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.
A: If you sell the property to him as a cash sale, then though it will be permissible for you to hold back the property until you receive the entire payment, you cannot hold back the rentals as you no longer will be the owner of the property. However, if you both agree that you will keep the rentals as part of the payment that is due to you for the property, then in this case, you can keep the rentals and continue to deduct it from the amount he is owing you until he pays you the entire amount.
And Allah Ta'ala (الله تعالى) knows best.
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