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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 buying it within a specific timeframe. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account until purchase. This agreement gives the tenant the privilege of purchasing the premises before they are offered to a third party. The seller is obligated to sell, but the buyer is not bound to purchase if they choose not to.
