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A rent to own agreement is a document between a tenant and landlord outlining rental terms, with the option for the tenant to buy the apartment within a set timeframe. Unlike a standard lease, this agreement may require the tenant to handle more maintenance duties and pay higher rent, which can be placed in an escrow account until purchase. Such an agreement grants the tenant a privilege to buy the property before it is offered to others. While the seller is obligated to sell the unit, the tenant is not required to proceed with the purchase if they choose not to.