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A rent-to-own agreement is a document between a tenant and a landlord where the tenant can potentially buy the rented apartment within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account until purchase. This agreement allows the tenant the privilege of purchasing the premises before the owner offers it to a third party. The seller is obligated to sell the unit, but the buyer is not obligated to buy if they choose not to become a purchaser.
