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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 period. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account until the purchase. This agreement gives the tenant the privilege of purchasing the rented premises before the landlord offers it to a third party. There is an obligation for the seller to sell the unit, but the buyer is not obligated to buy if they choose not to.