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A rent-to-own agreement is a contract between a tenant and a landlord that outlines the terms for renting an apartment with the option for the tenant to purchase the property within a specified timeframe. Unlike a standard lease, this agreement may impose more maintenance responsibilities on the tenant and typically involves higher rent, which may be held in an escrow account toward the eventual purchase. This arrangement provides the tenant with the opportunity to buy the apartment before it is offered to other buyers, while obligating the seller to sell, though the tenant is not forced to buy if they choose not to.
