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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. The tenant may have more maintenance responsibilities and pay higher rent, held in an escrow account for the purchase. This agreement gives the tenant the option to purchase the apartment before the owner sells it to a third party, with the seller obliged to sell but the buyer not obliged to buy if they decide against purchasing.
