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when leasing a condo do you have to sign a purchase agreement as well?

This property is a lease with an option to buy. The realtor is telling me to sign a lease and a purchase agreement that states all the agreements that me and the owner agree to if I decide to buy. The addendum states that I am not obligated to buy and it also says that 30% of rent will go towards buying the condo if I decide to purchase. So, should I sign this purchase agreement?

Public Comments

1. Read it carefully and make absolutely sure that the money you pay for rent goes toward a down payment, and that there is no obligation for you to buy at end of lease. I think that is called the first right of refusal. Also make sure that you are not responsible for any property taxes until after you buy. If all I said above is true then I would seriously consider signing it.
2. If it is a lease with option to buy, you must sign. If you don;t want the option see if you can just do a straight lease.
3. Yes, you have to sign a puchase agreement to rent-to-own. This protects both you and the seller, in case either of you change your mind. Within the purchase agreement will be the terms of the sale, including a price that you lock in now (protecting you - the seller can't change his mind about the price later). It will also tell you what happens to your 30% toward purchase if you decide to get out of the deal. In most cases, you don't get all of that money back and how much you get back is stipulated in the contract (protects the seller - he gets a chunk of that money for his trouble). Just make sure this is something you're definitely going to follow through with, so you don't end up losing some of the money that is being put down on the purchase if you change your mind later.
4. Before you sign anything, have the contract checked by an attorney. It will be worth the fee, there could be hidden clauses. Be very careful. Good Luck.