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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 potential for the tenant to buy it within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account. This agreement allows the tenant the privilege of purchasing the premises they are renting before the owner offers it to a third party. The seller must sell the unit, but the buyer is not obligated to buy if they choose not to.