Your islamic home financing could involve a conditional offer

You’ll be learning a lot of new terms when you get involved with Islamic home financing and buy a property. In general, a conditional offer is a contract between a buyer and seller stating the transaction will be completed only when certain conditions are met. Buying or selling the property becomes a legal obligation involving Islamic mortgage loans only after these requirements are fulfilled.

These often have short time frames since the seller wants to move the transaction along. Typically, these conditions are about a home inspection or mortgage application and quite often real estate agents will continue to show the property to other people to put pressure on the potential buyer. Sellers can also put an escape clause into a conditional offer so they can take a better offer if one comes along.

Conditional offers often focus on the ability of the potential buyer to get the financing they need to complete the transaction. If the conditions are not met, including getting Islamic home financing, the buyer or seller is not bound by the terms of the contract. Anyone interested in buying or selling a house should understand the legal safeguards involved with these conditional offers.