The Property Contract serves as a crucial legal instrument for property transactions in Indonesia, designed to facilitate the transfer of property ownership while ensuring compliance with Indonesian law. This document is essential when purchasing or selling real estate in Indonesia, whether for residential, commercial, or industrial purposes. It incorporates mandatory requirements from the Indonesian Civil Code, Basic Agrarian Law, and relevant property regulations, including specific provisions for foreign ownership restrictions. The contract typically includes detailed property descriptions, payment terms, warranties, and obligations of all parties involved. It must be executed before a notary public and registered with the local land office (BPN) to ensure legal validity and proper transfer of title.
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1. Parties: Identification of the parties, including full legal names, addresses, and identity card numbers (KTP for Indonesian citizens or passport for foreigners)
2. Background: Context of the transaction, including property history and purpose of the 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 and Payment Terms: Detailed breakdown of the purchase price, payment schedule, and payment method
6. Transfer of Title: Process and conditions for transferring property ownership
7. Representations and Warranties: Statements and guarantees from both parties regarding the property and their capacity to enter into the agreement
8. Rights and Obligations: Detailed responsibilities of both parties before, during, and after the transfer
9. Taxes and Costs: Allocation of transaction taxes, fees, and other costs
10. Default and Remedies: Consequences of breach and available remedies
11. Governing Law: Confirmation of Indonesian law as governing law and jurisdiction
12. Dispute Resolution: Process for resolving disputes, including choice of forum
13. Notices: Method and addresses for formal communications
14. Execution: Signature blocks and execution requirements
1. Conditions Precedent: Used when completion is subject to specific conditions being met, such as obtaining permits or clearances
2. Mortgage Provisions: Required when the property purchase involves bank financing
3. Property Management: Needed for apartments or properties in managed complexes
4. Foreign Ownership Provisions: Required when the buyer is a foreign national, including specific restrictions and requirements
5. Development Obligations: Necessary when the property requires development or renovation work
6. Environmental Provisions: Important when the property has environmental considerations or requirements
7. Broker Provisions: Required when property agents or brokers are involved in the transaction
8. Force Majeure: Optional clause dealing with unforeseen circumstances affecting the transaction
1. Property Description Schedule: Detailed technical description of the property, including maps and floor plans
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Title Documents: Copies of land certificates and other ownership documents
4. Due Diligence Results: Summary of property checks and verifications
5. Permits and Licenses: Copies of relevant permits and licenses attached to the property
6. Property Handover Checklist: List of items and conditions for property handover
7. Tax Certificates: Copies of property tax payments and certificates
8. Property Photographs: Current photographs of the property and its condition
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Hospitality
Retail
Commercial Property
Residential Property
Industrial Property
Agriculture (for land transactions)
Tourism
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Operations
Business Development
Risk Management
Asset Management
Facilities Management
Investment
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Compliance Officer
Property Manager
Real Estate Agent
Contract Administrator
Business Development Manager
Investment Manager
Facilities Manager
Asset Manager
Risk Manager
Company Director
Chief Financial Officer
Property Consultant
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