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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 set period. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account for the purchase. This agreement gives the tenant the right to buy the apartment before the landlord sells it to a third party. The seller is obligated to sell, but the buyer is not obligated to purchase if they choose not to.
