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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 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. This agreement allows the tenant the privilege to purchase the premises before the owner sells it to a third party. The seller is obligated to sell the unit, but the buyer is not obligated to buy if they choose not to become a purchaser.