Mufti Saab I wanted to ask you a few questions about property transactions and whetherits an adviable business to run and permissible or not within Islamic regulations.
1. If I am a middleman in a property transaction i.e. I am able to get hold of a property cheap because the owner is in financial difficulty and is struggling to pay the mortgage which would be either capital re-payment or interest only and he wants to get rid of it. If I decide to take the property off him but rather than getting/buying the property myself I sell this lead to another person/investor say for 5k is this ok to do?
2. If this is possible to do then what happens if that person gets a mortgage after i’ve sold the lead to him am I answerable if he got out a mortgage or is that nothing to do with me?
I am going to send you 2 examples of what I mean in relation to this question: After reading this example which means I am controlling the property only I will not own it immediately but if will have a option to buy in the future. This means that the property will have no mortgage or if it does it wont be in my name it will be in the sellers name. However I will agree to take over his mortgage payments but I will get tenants in who will pay his mortgage and I will take my cut i.e. the difference between the mortgage payment & the rental payment will be my profit.
So my question is:
3. Can I pay someone elss mortgage be it capital payment or interest only in case they miss a payment or they ask me to pay for it because they are struggling themselves that month. Its the same as if a family member could not pay off the loan or mortgage and asked me to give them some money to help them out for a month or so.
4. If I did pay it is it not possible to then at the end of the year work out what interest I have paid and take this out as interest money to give away?
Sorry Mufti Saab if I have confused matters if you need to call me do so anytime my number is below. If you can also suggest what is permissible within property transactions I would be most grateful.
Salam and I hope to hear from you soon.