The Home Buy Sell Agreement is a crucial legal document used in Indonesian property transactions to formalize the transfer of residential property ownership between parties. This agreement is essential when any residential property is being sold in Indonesia, whether it's a standalone house, apartment, or other residential unit. The document must comply with Indonesian property law, including the Civil Code (KUHPerdata) and Basic Agrarian Law (UUPA), and typically requires registration with local land offices. It includes comprehensive details about the property, payment terms, warranties, and obligations of both parties. The agreement serves as the foundation for the subsequent deed of sale (Akta Jual Beli) that must be executed before a land deed official (PPAT) to legally transfer the property title.
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1. Parties: Identification and details of the Seller and Buyer, including their legal capacity to enter into the agreement
2. Background: Context of the transaction, including brief property description and parties' intention to enter into a sale and purchase agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property, including certificate number, land area, building area, and boundaries
5. Purchase Price: Agreed purchase price, payment terms, and payment schedule
6. Payment Method: Specific methods of payment and banking details
7. Conditions Precedent: Conditions that must be fulfilled before the sale can proceed
8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, condition, and legal status
9. Buyer's Representations and Warranties: Buyer's guarantees regarding legal capacity and financial ability to complete the purchase
10. Completion: Process and requirements for completing the transaction
11. Transfer of Title: Procedures and obligations for legal transfer of property ownership
12. Taxes and Costs: Allocation of transaction taxes, fees, and other costs
13. Default and Termination: Consequences of default and conditions for agreement termination
14. Governing Law: Confirmation of Indonesian law as governing law
15. Dispute Resolution: Process for resolving disputes between parties
16. Notices: How formal communications between parties should be made
17. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Mortgage and Financing: Required if buyer is obtaining bank financing for the purchase
2. Property Inspection: Detailed terms for property inspection if not conducted prior to agreement
3. Vacant Possession: Required if property is currently occupied and needs to be vacated
4. Existing Tenancies: Required if property has existing tenants and their rights need to be addressed
5. Property Management During Transition: Required for properties requiring maintenance between signing and completion
6. Foreign Ownership Compliance: Required if buyer is a foreign national, addressing specific legal requirements
7. Construction Completion: Required for properties under construction or requiring completion works
8. Strata Title Provisions: Required for apartments or properties under strata title
1. Property Details Schedule: Detailed technical description of property, including certificates and permits
2. Payment Schedule: Detailed breakdown of payment installments and timing
3. Property Inventory: List of fixtures, fittings, and other items included in the sale
4. Land Certificate Details: Copy and details of land certificate and ownership history
5. Outstanding Utilities: List of utility accounts and outstanding payments
6. Property Tax History: Record of property tax payments and any outstanding amounts
7. Required Permits: Copies of relevant permits and certificates
8. Property Plans: Official site plans, building plans, and photographs
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Property Development
Banking and Finance
Legal Services
Construction
Property Management
Insurance
Relevant Teams
Legal
Real Estate
Property Management
Sales
Compliance
Administrative
Finance
Documentation
Property Development
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Property Developer
Bank Officer
Mortgage Specialist
Property Manager
Notary Public
Land Deed Official (PPAT)
Compliance Officer
Real Estate Manager
Property Sales Executive
Legal Administrative Officer
Real Estate Transaction Coordinator
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