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