you go ahead, the $1,000 is applied in full to your down payment at closing.