The Land Purchase Letter of Intent serves as a crucial preliminary document in Indonesian real estate transactions, establishing the framework for negotiations between potential buyers and sellers of land. It is typically used when parties have reached initial understanding on key commercial terms but require a formal structure for due diligence and detailed negotiations. The document must align with Indonesian legal requirements, particularly the Basic Agrarian Law (UUPA) and related regulations governing land rights and transfers. While generally non-binding, it typically includes binding provisions on confidentiality, exclusivity, and good faith negotiations. The LOI should address specific Indonesian requirements such as land certificate verification, spatial planning compliance, and where applicable, foreign ownership restrictions. This document is particularly important in Indonesia's complex land law system, where careful preliminary agreement on terms and conditions is essential before proceeding to a final purchase agreement.
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1. Parties: Full legal names and details of the potential seller and buyer, including their legal status, registration numbers, and authorized representatives
2. Background: Context of the proposed transaction and brief description of the parties' initial discussions
3. Definitions: Key terms used in the LOI, including property description, transaction timeline, and other relevant terminology
4. Property Description: Detailed description of the land, including certificate number, location, size, and current land use status
5. Proposed Purchase Price: Indicative purchase price and any preliminary payment terms
6. Due Diligence: Scope and timeline for buyer's due diligence investigation of the property
7. Exclusivity Period: Period during which the seller agrees not to negotiate with other potential buyers
8. Confidentiality: Obligations regarding confidential information exchanged during negotiations
9. Timeline: Proposed schedule for due diligence, negotiations, and completion of the final purchase agreement
10. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified clauses
11. Governing Law: Specification that Indonesian law governs the LOI
12. Signatures: Execution block for both parties
1. Break Fee: Used when parties want to include a fee payable if either party withdraws from negotiations without justifiable cause
2. Conditions Precedent: Include when there are specific conditions that must be met before proceeding with the transaction
3. Cost Allocation: Used to specify how costs during the negotiation period will be allocated between parties
4. Foreign Investment Provisions: Required when the buyer is a foreign entity, addressing compliance with Indonesian foreign investment laws
5. Local Authority Approvals: Include when the proposed use requires specific local government approvals
6. Broker/Agent Provisions: Used when real estate agents or brokers are involved in the transaction
1. Property Details Schedule: Detailed technical description of the land, including maps, coordinates, and certificate details
2. Due Diligence Requirements: List of documents and information required for due diligence
3. Timeline Schedule: Detailed timeline with specific dates and milestones
4. Preliminary Payment Terms: If applicable, schedule of proposed payment structure and timing
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