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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 purchase it within a specified timeframe. Unlike a standard lease, this agreement typically requires the tenant to manage more maintenance responsibilities and pay higher rent, which may be placed in escrow until purchase. The agreement provides tenants with the opportunity to buy the rental property before it is offered to third parties. While the seller is obligated to sell, the tenant is not obligated to buy the property if they choose not to pursue the purchase.