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Is The Difference Value In Addition To Property Commission Halal?
Kindly enlighten me with the right way of dealing as per Islamic principles. What i have understand so far is that,
Property agent gets his commission from seller and buyer on whatever percentage be it 1 or 2 or 3 but as far as buyer and seller agrees on that percentage then its a fair deal.
Whereas when I started working in real estate sector there is a common practice of estate agents that they low ball seller and ask higher prices from buyer, Suppose a seller wants to sell a plot for 50 lacs then agent will tell him he has a buyer of 45 and meanwhile asks buyer to pay 55 lacs for the property. So the difference of 10 lacs goes straight to the agents pocket and not just that he also takes commission from seller and buyer on the top of that, I have seen multiple people following same trading principle but I never happen to digest it.
It bothers me a lot I have seen religious people doing that and no one find it wrong, i am constantly fighting this battle in my mind whether I am thinking it in a wrong manner or this comes under fair trading rule which often has been called as business secrets. I will be grateful to you if you kindly take some time out and clarify me about real Islamic principles as I have not been able to invest my full energy in this work due to this issue
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2 Replies
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Is The Difference Value In Addition To Property Commission Halal?
updated 1 year, 11 months ago
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Replies
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In principle, deception is prohibited, so if the commission is made through a deceptive practice then it is haram.
I am not an expert in property trade business. If there is a clause in the contract allowing the dealer to pocket the difference between buying and selling price then it might be okay as long as no injustice is served and no deceptive practice is used.
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I agree to your answer completely any money made by keeping parties informed seems right to me as long as there is no cheating element in it. Would like to hear more answers with any religious teachings or principles explained in more detail because when I see people around me in this sector I feel confused about how one can consider it fair dealing yet they endorse this practice as business trait.
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