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Memorandum Of Understanding (Real Estate)

Memorandum Of Understanding (Real Estate) Template for Indonesia

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Key Requirements PROMPT example:

Memorandum Of Understanding (Real Estate)

"I need a Memorandum of Understanding (Real Estate) for a foreign investment company looking to acquire multiple commercial properties in Jakarta, with specific attention to Indonesian foreign ownership restrictions and a phased due diligence approach."

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Document background
The Memorandum of Understanding (Real Estate) is a crucial preliminary document used in Indonesian property transactions to establish the initial understanding between parties before proceeding to definitive agreements. It is particularly valuable when parties need to outline key commercial terms, conduct due diligence, and ensure compliance with Indonesian property laws before committing to a binding agreement. The document typically precedes more detailed agreements and is essential in complex real estate transactions, especially those involving foreign investment or significant commercial properties. While primarily non-binding, it includes specific binding provisions such as confidentiality and exclusivity clauses. The MOU must align with Indonesian legal requirements, including the Basic Agrarian Law, building regulations, and investment laws, making it a vital tool for structuring compliant property transactions in Indonesia's unique legal landscape.
Suggested Sections

1. Parties: Identification of all parties to the MOU, including full legal names, addresses, and company registration details as per Indonesian requirements

2. Background: Context of the proposed transaction, including brief description of the property and parties' initial intentions

3. Definitions: Key terms used throughout the MOU, including property-specific terminology and Indonesian legal terms

4. Purpose and Scope: Clear statement of the MOU's objective and the broad outline of the proposed real estate transaction

5. Key Terms of Proposed Transaction: Main commercial terms including proposed price range, payment structure, and basic transaction structure

6. Due Diligence: Framework for property investigation, document review, and title verification process

7. Timeline: Proposed schedule for key milestones including due diligence, negotiations, and definitive agreement execution

8. Confidentiality: Binding obligations regarding confidential information exchange

9. Non-Binding Nature: Clear statement that the MOU is non-binding except for specified clauses

10. Costs and Expenses: Each party's responsibility for costs incurred during the preliminary phase

11. Governing Law: Specification of Indonesian law as governing law and relevant jurisdiction

12. Term and Termination: Duration of the MOU and circumstances for termination

Optional Sections

1. Exclusivity: Used when parties agree to negotiate exclusively for a specified period

2. Foreign Investment Provisions: Required when one party is a foreign investor, addressing compliance with Indonesian foreign investment laws

3. Local Authority Approvals: Include when the transaction requires specific local government or zoning approvals

4. Break Fee: Used when parties want to include a fee for withdrawal under specific circumstances

5. Representative Appointments: Include when parties need to designate specific representatives for the transaction

6. Language Requirements: Required when the MOU needs to be bilingual (Indonesian and English)

7. Corporate Approvals: Include when the transaction requires specific corporate or shareholder approvals

Suggested Schedules

1. Property Details: Detailed description of the property including address, land certificate details, and current usage

2. Transaction Structure Outline: Preliminary structure of the proposed transaction including key steps and requirements

3. Due Diligence Checklist: List of required documents and investigations for the due diligence process

4. Required Permits and Licenses: List of necessary governmental and regulatory approvals

5. Proposed Timeline: Detailed timeline with specific dates for key milestones

6. Authorized Representatives: Contact details and authority levels of key representatives from each party

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
Applicable Laws
Business Day
Binding Provisions
Break Fee
Completion Date
Confidential Information
Definitive Agreements
Due Diligence
Due Diligence Period
Effective Date
Exclusivity Period
Government Authority
HGB (Hak Guna Bangunan)
HPL (Hak Pengelolaan)
Land Certificate
Local Authority
Material Adverse Change
Negotiation Period
Non-Binding Provisions
Parties
Permitted Purpose
Property
Proposed Transaction
Purchase Price
Representatives
Required Approvals
RTRW (Rencana Tata Ruang Wilayah)
SHM (Sertifikat Hak Milik)
Site
Term
Territory
Transaction Documents
Working Hours
Relevant Industries

Real Estate

Property Development

Construction

Commercial Property

Retail

Hospitality

Industrial

Warehousing

Office Space

Mixed-Use Development

Residential Development

Infrastructure

Tourism

Relevant Teams

Legal

Real Estate

Property Development

Commercial

Finance

Business Development

Operations

Compliance

Risk Management

Project Management

Investment

Asset Management

Relevant Roles

Real Estate Director

Property Development Manager

Legal Counsel

Commercial Director

Investment Manager

Chief Financial Officer

Business Development Manager

Property Manager

Facilities Manager

Asset Manager

Compliance Officer

Real Estate Analyst

Investment Director

Project Manager

Corporate Lawyer

Risk Manager

Industries
Indonesian Civil Code (Kitab Undang-undang Hukum Perdata): Provides the fundamental principles of contract law, including requirements for valid agreements, rights and obligations of parties, and contract formation principles
Law No. 5 of 1960 on Basic Agrarian Law (Undang-Undang Pokok Agraria): Fundamental law governing land rights and ownership in Indonesia, including different types of land titles and restrictions on foreign ownership
Government Regulation No. 24 of 1997 on Land Registration: Regulates the registration of land rights and transfer of land titles in Indonesia
Law No. 28 of 2002 on Buildings (Undang-Undang Bangunan Gedung): Regulates building requirements, permits, and technical standards for construction
Law No. 25 of 2007 on Investment: Governs investment activities in Indonesia, including foreign investment in real estate sector
Presidential Regulation No. 44 of 2016 on Negative Investment List: Specifies restrictions and requirements for foreign investment in various sectors, including real estate
Law No. 11 of 2020 on Job Creation (Omnibus Law): Recent reform affecting various sectors including property and real estate, simplifying licensing procedures and investment requirements
Regional Spatial Planning Regulations (RTRW): Local government regulations determining land use, zoning, and development requirements in specific areas
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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