Question
When laybying and item, can the seller put down conditions for laybye such as: 1) Laybye is for three months. 2) Item will be kept aside only after 50% is paid. (i.e. until 50% the money has been paid, will be kept aside as amaanat)?
Answer
The first condition is permissible. The second condition is not valid. The item has become the property of the buyer when he paid the deposit. The seller holds it as an Amaanat until he receives his full price. If on the expiry of the threemonth period, the buyer does not turn up, then the seller may sell the item. If a profit is made, it will be for the buyer and has to be held in trust. If there is a genuine loss, the buyer is liable for it. The seller may not sell the item for less than its fair market value. If after a year the buyer has still not surfaced, then the deposit plus the profit must be given as Sadqah to the poor. However, should the buyer appear after the Sadqah was given and demand his item/ money, then the seller has to reimburse him, and the thawaab of the Sadqah will be for him (i.e. for the seller).
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 26 No 08
- PDF page
- 12
Verbatim verified against the source PDF
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