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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. The tenant might have more maintenance responsibilities and pay higher rent, which can be held in an escrow account. This agreement gives the tenant the privilege to potentially purchase the premises they are renting before the owner sells it to a third party. The seller is obligated to sell the unit, but the buyer is not required to purchase the property if they choose not to.
