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A rent-to-own agreement is a document between a tenant and a landlord outlining the terms of renting a property with the option 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 property before it is offered to a third party. The seller is obligated to sell, but the buyer is not obligated to purchase if they choose not to.