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A rent to own agreement is a document where a tenant and landlord agree on renting a property with the option to buy it within a specific period. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account. This agreement gives the tenant the privilege to purchase the property before it is offered to a third party. The seller is obligated to sell, but the tenant is not obligated to buy if they choose not to become a purchaser.
