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Lot Payment Agreement

Lot Payment Agreement Template for Indonesia

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Key Requirements PROMPT example:

Lot Payment Agreement

"I need a Lot Payment Agreement for a residential property in Jakarta, with monthly installments over 24 months starting March 2025, including provisions for early payment and default remedies."

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Document background
The Lot Payment Agreement is a crucial document in Indonesian property transactions, used when a buyer agrees to purchase a lot or land parcel through installment payments. This agreement type is commonly used in both residential and commercial property developments across Indonesia, where staged payments are preferred or required. The document must comply with Indonesian civil law, property regulations, and consumer protection requirements, making it essential for property developers and buyers to have a properly structured agreement. The Lot Payment Agreement typically includes detailed payment schedules, property specifications, development timelines, and conditions for title transfer, while also addressing potential defaults and remedies. It's particularly important in new development projects where lots are sold before or during development phases.
Suggested Sections

1. Parties: Identification of the seller/developer and buyer with complete legal details

2. Background: Context of the agreement, including brief description of the development project and lot being sold

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

4. Subject Matter: Detailed description of the lot being sold, including its specifications and boundaries

5. Purchase Price: Total purchase price and breakdown of costs

6. Payment Terms: Payment schedule, installment amounts, and payment methods

7. Default and Remedies: Consequences of payment default and available remedies for both parties

8. Title Transfer: Process and conditions for transferring title upon completion of payments

9. Representations and Warranties: Statements of fact and promises by both parties regarding the lot and their capacity to enter the agreement

10. Rights and Obligations: Detailed responsibilities of both parties during the payment period

11. Force Majeure: Provisions for unforeseen circumstances affecting contract performance

12. Governing Law: Specification of Indonesian law as governing law and relevant jurisdictions

13. Dispute Resolution: Process for resolving disputes between parties

14. Notices: Methods and addresses for official communications between parties

15. Termination: Conditions and process for agreement termination

Optional Sections

1. Development Conditions: Include when the lot is part of an ongoing development project, specifying completion timelines and conditions

2. Mortgage Provisions: Include when the buyer is obtaining mortgage financing, specifying conditions and requirements

3. Property Management: Include when the development includes shared facilities or requires ongoing management

4. Construction Requirements: Include when there are specific building requirements or restrictions for the lot

5. Assignment Rights: Include when transfer of rights to third parties needs to be addressed

6. Insurance Requirements: Include when specific insurance coverage is required during the payment period

7. Utilities and Infrastructure: Include when specific provisions about utility connections and infrastructure development need to be addressed

Suggested Schedules

1. Schedule A - Property Details: Detailed technical description of the lot, including exact measurements, boundaries, and certificates

2. Schedule B - Payment Schedule: Detailed breakdown of payment installments, due dates, and amounts

3. Schedule C - Site Plan: Plans showing the location of the lot within the development

4. Schedule D - Specifications: Technical specifications of any included infrastructure or development features

5. Schedule E - Required Documents: List of documents required for title transfer and registration

6. Appendix 1 - Land Certificate: Copy of the master land certificate or relevant property titles

7. Appendix 2 - Development Permits: Copies of relevant development and construction permits

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
Lot
Property
Purchase Price
Completion Date
Deposit
Development
Development Plan
Due Date
Effective Date
Encumbrance
Force Majeure
Installment Payment
Land Certificate
Legal Title
Payment Schedule
Permitted Use
Property Rights
Purchase Documents
Registration
Seller's Representative
Site Plan
Specifications
Title Deed
Transfer Date
Zoning Requirements
Business Day
Default Event
Development Permits
Infrastructure
Notice
Payment Default
Property Tax
Settlement Date
Utilities
Clauses
Payment Terms
Property Description
Title Transfer
Representations and Warranties
Default and Remedies
Force Majeure
Governing Law
Dispute Resolution
Notices
Assignment
Termination
Property Registration
Development Conditions
Insurance
Tax Obligations
Compliance with Laws
Property Inspection
Construction Requirements
Infrastructure and Utilities
Property Management
Environmental Compliance
Amendment
Severability
Entire Agreement
Further Assurance
Indemnification
Survival
Time of Essence
Waiver
Costs and Expenses
Relevant Industries

Real Estate

Property Development

Construction

Banking & Finance

Legal Services

Urban Development

Residential Property

Commercial Property

Relevant Teams

Legal

Real Estate

Property Development

Sales

Finance

Compliance

Project Management

Customer Relations

Land Acquisition

Contract Administration

Relevant Roles

Property Development Manager

Real Estate Manager

Legal Counsel

Property Sales Manager

Land Acquisition Manager

Contract Administrator

Financial Controller

Project Manager

Sales Director

Compliance Officer

Property Lawyer

Development Director

Customer Relations Manager

Industries
Indonesian Civil Code (KUHPerdata): Primary legislation governing contracts and agreements in Indonesia, including provisions for payment obligations and general contractual requirements
Basic Agrarian Law No. 5 of 1960: Fundamental law governing land rights and ownership in Indonesia, essential for any property-related agreements
Government Regulation No. 24 of 1997 on Land Registration: Regulates the registration of land titles and property transfers in Indonesia
Law No. 8 of 1999 on Consumer Protection: Provides protection for buyers in property transactions and payment agreements
Law No. 1 of 2011 on Housing and Settlement Areas: Regulates residential property development and sales, including lot arrangements
Government Regulation No. 14 of 2016 on Housing and Settlement Areas: Implementation regulation for housing development and property sales, including payment structures
Law No. 28 of 2002 on Buildings: Regulates building requirements and standards that may affect lot development and value
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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