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A rent to own agreement is a document where a tenant and a landlord agree on renting terms, with the option for the tenant to buy the apartment within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, potentially held in an escrow account. This agreement gives the tenant the privilege to purchase the premises before the owner offers it to others. The seller is obligated to sell, but the buyer is not obligated to buy if they choose not to become a purchaser.
