The Real Estate Option To Purchase Agreement is a crucial document in Indonesian property transactions, providing a potential purchaser with exclusive rights to buy a property while conducting necessary due diligence and arranging financing. This document is commonly used in commercial real estate transactions, development projects, and investment scenarios where buyers need time to evaluate the property and secure funding before committing to the purchase. The agreement must comply with Indonesian property laws, including Law No. 5 of 1960 on Basic Agrarian Law and related regulations, particularly regarding land rights, foreign ownership restrictions, and notarial requirements. It typically includes detailed provisions about the option period, purchase price, exercise mechanisms, and property specifications, while ensuring all statutory requirements for property transfer in Indonesia are addressed.
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1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential purchaser), including complete legal names and addresses
2. Background: Context of the agreement, brief description of the property, and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', and 'Property'
4. Grant of Option: Express grant of the option to purchase, including exclusivity provisions
5. Option Period: Duration of the option, including start and end dates, and any extension mechanisms
6. Option Fee: Amount of option fee, payment terms, and whether it's applicable to purchase price
7. Exercise of Option: Mechanism and requirements for exercising the option, including notice requirements
8. Purchase Price: Agreed purchase price for the property and payment terms upon exercise
9. Property Inspection Rights: Rights of the Option Holder to inspect the property during the option period
10. Seller's Covenants: Obligations of the seller during the option period, including maintenance and insurance
11. Completion: Requirements and process for completing the sale after option exercise
12. Termination: Circumstances under which the agreement can be terminated and consequences
13. Governing Law: Specification of Indonesian law as governing law and jurisdiction
14. Execution: Formal execution block meeting Indonesian notarial requirements
1. Due Diligence: Detailed provisions for conducting due diligence, used when the option holder requires specific investigation rights
2. Foreign Investment Provisions: Additional provisions required when the option holder is a foreign entity, ensuring compliance with Indonesian foreign investment laws
3. Financing Conditions: Conditions related to the option holder's financing arrangements, used when purchase is subject to financing
4. Property Development Conditions: Conditions related to development approvals or permits, used for undeveloped or partially developed properties
5. Environmental Provisions: Special provisions dealing with environmental investigations and liabilities, used for industrial or potentially contaminated properties
6. Multiple Properties: Additional provisions for dealing with multiple properties under one option, used when the option covers more than one property
7. Broker Provisions: Provisions dealing with broker relationships and commissions, used when brokers are involved in the transaction
1. Property Description: Detailed legal description of the property, including certificate numbers, boundaries, and existing encumbrances
2. Property Plans: Official site plans and drawings of the property
3. Option Exercise Notice: Pro-forma notice for exercising the option
4. Due Diligence Requirements: Detailed list of due diligence items and requirements
5. Permitted Encumbrances: List of permitted encumbrances that will remain on title
6. Form of Sale and Purchase Agreement: Draft of the sale and purchase agreement to be executed upon exercise of the option
7. Required Governmental Approvals: List of required governmental approvals for property transfer
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Hospitality
Retail
Industrial Manufacturing
Logistics
Healthcare
Education
Banking and Finance
Agriculture
Mining
Commercial Office
Mixed-Use Development
Tourism
Relevant Teams
Legal
Real Estate
Corporate Development
Finance
Investment
Risk Management
Compliance
Property Management
Facilities Management
Project Development
Asset Management
Business Development
Operations
Relevant Roles
Real Estate Director
Property Development Manager
Legal Counsel
Chief Financial Officer
Investment Manager
Asset Manager
Facilities Manager
Real Estate Broker
Property Surveyor
Risk Manager
Compliance Officer
Project Manager
Land Acquisition Manager
Real Estate Investment Analyst
Corporate Development Director
Property Portfolio Manager
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