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A rent-to-own agreement is a document where a tenant and landlord agree on renting an apartment 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. This agreement gives the tenant the privilege to purchase the rented premises before the owner offers it to others. The seller is obligated to sell, but the buyer is not bound to buy if they choose not to become a purchaser.
