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A rent-to-own agreement is a document between a tenant and a landlord where the tenant can buy the rented apartment 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 allows the tenant the privilege to buy the property before it's offered to a third party. The seller must sell the unit, but the buyer is not obligated to purchase it if they decide not to become a purchaser.