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A rent-to-own agreement is a document where a tenant and landlord agree on renting an apartment with the possibility of the tenant buying it within a specified time. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account. This agreement allows the tenant the privilege of purchasing the premises before the owner offers it to a third party. The seller is obligated to sell the unit, but the buyer is not obligated to buy if they choose not to become a purchaser.
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