Question Summary:
Is it permissible to ask for an early settlement discount after the contract is sealed?

Question Detail:

I purchased a property with my fathers money. He paid R1.25m for the property. He then sold it to me for R1853537.28, at a profit on terms, payable over seven years. He also leant me R150k to revamp the building.
If I am able to sell the property, can I ask for an early settlement discount calculated pro rata, based on what the amount would have been had the repayment been over a shorter period. Or can the seller offer me an early settlement? 

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
It is our understanding that you purchased a property for R1.25m from your father`s money for your father. Thereafter, he sold you the house for R1853537.28.
In principle, you as the purchaser is bound to pay the full purchase price of R1853537.28 to your father, even if you settle your account earlier[1]. You may request your father for a discount. It is your father`s prerogative to accept your request for a discount or not. If he does accept to give you a discount, that will be a gesture of goodwill from his side as he is not bound to give you a discount upon an early payment of the debt[2].
And Allah Ta’āla Knows Best
Hanif Yusuf Patel
Student Darul Iftaa
UK
Checked and Approved by,
Mufti Ebrahim Desai.