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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 potential option of the tenant buying it within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account until the purchase. This agreement gives the tenant the privilege to potentially purchase the property before it is offered to a third party. The seller is obligated to sell the unit, but the buyer is not obligated to buy it if they choose not to.
