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A rent to own agreement is a document where a tenant and landlord agree on the terms of renting an apartment with the possibility of buying it within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, with some of the rent possibly held in an escrow account until purchase. This agreement gives the tenant the privilege to buy the property before it is offered to a third party, with the seller obligated to sell the unit. The buyer is not obligated to purchase the property if they decide not to.
