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A rent to own agreement is a document where a tenant and a landlord agree on terms for renting an apartment with the possibility of purchasing it later. The tenant may have more maintenance responsibilities and pay higher rent, which could be held in an escrow account for the purchase. This agreement gives the tenant the option to buy the apartment within a specified period 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.
