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A rent-to-own agreement is a document where a tenant and landlord agree on renting an apartment with the understanding that the tenant may buy it within a specific timeframe. 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 to purchase the premises before the owner sells it to a third party. The seller is obligated to sell, but the buyer is not obligated to buy if they decide against purchasing.
