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A rent to own agreement is a contract between a tenant and a landlord where the tenant can potentially buy the rented apartment within a specified period. This agreement differs from a standard lease in that the tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account for the purchase. It allows the tenant the privilege to buy the property before it is offered to a third party. The seller is obligated to sell, but the buyer is not obligated to buy if they decide against purchasing.
