The Installment Contract (Real Estate) is a crucial document used in Indonesian property transactions where the purchase price is paid in installments rather than as a lump sum. This contract type is commonly used in both residential and commercial property transactions in Indonesia, providing a structured approach to property acquisition while ensuring compliance with Indonesian property law, including the Basic Agrarian Law (Undang-Undang Pokok Agraria) and related regulations. The document includes essential elements such as property details, payment terms, transfer mechanics, and necessary legal safeguards. It must be executed before a notary public and registered with the relevant land office. This contract type is particularly relevant in Indonesia's growing property market, where installment purchases are increasingly common for both individual and corporate buyers.
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1. Parties: Identification of the seller and purchaser with complete legal details as required under Indonesian law
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Comprehensive description of the property including certificate number, boundaries, and registration details
5. Purchase Price and Payment Terms: Total purchase price, down payment, installment amounts, payment schedule, and interest rates
6. Payment Mechanics: Methods of payment, bank account details, and payment verification procedures
7. Title and Risk: Provisions regarding when title passes, risk allocation, and maintenance responsibilities during the installment period
8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and condition of the property
9. Buyer's Covenants: Buyer's obligations regarding payments, property maintenance, and use restrictions
10. Default and Remedies: Consequences of payment default, cure periods, and enforcement mechanisms
11. Property Handover: Process and timing for physical possession transfer
12. Registration and Notarial Requirements: Provisions for legal registration and notarial execution
13. Governing Law and Dispute Resolution: Choice of Indonesian law and dispute resolution mechanisms
14. Notices: Communication procedures between parties
15. Execution: Signature blocks and notarial requirements
1. Foreign Ownership Compliance: Required when buyer is a foreign national, addressing compliance with Indonesian foreign ownership restrictions
2. Property Management: Include when the property is part of a managed complex or requires specific maintenance arrangements
3. Insurance Requirements: Detailed when specific insurance coverage is required during the installment period
4. Development Obligations: Include when property is under construction or requires development
5. Mortgage Provisions: Required when there is an existing mortgage or need for mortgage registration
6. Third Party Rights: Include when there are relevant third party rights or restrictions
7. Tax Provisions: Detailed tax arrangements when complex tax implications exist
1. Property Description Schedule: Detailed technical description of the property including maps and certificates
2. Payment Schedule: Detailed breakdown of installment amounts and due dates
3. Property Condition Report: Documentation of property condition at time of agreement
4. Required Permits and Certificates: Copies of all relevant permits and certificates
5. Land Certificate Details: Complete land certificate information and history
6. Property Tax Records: History of property tax payments and outstanding obligations
7. Building Plans and Specifications: Relevant building plans and specifications if applicable
8. Property Rules and Regulations: Any applicable complex or community regulations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking & Finance
Legal Services
Property Management
Insurance
Financial Services
Urban Development
Housing & Residential
Commercial Property
Relevant Teams
Legal
Real Estate
Sales
Finance
Compliance
Risk Management
Business Development
Property Management
Contract Administration
Corporate Services
Relevant Roles
Real Estate Manager
Property Lawyer
Legal Counsel
Property Developer
Sales Director
Financial Controller
Contract Manager
Property Agent
Compliance Officer
Real Estate Broker
Business Development Manager
Risk Manager
Property Portfolio Manager
Notary Public
Land Registration Officer
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