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A rent to own agreement is a contract between a tenant and a landlord where the tenant has the option to buy the rented apartment within a specific timeframe. This agreement differs from a standard lease as the tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account. The rent to own agreement gives the tenant the privilege to purchase the property before the landlord sells it to a third party. The seller is obligated to sell the unit, but the buyer is not obligated to purchase the property if they choose not to.
