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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 option for the tenant to buy it within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, some of which may be held in an escrow account for the purchase. This agreement gives the tenant the privilege to purchase the rented premises before the owner sells it to someone else. The seller is obligated to sell the unit, but the buyer is not obligated to purchase it if they choose not to.
