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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 possibility of the tenant purchasing 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 allows the tenant the privilege of buying the property before it is offered to a third party. The seller is obligated to sell, but the buyer is not obligated to buy if they choose not to.
