What is the ruling on a person who buys a residence from an institution, but they do not give him a contract; rather, they condition that he pay the amount in installments, and then this buyer, before...
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The questioner : All right, Shaykh, there was another issue yesterday regarding sales, specifically what we call a "key sale." A person takes a residence from an institution; the institution sells it to him but does not give him a contract. Instead, they condition that he pay the amount in installments over a period, up to a maximum of such-and-such, and they agree on that. Then this buyer, before he pays this amount and before he obtains the contract, sells the residence. They call this a "key sale." Knowing that the aforementioned institution, if the first person sells to the second person, opens a new account with the second person for the estimated amount of this residence. What do you see in this issue, O Shaykh?
The Shaykh : What do you mean by saying they open a new account with him?
The questioner : I mean, perhaps the first buyer, who is the seller, has paid half the amount. But if he sells it to this second person, he must start over in paying the amount in installments, as if this residence were being sold for the first time.
The Shaykh : Do you mean that the remainder is paid in installments? The second half is paid in installments?
The questioner : They do not consider what the first buyer paid. Rather, it is as if they sold this residence for the first time, and they cancel the contract they had made with the first buyer. Because when the first buyer sells to the second buyer, the first buyer must relinquish it to the institution, and what is called a "transfer" takes place. In this transfer, they condition—this is how their law is, and this is how the practice has been established—that...
The Shaykh : All right, how does one buy when he knows that if he pays the first installment, it is as if he paid nothing? How does he buy?
The questioner : All right, they ask, O Shaykh. Sometimes they ask.
The Shaykh : I mean, if he paid three-quarters of the price, is the matter the same?
The questioner: Yes.
The Shaykh : If he paid three-quarters of the price.
The questioner : Yes, the matter is the same.
The Shaykh : Anyone who buys in this way?
The questioner : The need, O Shaykh, compels some people to buy such contracts.
The Shaykh : If this is by mutual consent, I see no obstacle in it.
The Shaykh : What do you mean by saying they open a new account with him?
The questioner : I mean, perhaps the first buyer, who is the seller, has paid half the amount. But if he sells it to this second person, he must start over in paying the amount in installments, as if this residence were being sold for the first time.
The Shaykh : Do you mean that the remainder is paid in installments? The second half is paid in installments?
The questioner : They do not consider what the first buyer paid. Rather, it is as if they sold this residence for the first time, and they cancel the contract they had made with the first buyer. Because when the first buyer sells to the second buyer, the first buyer must relinquish it to the institution, and what is called a "transfer" takes place. In this transfer, they condition—this is how their law is, and this is how the practice has been established—that...
The Shaykh : All right, how does one buy when he knows that if he pays the first installment, it is as if he paid nothing? How does he buy?
The questioner : All right, they ask, O Shaykh. Sometimes they ask.
The Shaykh : I mean, if he paid three-quarters of the price, is the matter the same?
The questioner: Yes.
The Shaykh : If he paid three-quarters of the price.
The questioner : Yes, the matter is the same.
The Shaykh : Anyone who buys in this way?
The questioner : The need, O Shaykh, compels some people to buy such contracts.
The Shaykh : If this is by mutual consent, I see no obstacle in it.
Source
www.al-albany.com
The Arabic text is copied verbatim from the original source, without any edits.