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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 set time period. 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 landlord offers it to others. The seller is obligated to sell, but the buyer is not obligated to purchase if they choose not to.
