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A rent-to-own agreement is a document where a tenant and landlord agree on renting an apartment with the possibility of the tenant purchasing it within a specific timeframe. This agreement differs from a standard lease as the tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account. This agreement gives the tenant the privilege of buying the apartment before the owner offers it to a third party. The seller is obligated to sell the unit, but the buyer is not bound to purchase it if they choose not to.