Posted by: islamicfinancingnews | July 7, 2013

Part of Islamic finance is the Offer

islam-11 Finding the right Islamic finance product will keep you clear from riba and the more you know about the system and how things work the better. That includes some things you should be be familiar with in order to close the deal and the Offer to Purchase is an important part of the transaction.

  • The first step towards purchasing a home is actually making an offer which is legally binding once it is accepted by the seller. That means you need to get some legal advice before you get too far into this process.
  • Remember, an offer can be made conditionally where that makes the most sense for the purchaser. Often these conditions include being approved for a mortgage or having a home inspection done. If these conditions aren’t met, you can change or cancel the offer.
  • The Offer to Purchase a home has some important information in it like items or chattels you would like to include in the purchase price. Chattels such as draperies and carpet are separate from fixtures like built-in appliances that are mechanically attached to the home.

Islamic finance will get you in the door when it comes to the Sharia compliant way to get Islamic mortgages, but you still need to understand the workings of how an offer is made and how the deal closes to have a full understanding of the process.

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