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A rent to own agreement is a document where a tenant and landlord agree on renting an apartment with the option to buy it later. It differs from a standard lease by placing more maintenance responsibilities on the tenant and possibly higher rent placed in an escrow account. This agreement gives the tenant the privilege to purchase the property within a specified period before it is offered to a third party. The seller is obligated to sell, but the buyer is not obligated to buy if they decide against purchasing the property.
