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A rent to own agreement is a document where a tenant and landlord agree on renting a property 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 future purchase. This agreement allows the tenant the privilege of buying the property before it is offered to others. The seller is obligated to sell, but the buyer is not obligated to purchase if they choose not to.
