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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 within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, held in an escrow account until purchase. This agreement gives the tenant the privilege to purchase the premises before the owner offers it to a third party. The seller must sell the unit, but the buyer is not obligated to buy if they decide not to become a purchaser.
