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A rent to own agreement is a document where a tenant and landlord agree on renting an apartment with the potential for the tenant to buy it within a specified period. The tenant might 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 offers it to a third party. The seller is obligated to sell, but the buyer is not obligated to buy if they choose not to become a purchaser.
