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A rent to own agreement is a document where a tenant and a landlord agree on renting a property with the possibility of the tenant buying 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 purchase. This agreement allows the tenant to have the privilege of purchasing 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 decide not to.
