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A rent-to-own agreement is a contract between a tenant and landlord outlining terms for renting an apartment with the option for the tenant to buy it within a specified time. Unlike a standard lease, the tenant may assume more maintenance responsibilities and pay higher rent, which can be partially or fully held in an escrow account until purchase. This agreement grants the tenant the privilege to purchase the property before it is offered to others, while obligating the seller to sell. However, the tenant is not required to buy the property if they choose not to proceed with the purchase.
