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A rent to own agreement is a contract between a tenant and landlord, outlining rental terms with the option for the tenant to purchase the apartment within a set timeframe. Unlike a standard lease, this agreement may require the tenant to handle more maintenance and pay higher rent, which can be placed in an escrow account until purchase. Such agreements provide tenants the opportunity to buy the rental unit before the landlord offers it to others, although the seller must sell if the tenant wishes to purchase, the tenant is not obligated to proceed with the purchase.
