Posted by: islamicfinancingnews | February 10, 2013

Islamic loans get you on your way to securing the right home

islam21 When all your efforts to find the right family home come together, including the Islamic mortgages you need to set your financing in place, it’s time to present an offer to purchase. This document will identify the parties involved in the transaction; the terms and conditions of the offer, including the amount the buyer is offering to purchase the property; and the time the offer is open for acceptance by the seller.

A deposit from the purchaser usually by way of a certified cheque or bank draft will accompany the offer. The deposit is important not only because it confirms to the seller that the buyer is serious about purchasing the home, but also because it forms part of the purchase price. The amount of the deposit is deducted from the balance due on the closing date.

While there is no set amount for a deposit, the “bigger is better” philosophy applies here. A deposit in the five to ten percent range of the purchase price is considered a reasonable and substantial amount and provides the seller with a measure of assurance that the buyer is committed to purchasing the home.

Presenting a decent offer is one of the requirements to securing the home you want and the proper Islamic loans will help to ensure everything falls into place.


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