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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 specified period. This agreement differs from a standard lease as it may include more maintenance responsibilities and higher rent. Rent payments can be held in an escrow account until purchase. The agreement gives the tenant the privilege to purchase 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.
