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Real Estate Assignment Contract

Real Estate Assignment Contract Template for Indonesia

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Key Requirements PROMPT example:

Real Estate Assignment Contract

"I need a Real Estate Assignment Contract for transferring a commercial warehouse property in Jakarta's industrial zone to a domestic Indonesian company, with completion scheduled for March 2025 and including specific provisions for existing tenant agreements."

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Document background
The Real Estate Assignment Contract is a crucial document in Indonesian property transactions, used when transferring ownership or rights of real estate from one party to another. It must comply with multiple layers of Indonesian legislation, including the Civil Code, Basic Agrarian Law, and various property regulations. This document is essential for both commercial and residential property transfers, requiring notarial execution and registration with the National Land Agency. It typically includes detailed property descriptions, consideration amounts, warranties about the property's legal status, and specific provisions for completing the transfer according to Indonesian law. The document is particularly important as Indonesian property law has unique characteristics, including restrictions on foreign ownership and specific registration requirements that must be carefully addressed in the assignment process.
Suggested Sections

1. Parties: Identification of the Assignor and Assignee, including their complete legal names, addresses, and any relevant registration numbers

2. Background: Context of the assignment, including brief description of the property and the original ownership/rights

3. Definitions: Key terms used throughout the agreement, including Property, Assignment Date, Completion Date, etc.

4. Subject Matter of Assignment: Detailed description of the real estate rights being assigned

5. Assignment Price and Payment Terms: The agreed consideration and payment schedule for the assignment

6. Completion Requirements: Conditions precedent and steps required to complete the assignment

7. Representations and Warranties: Assignor's declarations regarding property ownership, encumbrances, and legal status

8. Rights and Obligations: Ongoing responsibilities of both parties during and after the assignment process

9. Registration and Documentation: Requirements for legal registration and transfer of title

10. Costs and Taxes: Allocation of transaction costs, transfer taxes, and registration fees

11. Governing Law and Dispute Resolution: Confirmation of Indonesian law application and dispute resolution mechanisms

12. Notices: Process for formal communications between parties

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Due Diligence: Used when the assignee requires a period to conduct property investigations before completion

2. Tenant Provisions: Required if the property is currently leased to tenants

3. Environmental Matters: Necessary for properties with potential environmental concerns or compliance requirements

4. Development Rights: Include when the property has existing development permits or potential

5. Strata Title Provisions: Required for apartment or condominium assignments

6. Force Majeure: Optional clause for handling unforeseen circumstances

7. Third Party Consents: Include when assignments require approval from banks, authorities, or other parties

8. Broker Provisions: Required if real estate agents or brokers are involved in the transaction

Suggested Schedules

1. Property Description: Detailed legal description of the property, including certificates and registration numbers

2. Title Documents: List of all relevant title and ownership documents

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

4. Existing Encumbrances: List of any mortgages, liens, or other encumbrances on the property

5. Required Permits: List of permits and licenses associated with the property

6. Property Plans: Site plans, building plans, and relevant technical drawings

7. Inventory List: If the assignment includes furnishings or fixed assets

8. Form of Transfer Deed: Template of the notarial deed required for the transfer

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
Assignment Date
Assignor
Assignee
Completion Date
Consideration
Encumbrances
Land Certificate
Property
Registration
Title Deed
Transfer Date
Notarial Deed
Land Rights
Permitted Use
Relevant Authority
Building Rights (Hak Guna Bangunan)
Right to Own (Hak Milik)
Right to Use (Hak Pakai)
National Land Agency (BPN)
Due Diligence Period
Completion Requirements
Purchase Price
Payment Schedule
Existing Tenancies
Material Adverse Change
Business Day
Effective Date
Force Majeure Event
Governmental Authority
Intellectual Property Rights
Land Use Certificate (SKRK)
Building Permit (IMB)
Related Documents
Security Interest
Taxes
Transfer Costs
Clauses
Assignment
Property Description
Purchase Price
Payment Terms
Completion Requirements
Title Transfer
Registration
Representations and Warranties
Due Diligence
Property Handover
Notarial Requirements
Land Rights
Encumbrances
Compliance
Property Use
Tax Obligations
Environmental Compliance
Existing Tenancies
Insurance
Force Majeure
Indemnification
Confidentiality
Notices
Amendment
Severability
Entire Agreement
Governing Law
Dispute Resolution
Third Party Rights
Further Assurance
Costs and Expenses
Assignment and Transfer
Counterparts
Default
Termination
Relevant Industries

Real Estate

Property Development

Construction

Banking & Finance

Hospitality

Retail

Industrial

Commercial Property

Residential Property

Agriculture

Relevant Teams

Legal

Real Estate

Property Management

Facilities Management

Compliance

Corporate Affairs

Asset Management

Development

Investment

Operations

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Corporate Lawyer

Property Manager

Facilities Manager

Real Estate Agent

Land Registration Officer

Notary Public

Real Estate Investment Manager

Asset Manager

Development Director

Compliance Officer

Real Estate Broker

Property Acquisition Manager

Industries
Indonesian Civil Code (Kitab Undang-Undang Hukum Perdata): Primary legislation governing contracts and property law in Indonesia, particularly Book III on Contracts and Book II on Property
Law No. 5 of 1960 on Basic Agrarian Law (UUPA): Fundamental law governing land rights and real estate in Indonesia, including regulations on land ownership and transfer
Government Regulation No. 24 of 1997 on Land Registration: Regulates the registration process for land transfers and property rights
Law No. 28 of 2002 on Buildings: Governs requirements and regulations related to buildings and structures in Indonesia
Law No. 20 of 2011 on Apartments: Specific regulations regarding apartment units and strata title, if the assignment involves apartments
Head of National Land Agency Regulation No. 8 of 2012: Guidelines for land registration and transfer procedures
Law No. 30 of 2004 on Notary Position: Regulates the role and requirements of notaries in property transactions and deed creation
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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