Divorce House Buyout Agreement Template for Indonesia

The Divorce House Buyout Agreement is a crucial document used in Indonesian divorce proceedings when one spouse wishes to retain the marital home by buying out the other spouse's interest. This agreement is particularly important in the Indonesian legal context, where property transfer must comply with both the Marriage Law (UU Perkawinan) and the Basic Agrarian Law (UUPA). The document becomes necessary when divorcing couples have agreed on the property's value and one party has the means to buy out the other's share. It contains essential provisions for property transfer, including detailed payment terms, transfer procedures, and compliance requirements with the Land Office (BPN). For Muslim couples, additional provisions ensuring compliance with the Compilation of Islamic Law (KHI) may be included. The agreement serves as a foundation for the formal property transfer process and helps prevent future disputes regarding property ownership.

1. Parties: Identification of both spouses involved in the buyout agreement, including their full legal names, addresses, and national ID numbers

2. Background: Details of the marriage, divorce proceedings (if completed), current ownership status of the property, and the intention to transfer ownership through buyout

3. Definitions: Key terms used in the agreement including Property, Settlement Date, Purchase Price, Transfer Documents etc.

4. Property Details: Complete description of the property including certificate number, address, land size, building size, and current registration details

5. Purchase Price and Payment: Agreed buyout amount, payment method, and timeline for payment completion

6. Settlement Requirements: Conditions that must be met before settlement, including necessary governmental approvals and documentation

7. Transfer of Ownership: Process and requirements for transferring the property title, including registration with the Land Office (BPN)

8. Representations and Warranties: Statements from both parties regarding their authority to enter the agreement and the property's current status

9. Costs and Taxes: Allocation of transfer costs, taxes, and other expenses related to the buyout

10. Default and Remedies: Consequences and available remedies if either party fails to fulfill their obligations

11. Governing Law: Specification that Indonesian law governs the agreement and relevant jurisdictional matters

12. Execution: Signature blocks and formal execution requirements