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A rent-to-own agreement is a document where a tenant and landlord agree on renting an apartment with the possibility of the tenant buying it within a specified period. The tenant might have more maintenance responsibilities and pay higher rent, held in an escrow account for the purchase. This agreement gives the tenant the privilege to buy the premises during a specified period before it's offered to a third party. The seller must sell the unit, but the buyer is not obligated to purchase if they choose not to.
