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A rent to own agreement is a contract between a tenant and a landlord, allowing the tenant to rent an apartment with the option to purchase it within a specified timeframe. Unlike a standard lease, this agreement often entails the tenant taking on more maintenance responsibilities and paying a higher rent, which may be held in an escrow account until purchase. This type of agreement provides the tenant the privilege to buy the property before it is offered to others. While the seller is obligated to sell the unit if the tenant chooses to purchase, the tenant is not obligated to buy if they decide against it.