Is it permissible to sell an inherited piece of land with an agreement that part of the price will be in cash and the remainder in apartments in the building to be constructed on the same land?

There is no objection to selling the land to the contractor and receiving part of the price, making the remainder of the price a contract of istisna’ (manufacturing) or a construction contract for building apartments in the building, provided that the specifications and value of the apartments are determined in a way that negates any ambiguity.

Shaykh al-Islam Ibn Taymiyyah and Ibn al-Qayyim permitted making a debt owed by a debtor the capital for a salam (forward) contract, which is called constructive possession, and this removes the legal impediment.

If this is permissible in a salam contract, which requires prompt payment of the capital, then its permissibility is even more appropriate in an istisna’ contract, which does not require that.