The Apartment Sale Agreement is a crucial legal instrument used in Indonesian real estate transactions for the transfer of apartment ownership. This document is essential when selling or purchasing apartment units in Indonesia, whether new developments or resale properties. It must comply with Law No. 20 of 2011 on Apartments (Rumah Susun) and other relevant Indonesian property laws. The agreement covers all aspects of the transaction, including property details, payment terms, warranties, and transfer procedures. It's particularly important as apartment ownership in Indonesia involves specific rights and obligations related to common areas and building management. The document protects both parties' interests while ensuring compliance with local property registration requirements, tax obligations, and building regulations.
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1. Parties: Identification of the seller and buyer with complete legal names and details
2. Background: Context of the sale, including brief description of the property and intention to sell/purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Object of Sale: Detailed description of the apartment unit, including unit number, floor, building name, and certificate details
5. Purchase Price: Agreed purchase price and payment terms, including deposit and installment schedule if applicable
6. Payment Method: Specified method of payment and bank account details
7. Conditions Precedent: Conditions that must be fulfilled before the sale can be completed
8. Representations and Warranties: Statements of fact and guarantees by both parties regarding their capacity and the property
9. Rights and Obligations: Detailed responsibilities of both parties before, during, and after the transfer
10. Property Handover: Terms and process for the physical handover of the apartment
11. Transfer of Title: Process and requirements for legal transfer of ownership
12. Taxes and Costs: Allocation of transaction taxes, fees, and other costs
13. Default and Termination: Consequences of breach and conditions for termination
14. Dispute Resolution: Process for handling disputes, including jurisdiction and applicable law
15. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
16. Notices: Method and addresses for official communications between parties
17. Governing Law: Specification of Indonesian law as governing law
18. Execution: Signature blocks and execution requirements
1. Mortgage Provisions: Required if buyer is obtaining mortgage financing, including conditions and requirements
2. Developer Warranties: Included if the apartment is a new unit directly from developer
3. Broker Provisions: Required if real estate agents are involved in the transaction
4. Furniture and Fixtures: Included if sale includes furniture or specific fixtures
5. Defect Liability: Detailed provisions for handling defects, particularly important for new developments
6. Management Agreement: Reference to building management terms if required to be signed separately
7. Renovation Conditions: Include if there are specific agreements about permitted renovations
8. Parking Rights: Required if parking spaces are sold separately or have special conditions
1. Property Details: Detailed technical description of the apartment unit, including floor plans and specifications
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Certificate Details: Copy or details of the Strata Title Certificate (SHMSRS)
4. Inventory List: List of furniture and fixtures included in the sale, if applicable
5. Building Rules: Copy of the building management rules and regulations
6. Due Diligence Results: Summary of property checks and verifications
7. Form of Handover Certificate: Template for the property handover documentation
8. Power of Attorney: Standard format for power of attorney if required for registration
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking & Finance
Legal Services
Property Management
Investment
Housing & Development
Urban Planning
Facilities Management
Relevant Teams
Legal
Real Estate
Sales
Compliance
Property Management
Finance
Risk Management
Business Development
Operations
Contract Administration
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Property Manager
Sales Director
Compliance Officer
Contract Administrator
Real Estate Agent
Property Lawyer
Financial Controller
Development Manager
Asset Manager
Transaction Manager
Project Manager
Risk Manager
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