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You must have amount of sales price on contract.
The contract must be signed by all parties involved, or it won't be enforceable.
Keep in mind that minors, drugged persons, mentally unfit etc, cannot sign any contracts. Make sure that all parties involved are competent.
Make sure all parties know essential details, rights and obligations that are stated in contract.
What exactly is a lease purchase contract?
Lease purchase contracts combine basic lease contract with option to purchase and, during or at end of lease period, it gives tenant/buyer exclusive right to buy home under terms to which both parties agree in contract. But first, tenant/buyer have to pay landlord/seller a non-refundable option deposit that is applied to purchase price of home. Then, tenant/buyer pays a sum that is typical to rental amount and usually, it is done on a monthly basis. A portion of that monthly payment is applied to purchase price of home.
Amanda Shoemaker owns a great directory of lease and lease purchase properties and houses for rent. Visit her site at http://www.leasebeast.com