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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 purchase it within a specified period. This agreement differs from a standard lease as the tenant may have more maintenance responsibilities and pay higher rent, which can be held in an escrow account. This agreement allows the tenant the privilege of purchasing the property before it is offered to a third party. The seller is obligated to sell, but the buyer is not obligated to buy if they choose not to become the purchaser.