Is possession necessary at the time of the transaction?
The question, as received
Is it necessary to take possession of the article of trade or the purchase price at the time of transaction?
The answer
Taking possession of the commodity or purchase price is not a pre-requisite or an integral for the validity of a transaction.[1] The purpose of a transaction is to transfer ownership of the article of trade and purchase price. Transferral of ownership is effected by merely exchanging offer and acceptance. However, this rule does not apply to currency exchange and trading gold/silver.
Condition: Possession is not required except in currency exchange and gold/silver trades.
And Allah knows best.
Mufti Faraz Adam
References
1الْمَادَّةُ 262) الْقَبْضُ لَيْسَ بِشَرْطٍ فِي الْبَيْعِ إلَّا أَنَّ الْعَقْدَ مَتَى تَمَّ كَانَ عَلَى الْمُشْتَرِي أَنْ يُسَلِّمَ الثَّمَنَ أَوَّلًا ثُمَّ يُسَلِّمَ الْبَائِعُ الْمَبِيعَ إلَيْهِ. يَعْنِي لَا يُشْتَرَطُ لِتَمَامِ الْبَيْعِ الصَّحِيحِ وَالْمُطْلَقِ قَبْضُ الْمُشْتَرِي لِلْمَبِيعِ وَالْبَائِعَ لِلثَّمَنِ بَلْ إنَّ الْبَيْعَ يُفِيدُ مِلْكَ الْمُشْتَرِي لِلْمَبِيعِ وَالْبَائِعِ لِلثَّمَنِ (درر الحكام شرح مجلة الأحكام ج 1 ص 249 دار الجيل
Based on the Hanafi school and on the question as it was asked. Another mufti may reach a different conclusion. Read the disclaimer.