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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 purchase by the tenant. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account for purchase. This agreement allows the tenant the privilege of buying the premises within a specified period before it is offered to a third party. The seller is obligated to sell, but the buyer is not required to purchase if they decide against it.
