The Buy Sell Agreement (Real Estate) is a crucial legal document used in Indonesian property transactions to formalize the transfer of real estate ownership between parties. It serves as the primary contract document that outlines all essential aspects of the property sale, including detailed property description, price, payment terms, and parties' obligations. This agreement must comply with Indonesian property laws, particularly the Basic Agrarian Law No. 5 of 1960 and related regulations. It requires execution before a land deed official (PPAT) and subsequent registration with the National Land Office. The document is essential for both residential and commercial property transactions and must address specific requirements for different types of property rights under Indonesian law, including special provisions for foreign buyers if applicable.
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1. Parties: Identification of the seller and buyer with complete legal names, addresses, and ID numbers as required by Indonesian law
2. Background: Context of the transaction, including brief property description and parties' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Object of Sale: Detailed description of the property, including certificate number, land area, building area, and boundaries as per land certificate
5. Purchase Price: Agreed purchase price, payment terms, and method of payment
6. Payment Terms: Schedule of payments, including deposit and installment arrangements
7. Conditions Precedent: Conditions that must be fulfilled before completion, including legal due diligence
8. Seller's Representations and Warranties: Seller's guarantees regarding property ownership, encumbrances, and legal status
9. Buyer's Representations and Warranties: Buyer's declarations regarding legal capacity and financial ability to purchase
10. Completion Process: Steps for property handover and transfer of ownership
11. Tax Obligations: Allocation of tax responsibilities including Land and Building Transfer Duty (BPHTB) and Income Tax
12. Costs and Expenses: Allocation of transaction costs including notary fees and registration fees
13. Default and Termination: Consequences of breach and termination rights
14. Force Majeure: Provisions for unforeseen circumstances affecting contract performance
15. Dispute Resolution: Methods and jurisdiction for resolving disputes
16. Governing Law: Specification of Indonesian law as governing law
17. Notices: Communication procedures between parties
18. Execution: Signing requirements and execution formalities
1. Mortgage Release: Required when property has existing mortgage that needs to be discharged
2. Tenant Provisions: Required when property is currently leased to tenants
3. Broker Provisions: Include when real estate agents are involved in the transaction
4. Property Management Handover: For properties in managed complexes or apartments
5. Construction Completion: Required for off-plan purchases or properties under construction
6. Foreign Ownership Compliance: Required when buyer is a foreign national, detailing compliance with Indonesian foreign ownership restrictions
7. Strata Title Provisions: Required for apartment or condominium purchases
8. Environmental Compliance: Required for properties in environmentally sensitive areas or with specific environmental obligations
1. Property Details: Detailed technical description of property including certificates, boundaries, and specifications
2. Payment Schedule: Detailed breakdown of payment installments and due dates
3. Property Documents: List of all property certificates and permits
4. Due Diligence Results: Summary of legal and technical due diligence findings
5. Land Certificate: Copy of official land certificate and ownership history
6. Building Permits: Copies of relevant building permits and certificates
7. Property Tax Records: History of property tax payments and outstanding obligations
8. Site Plan: Official site plan and property boundaries
9. Photographs: Current photographs of the property and structures
10. Power of Attorney: If applicable, powers of attorney for signing on behalf of either party
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