A Letter of Intent to Purchase Land is commonly used in Indonesian real estate transactions as a preliminary step before entering into a definitive purchase agreement. This document is particularly important in Indonesia due to the complex nature of land rights and ownership structures under the Basic Agrarian Law. It serves to outline the parties' intentions, establish basic terms, and set the framework for due diligence and subsequent negotiations. While primarily non-binding, it may contain certain binding provisions such as confidentiality and exclusivity. The document is especially crucial when dealing with foreign investment considerations, as Indonesia has specific restrictions on foreign land ownership. It helps parties establish clear expectations and timelines while allowing for necessary regulatory compliance checks and due diligence investigations before proceeding to a binding agreement.
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1. Date and Parties: Identification of the prospective seller and buyer, including complete legal names, addresses, and any relevant registration numbers
2. Background/Recitals: Brief context explaining the parties' intentions and the purpose of the letter
3. Property Details: Specific description of the land including certificate number, location, size, and current registered title type
4. Proposed Transaction: Overview of the intended purchase, including preliminary price or price range and basic transaction structure
5. Due Diligence: Statement regarding the buyer's right to conduct due diligence and the seller's obligation to provide necessary documentation
6. Timeline: Proposed schedule for due diligence, definitive agreement negotiation, and closing
7. Non-Binding Nature: Clear statement that this is a non-binding letter of intent except for specified binding provisions
8. Signatures: Execution blocks for all parties
1. Exclusivity: Optional binding provision preventing the seller from negotiating with other parties for a specified period
2. Confidentiality: Optional binding provision regarding the confidential treatment of shared information
3. Costs and Expenses: Optional section addressing who bears the costs of due diligence and document preparation
4. Governing Law and Jurisdiction: Optional section specifying Indonesian law as governing law and choosing specific jurisdiction for disputes
5. Foreign Investment Provisions: Required only if the buyer is a foreign entity, addressing compliance with Indonesian foreign ownership restrictions
6. Broker/Agent Representation: Required only if any brokers or agents are involved in the transaction
1. Schedule A - Property Description: Detailed legal description of the land, including boundaries, coordinates, and certificate details
2. Schedule B - Preliminary Terms: Initial proposed key terms of the transaction including price, payment structure, and key conditions
3. Schedule C - Due Diligence Requirements: List of documents and information to be provided by seller during due diligence
4. Appendix 1 - Site Plan/Map: Visual representation of the property and its boundaries
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Agriculture
Industrial Development
Commercial Property
Hospitality
Infrastructure
Mining
Manufacturing
Retail
Foreign Investment
Urban Development
Relevant Teams
Legal
Real Estate
Property Development
Business Development
Finance
Compliance
Operations
Facilities Management
Project Management
Investment
Corporate Affairs
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Development Manager
Legal Counsel
Land Acquisition Manager
Business Development Director
Investment Manager
Compliance Officer
Project Manager
Real Estate Agent
Property Consultant
Corporate Lawyer
Facilities Manager
Operations Director
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