The Letter of Intent to Sell Property is a crucial preliminary document in Indonesian property transactions that bridges the gap between initial negotiations and the final sale agreement. It is typically used when parties have reached a general understanding but need to formalize their intentions before proceeding with due diligence and detailed contract negotiations. The document outlines key terms such as property details, proposed price, and basic conditions, while adhering to Indonesian property laws and regulations. While not as formal as the final Deed of Sale and Purchase (Akta Jual Beli), it serves as an important step in the property transaction process, particularly in complex or high-value deals. The document must consider Indonesian property ownership restrictions, especially regarding foreign ownership, and local property registration requirements.
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1. Date and Place: The date of the letter and location where it is executed
2. Parties' Details: Complete identification of both seller and prospective buyer, including full legal names, ID numbers/company registration, and addresses
3. Subject Property Description: Clear identification of the property including address, land certificate number, building certificate (if applicable), and size
4. Expression of Intent: Clear statement of intention to purchase/sell the specified property
5. Proposed Purchase Price: The agreed-upon purchase price or price range for the property
6. Payment Terms: Basic outline of how and when payments would be made
7. Due Diligence Period: Timeframe allowed for buyer to conduct property investigations
8. Validity Period: Duration for which the LOI remains valid
9. Signatures: Space for both parties to sign and date the letter
1. Earnest Money Deposit: Details of any initial deposit to be paid, used when parties want to demonstrate serious intent
2. Conditions Precedent: Specific conditions that must be met before proceeding to final sale, included when there are particular requirements
3. Exclusivity Period: Period during which seller agrees not to negotiate with other parties, used in competitive markets
4. Confidentiality Clause: Agreement to keep negotiations private, important for sensitive or high-value transactions
5. Foreign Ownership Declaration: Required when buyer is a foreign national, addressing compliance with Indonesian foreign ownership restrictions
6. Property Occupation Status: Details about current occupancy and timeline for vacancy, relevant for occupied properties
1. Property Details Schedule: Detailed description of the property including exact measurements, boundaries, and features
2. Property Documents List: List of available property certificates, permits, and other relevant documentation
3. Photographs: Recent photographs of the property showing current condition
4. Initial Price Negotiations Record: Document showing how the proposed purchase price was reached, if applicable
5. Property Title Search Results: Preliminary results of property ownership verification from land office
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