Joint Home Ownership Agreement Template for Indonesia

The Joint Home Ownership Agreement is a crucial legal instrument used in Indonesia when two or more parties wish to jointly purchase and own residential property. This document becomes necessary in various scenarios, including family property co-ownership, investment partnerships, or shared holiday homes. It operates within the framework of Indonesian property law, particularly the Basic Agrarian Law (Undang-Undang Pokok Agraria) and the Housing and Settlement Law. The agreement comprehensively addresses ownership shares, financial obligations, property management, dispute resolution, and potential exit strategies. It must comply with specific Indonesian requirements regarding property registration, foreign ownership restrictions, and local property regulations. The document is particularly important as it provides legal clarity and protection for all co-owners, helping prevent future disputes and establishing clear procedures for property management and potential ownership transfers.

1. Parties: Identification of all co-owners including full legal names, addresses, and citizenship status as required under Indonesian law

2. Background: Context of the joint purchase arrangement and brief description of the property being jointly owned

3. Definitions: Definitions of key terms used throughout the agreement, including Indonesian legal terms

4. Property Details: Comprehensive description of the property including certificate number, land title type, and exact location as per Indonesian land registration requirements

5. Ownership Shares: Clear specification of each party's ownership percentage and type of ownership under Indonesian law

6. Purchase Price and Contributions: Details of the property purchase price and each party's financial contribution

7. Payment Terms: Schedule and method of payments for property purchase and ongoing expenses

8. Rights and Obligations: Detailed rights and responsibilities of each co-owner regarding property use and management

9. Property Management: Procedures for decision-making regarding property maintenance, repairs, and improvements

10. Expenses and Costs: Allocation of ongoing costs including maintenance, taxes, and utilities

11. Transfer of Interest: Procedures for selling or transferring ownership shares, including right of first refusal

12. Default Provisions: Consequences and remedies for breach of agreement terms

13. Dispute Resolution: Process for resolving disagreements, including mediation and arbitration procedures

14. Termination: Conditions and procedures for terminating the joint ownership arrangement

15. Governing Law: Specification of Indonesian law as governing law and relevant jurisdictional matters