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A rent to own agreement is a contract between a tenant and a landlord where the tenant has the option to buy the rented apartment within a specified period. This agreement differs from a standard lease as the tenant may have more maintenance responsibilities and pay higher rent, which could be held in an escrow account. This type of agreement gives the tenant the privilege to purchase the premises before it is offered to a third party. The seller is obligated to sell the unit, but the buyer is not obligated to purchase the property if they choose not to.
