Selling a property and holding back the property while receiving the rentals until full payment is made
Q: Please advise on the following:
I have a share in a property I'd like to sell privately. The buyer wants a few months to pay.
Can we do the sale as a cash sale rather than credit, and I allow him time to pay, but till he pays the entire amount I hold the ownership of the property and receive the rentals. When the final amount has been paid in full, the property transfers into the buyers ownership and he receives rental.
In essence, for safety reasons and to receive the rental in the interim, will this be permissible, rather than doing a credit transaction where the ownership would transfer immediately and I would have a doubt regarding payment later.