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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 increased maintenance responsibilities and pay higher rent, held in an escrow account for purchase. This agreement allows the tenant the privilege to buy the premises before the owner sells 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.
