Apartment Sale And Purchase Agreement Template for Indonesia

The Apartment Sale And Purchase Agreement is a crucial legal document used in Indonesian real estate transactions when transferring ownership of an apartment unit. It is essential for both new developments and resale transactions, ensuring compliance with Indonesian property laws, particularly Law No. 20 of 2011 on Apartment Housing and related regulations. The document serves multiple purposes: it protects the interests of both buyer and seller, details the specific characteristics and price of the property, outlines payment terms and conditions, establishes rights and obligations regarding common areas and facilities, and ensures proper legal transfer of ownership. This agreement is particularly important in Indonesia's growing urban areas where apartment living is increasingly common and property rights must be clearly established and protected.

1. Parties: Identification of the Seller (developer/owner) and Buyer, including complete legal names, addresses, and identification numbers

2. Background: Context of the transaction, including brief description of the property and the parties' intention to enter into a sale and purchase agreement

3. Definitions: Definitions of key terms used throughout the agreement, including technical terms related to the apartment unit and property rights

4. Object of Sale: Detailed description of the apartment unit, including unit number, floor, building name, size, and specifications

5. Purchase Price: Total purchase price, payment schedule, and payment methods

6. Terms of Payment: Detailed payment structure, installment plans if applicable, and consequences of payment default

7. Rights and Obligations of the Seller: Seller's commitments, warranties, and responsibilities regarding the property transfer

8. Rights and Obligations of the Buyer: Buyer's commitments, responsibilities, and conduct requirements

9. Handover of the Unit: Conditions and procedures for the physical handover of the apartment unit

10. Title and Ownership Transfer: Process and requirements for legal transfer of the property title

11. Common Areas and Facilities: Rights and obligations regarding common areas and shared facilities

12. Building Management: Provisions regarding building management and service charges

13. Force Majeure: Circumstances constituting force majeure and their consequences

14. Default and Termination: Events of default, remedies, and termination procedures

15. Dispute Resolution: Methods and procedures for resolving disputes between parties

16. Governing Law: Confirmation of Indonesian law as the governing law

17. Notices: Procedures for formal communications between parties

18. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments