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A rent to own agreement is a contract between a tenant and a landlord outlining terms for renting an apartment, with the option for the tenant to purchase it within a specified timeframe. Unlike standard leases, this agreement may involve the tenant taking on more maintenance responsibilities and paying higher rent, which can be placed in an escrow account until purchase. The agreement provides the tenant with the privilege to buy the rented property before the owner can sell it to someone else. While the seller is obligated to sell, the tenant is not required to purchase the property if they choose not to.
