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Land Option Contract

Land Option Contract Template for Indonesia

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Key Requirements PROMPT example:

Land Option Contract

"I need a Land Option Contract under Indonesian law for a foreign investment company looking to develop a commercial property in Jakarta, with a 6-month option period starting March 2025, including provisions for obtaining necessary foreign investment permits and development approvals."

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Document background
The Land Option Contract serves as a crucial instrument in Indonesian real estate transactions, providing a structured framework for securing future land acquisition rights. This document is particularly valuable when parties need time to conduct due diligence, arrange financing, or obtain necessary permits before completing a land purchase. It must comply with Indonesian Basic Agrarian Law (UUPA), land registration requirements, and spatial planning regulations. The contract is commonly used in property development projects, commercial real estate transactions, and industrial land acquisitions. For foreign investors, special consideration must be given to investment restrictions and ownership limitations under Indonesian law. The document typically includes comprehensive details about the property, option terms, exercise conditions, and completion requirements, while accounting for local regulatory compliance and risk allocation between parties.
Suggested Sections

1. Parties: Identification of the Option Grantor (landowner) and Option Holder, including complete legal names, addresses, and identification numbers

2. Background: Context of the agreement, brief description of the property, and parties' intentions

3. Definitions: Key terms used throughout the agreement, including technical and legal terminology specific to Indonesian land law

4. Property Details: Comprehensive description of the land, including certificate number, location, boundaries, and current land use status

5. Option Grant: Express grant of the option and its basic terms

6. Option Period: Duration of the option, including start and end dates

7. Option Price: Amount payable for the option right itself

8. Purchase Price: Agreed price for the property if the option is exercised

9. Exercise of Option: Process and requirements for exercising the option

10. Payment Terms: Structure and timing of payments for both option and purchase price

11. Representations and Warranties: Statements of fact by both parties regarding their capacity and the property's status

12. Covenants: Ongoing obligations of parties during the option period

13. Completion Requirements: Steps required to complete the transfer if option is exercised

14. Termination: Circumstances under which the agreement may be terminated

15. Governing Law: Confirmation of Indonesian law application and jurisdiction

Optional Sections

1. Due Diligence: Terms for conducting property investigations, used when buyer requires specific inspection rights

2. Foreign Investment Provisions: Additional terms required when the Option Holder is a foreign entity

3. Spatial Planning Compliance: Special provisions when property development plans require specific zoning considerations

4. Multiple Properties: Additional provisions when option covers multiple land parcels

5. Broker Involvement: Terms regarding broker commissions when real estate agents are involved

6. Environmental Conditions: Special provisions regarding environmental assessments and liabilities

7. Development Conditions: Used when option is contingent on obtaining specific development approvals

8. Right of First Refusal: Additional terms if option includes ongoing right of first refusal after initial period

Suggested Schedules

1. Property Description Schedule: Detailed technical description of the property including boundaries, coordinates, and certificate details

2. Land Title Documents: Copies of relevant land certificates and ownership documentation

3. Payment Schedule: Detailed breakdown of payment terms and installments if applicable

4. Form of Exercise Notice: Template for the formal notice to exercise the option

5. Due Diligence Requirements: List of required documents and inspections for due diligence

6. Required Permits: List of permits and approvals required for transfer or development

7. Site Plan: Maps and plans showing the property boundaries and features

8. Power of Attorney: Standard form of power of attorney for land registration purposes

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Option
Option Period
Option Price
Purchase Price
Property
Land Certificate
Certificate of Title
Hak Milik
Hak Guna Bangunan
Hak Guna Usaha
PPAT
Land Registry
Completion Date
Completion Requirements
Due Diligence Period
Exercise Notice
Exercise Date
Encumbrances
Business Day
Permitted Use
Development Approvals
Spatial Planning Requirements
Local Government
BPN
Deposit
Transfer Deed
Material Adverse Change
Force Majeure Event
Effective Date
Execution Date
Governing Law
Option Holder
Option Grantor
Parties
Related Entities
Security Interest
Title Documents
Zoning Requirements
Clauses
Grant of Option
Property Description
Option Period
Option Price
Purchase Price
Payment Terms
Exercise of Option
Due Diligence
Title and Ownership
Representations and Warranties
Property Access
Land Use and Development
Regulatory Compliance
Transfer Requirements
Registration and Notarization
Deposit
Force Majeure
Default and Termination
Assignment
Confidentiality
Notices
Costs and Taxes
Dispute Resolution
Governing Law
Amendments
Entire Agreement
Severability
Further Assurance
Third Party Rights
Foreign Investment Compliance
Environmental Compliance
Local Authority Requirements
Title Insurance
Broker Provisions
Relevant Industries

Real Estate

Property Development

Construction

Agriculture

Industrial Development

Commercial Property

Hospitality

Retail

Infrastructure

Mining

Energy

Urban Development

Relevant Teams

Legal

Real Estate

Property Development

Investment

Finance

Business Development

Compliance

Operations

Project Management

Asset Management

Due Diligence

Risk Management

Relevant Roles

Real Estate Director

Property Development Manager

Legal Counsel

Land Acquisition Manager

Investment Manager

Project Director

Chief Financial Officer

Business Development Manager

Real Estate Investment Analyst

Compliance Officer

Property Manager

Site Development Manager

Corporate Lawyer

Real Estate Broker

Asset Manager

Industries
Basic Agrarian Law No. 5 of 1960 (UUPA): Fundamental law governing land rights and ownership in Indonesia, establishing basic principles of land registration and different types of land titles
Indonesian Civil Code (KUHPerdata): Regulates contract formation, validity requirements, and general principles of agreements, including option contracts
Government Regulation No. 24 of 1997: Covers land registration procedures and requirements for transferring land rights
Law No. 25 of 2007: Investment Law that may affect land acquisition and ownership rights, particularly for foreign investors
Head of BPN Regulation No. 2 of 2013: Regulations on delegation of authority for land deed issuance and registration
Law No. 26 of 2007: Spatial Planning Law affecting land use and development rights
Regional Autonomy Law No. 23 of 2014: Defines authority of regional governments in land matters and local permits
Government Regulation No. 103 of 2015: Regulations on house and residential property ownership by foreigners domiciled in Indonesia
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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