This $1,000 deposit secures the lot identified below for a period of twenty-one (21) days from the date of execution. Deposited funds will be held by Virginia Homes and remain fully refundable provided no purchase agreement has been executed, and no architectural plans have been commissioned for review. Once either condition is met, Virginia Homes reserves the right to retain up to $1,000 to offset design, administrative, or other expenses incurred.
During the reservation period, the deposit holder is granted a twenty-four (24) hour first right of refusal. In the event another party expresses interest in the reserved lot, Virginia Homes will notify the deposit holder, who will then have twenty-four (24) hours to execute a purchase agreement. Should the deposit holder decline to proceed, they may elect to receive a full or partial refund of their deposit or transfer it to another available lot. Upon cancellation, any refund due will be issued by check and mailed to the deposit holder, at which point all obligations between the parties shall be deemed fully released and of no further effect.