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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. This agreement differs from a standard lease as 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 buy the apartment before the owner offers it to a third party. The seller is obliged to sell the unit, but the buyer is not required to buy if they decide against it.
