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A rent to own agreement is a contract between a tenant and a landlord that outlines terms for renting an apartment while allowing the tenant the option to purchase it within a specified timeframe. Unlike standard leases, this agreement may impose additional maintenance responsibilities on the tenant and typically requires higher rent, which can be partially or fully placed in escrow until the purchase. This arrangement gives tenants the privilege to buy the rented apartment before the landlord offers it to others. While the landlord is obligated to sell, the tenant is not required to proceed with the purchase if they choose not to.
