ResidentialLease option
902 Calloway Ave
Memphis, TN
Three-year lease option, price locked at $189k. Move-in ready brick ranch.
Proposed term sheet
Purchase price$189,000
Down / option fee$9,500 (5%)
Monthly payment$1,425 / mo
Term3-yr option
Rate / credit$300/mo rent credit
Monthly rent credit$300
What this deal means for you
Option fee to startCredits toward the purchase price if you buy. A bank would want about $37,800 down on a purchase today.
$9,500
Your monthly rent$300 of this credits toward your purchase each month.
$1,425/mo
Your deadline: year 3You have 3 years to buy at this locked price. By then you'd have built $10,800 in credits toward it — but if you don't buy or extend, the option and the credits expire.
$189,000
Executory contracts: lease options and lease-purchase agreements are regulated executory contracts in some states (e.g. Texas Property Code Ch. 5, Subch. D for terms over 180 days), with recording, disclosure, and cancellation rights.
Equal Housing Opportunity. All terms are non-binding proposals until definitive agreements are signed; verify everything with a licensed attorney and use third-party escrow/servicing where required.
Posted by Marcus Bell (SELLER)