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A rent to own agreement is a document between a tenant and a landlord where the tenant agrees to rent an apartment with the option to buy it within a specified period. This agreement involves the tenant taking on more maintenance responsibilities and potentially paying higher rent, which is held in an escrow account until the purchase. It grants the tenant the privilege to buy the apartment before it is offered to a third party, with the seller obligated to sell but the buyer not obligated to buy if they choose not to.