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The Sales Contract or Purchase Agreement is the document that covers the details of the purchase of your home. It includes the purchase price and what non-permanent features of the home are included in the purchase; such as the appliances, furnishings or the gorgeous 1965 Mustang convertible in the garage. It specifies how the home is to be paid for at the end of the option time period; either a mortgage or cash sale. Okay, it probably won’t be cash so don’t get too worried! The Sales Contract also specifies all of the other terms and conditions of the actual sale. For instance, how the property taxes will be prorated, whether the buyer will have a home inspection, etc. In this case, it is a rent-to-own transaction so the Purchase Agreement also notes that it is part of the Option to Purchase Agreement; thereby binding them together.