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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 the tenant buying it later. 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 option to buy the property within a set timeframe before the landlord sells it to someone else. The seller must sell the unit, but the buyer is not obligated to purchase if they change their mind.
