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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 for the tenant to buy it within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account for the purchase. This agreement gives the tenant the privilege of buying the premises before the owner offers it to others. While the seller is obligated to sell, the buyer is not bound to purchase if they choose not to.