House Buy Sell Agreement Form Template for Indonesia

The House Buy Sell Agreement Form is a crucial legal document used in Indonesian property transactions to formalize the transfer of residential property ownership. This agreement is essential for ensuring compliance with Indonesian property law, including the Basic Agrarian Law (UU No. 5/1960) and relevant property regulations. The document is typically prepared when parties have agreed on basic terms and need to formalize the transaction legally. It includes comprehensive details about the property, parties involved, payment terms, and legal requirements for property transfer. The agreement must be executed before a licensed land deed official (PPAT) and requires registration with the National Land Office. This document serves as the foundation for the subsequent notarial deed (Akta Jual Beli) and ensures all aspects of the property transfer comply with Indonesian legal requirements.

1. Parties: Identification of the Seller and Buyer with complete legal names, ID numbers (KTP/Passport), and addresses

2. Background: Context of the transaction, including brief property history and current ownership status

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Complete description of the property including certificate number, land area, building area, boundaries, and address

5. Purchase Price: Agreed purchase price and payment structure

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of payment default

7. Conditions Precedent: Conditions that must be fulfilled before the transaction can proceed

8. Representations and Warranties: Seller's warranties about property ownership, condition, and legal status

9. Rights and Obligations: Detailed responsibilities of both parties before, during, and after the transaction

10. Property Handover: Terms and process for physical handover of the property

11. Legal Documentation: Requirements for deed transfer and registration at the land office

12. Taxes and Costs: Allocation of transaction taxes, fees, and other costs

13. Default and Termination: Consequences of breach and conditions for agreement termination

14. Dispute Resolution: Process for resolving disputes between parties

15. Governing Law: Confirmation of Indonesian law as governing law

16. Notices: Process and requirements for formal communications between parties

17. Execution: Signature blocks and execution requirements