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A rent to own agreement is a document where a tenant and a landlord agree on renting an apartment with the option for the tenant to buy it within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account. This agreement gives the tenant the privilege to purchase the premises before it is offered to a third party. The seller has an obligation to sell, but the buyer is not obligated to buy if they change their mind.