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A rent to own agreement is a contract between a tenant and landlord outlining the terms of renting an apartment, with the option for the tenant to purchase the property within a specified time frame. Unlike a standard lease, this agreement may require the tenant to assume greater maintenance responsibilities and pay higher rent, which can be placed in an escrow account until the purchase. The agreement provides the tenant with the opportunity to buy the apartment before the owner sells it to someone else, ensuring a seller obligation to sell. However, it is important to note that the tenant is not obligated to proceed with the purchase if they choose not to.
