The House Buy Sell Agreement Form is a crucial legal document used in Indonesian property transactions to formalize the transfer of residential property ownership. This agreement is essential for ensuring compliance with Indonesian property law, including the Basic Agrarian Law (UU No. 5/1960) and relevant property regulations. The document is typically prepared when parties have agreed on basic terms and need to formalize the transaction legally. It includes comprehensive details about the property, parties involved, payment terms, and legal requirements for property transfer. The agreement must be executed before a licensed land deed official (PPAT) and requires registration with the National Land Office. This document serves as the foundation for the subsequent notarial deed (Akta Jual Beli) and ensures all aspects of the property transfer comply with Indonesian legal requirements.
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1. Parties: Identification of the Seller and Buyer with complete legal names, ID numbers (KTP/Passport), and addresses
2. Background: Context of the transaction, including brief property history and current ownership status
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Complete description of the property including certificate number, land area, building area, boundaries, and address
5. Purchase Price: Agreed purchase price and payment structure
6. Payment Terms: Detailed payment schedule, method of payment, and consequences of payment default
7. Conditions Precedent: Conditions that must be fulfilled before the transaction can proceed
8. Representations and Warranties: Seller's warranties about property ownership, condition, and legal status
9. Rights and Obligations: Detailed responsibilities of both parties before, during, and after the transaction
10. Property Handover: Terms and process for physical handover of the property
11. Legal Documentation: Requirements for deed transfer and registration at the land office
12. Taxes and Costs: Allocation of transaction taxes, fees, and other costs
13. Default and Termination: Consequences of breach and conditions for agreement termination
14. Dispute Resolution: Process for resolving disputes between parties
15. Governing Law: Confirmation of Indonesian law as governing law
16. Notices: Process and requirements for formal communications between parties
17. Execution: Signature blocks and execution requirements
1. Mortgage Release: Required if the property has an existing mortgage that needs to be cleared
2. Foreign Ownership Provisions: Required for foreign buyers, including specific restrictions and requirements under Indonesian law
3. Power of Attorney: Required if either party is acting through an authorized representative
4. Property Management Handover: Required for properties within managed complexes or apartments
5. Tenant Provisions: Required if the property is currently leased to tenants
6. Renovation Agreements: Required if there are pre-agreed renovation terms before handover
7. Broker Provisions: Required if the transaction involves real estate agents or brokers
1. Property Title Documents: Copies of land certificate and other ownership documents
2. Property Tax Records: History of property tax payments and current status
3. Property Photos and Floor Plans: Current photographs and architectural drawings of the property
4. Inventory List: List of fixtures, fittings, and furniture included in the sale
5. Payment Schedule: Detailed breakdown of payment installments and due dates
6. Building Permits: Copies of relevant building permits and certificates
7. Due Diligence Results: Reports from legal and technical property inspections
8. Utility Accounts: Details of existing utility connections and account numbers
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Banking and Finance
Legal Services
Construction
Insurance
Property Management
Urban Development
Housing
Investment
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Sales
Finance
Risk Management
Operations
Investment
Documentation
Relevant Roles
Real Estate Agent
Property Lawyer
Legal Counsel
Notary Public
Property Developer
Bank Officer
Mortgage Specialist
Property Manager
Real Estate Investment Manager
Compliance Officer
Property Valuer
Title Insurance Officer
Land Registration Officer
Real Estate Transaction Coordinator
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