Real Estate Option To Purchase Agreement Template for Indonesia

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Key Requirements PROMPT example:

Real Estate Option To Purchase Agreement

"I need a Real Estate Option to Purchase Agreement for a commercial warehouse property in Jakarta, Indonesia, with a 6-month option period starting January 2025, where the potential buyer is a Singapore-based logistics company that requires environmental due diligence provisions."

Document background

The Real Estate Option To Purchase Agreement is a crucial document in Indonesian property transactions, providing a potential purchaser with exclusive rights to buy a property while conducting necessary due diligence and arranging financing. This document is commonly used in commercial real estate transactions, development projects, and investment scenarios where buyers need time to evaluate the property and secure funding before committing to the purchase. The agreement must comply with Indonesian property laws, including Law No. 5 of 1960 on Basic Agrarian Law and related regulations, particularly regarding land rights, foreign ownership restrictions, and notarial requirements. It typically includes detailed provisions about the option period, purchase price, exercise mechanisms, and property specifications, while ensuring all statutory requirements for property transfer in Indonesia are addressed.

Suggested Sections

1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential purchaser), including complete legal names and addresses

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

3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Option Fee', 'Purchase Price', and 'Property'

4. Grant of Option: Express grant of the option to purchase, including exclusivity provisions

5. Option Period: Duration of the option, including start and end dates, and any extension mechanisms

6. Option Fee: Amount of option fee, payment terms, and whether it's applicable to purchase price

7. Exercise of Option: Mechanism and requirements for exercising the option, including notice requirements

8. Purchase Price: Agreed purchase price for the property and payment terms upon exercise

9. Property Inspection Rights: Rights of the Option Holder to inspect the property during the option period

10. Seller's Covenants: Obligations of the seller during the option period, including maintenance and insurance

11. Completion: Requirements and process for completing the sale after option exercise

12. Termination: Circumstances under which the agreement can be terminated and consequences

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

14. Execution: Formal execution block meeting Indonesian notarial requirements

Optional Sections

1. Due Diligence: Detailed provisions for conducting due diligence, used when the option holder requires specific investigation rights

2. Foreign Investment Provisions: Additional provisions required when the option holder is a foreign entity, ensuring compliance with Indonesian foreign investment laws

3. Financing Conditions: Conditions related to the option holder's financing arrangements, used when purchase is subject to financing

4. Property Development Conditions: Conditions related to development approvals or permits, used for undeveloped or partially developed properties

5. Environmental Provisions: Special provisions dealing with environmental investigations and liabilities, used for industrial or potentially contaminated properties

6. Multiple Properties: Additional provisions for dealing with multiple properties under one option, used when the option covers more than one property

7. Broker Provisions: Provisions dealing with broker relationships and commissions, used when brokers are involved in the transaction

Suggested Schedules

1. Property Description: Detailed legal description of the property, including certificate numbers, boundaries, and existing encumbrances

2. Property Plans: Official site plans and drawings of the property

3. Option Exercise Notice: Pro-forma notice for exercising the option

4. Due Diligence Requirements: Detailed list of due diligence items and requirements

5. Permitted Encumbrances: List of permitted encumbrances that will remain on title

6. Form of Sale and Purchase Agreement: Draft of the sale and purchase agreement to be executed upon exercise of the option

7. Required Governmental Approvals: List of required governmental approvals for property 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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Development

Construction

Hospitality

Retail

Industrial Manufacturing

Logistics

Healthcare

Education

Banking and Finance

Agriculture

Mining

Commercial Office

Mixed-Use Development

Tourism

Relevant Teams

Legal

Real Estate

Corporate Development

Finance

Investment

Risk Management

Compliance

Property Management

Facilities Management

Project Development

Asset Management

Business Development

Operations

Relevant Roles

Real Estate Director

Property Development Manager

Legal Counsel

Chief Financial Officer

Investment Manager

Asset Manager

Facilities Manager

Real Estate Broker

Property Surveyor

Risk Manager

Compliance Officer

Project Manager

Land Acquisition Manager

Real Estate Investment Analyst

Corporate Development Director

Property Portfolio Manager

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