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A rent to own agreement is a document where a tenant and landlord agree on renting an apartment with the option to buy it within a specified period. The tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account for the purchase. This agreement allows the tenant the privilege to buy the property before it is offered to a third party. The seller is obligated to sell, but the buyer is not obligated to purchase if they choose not to.
