The Simple Agreement Of Sale (Real Estate) is a fundamental legal document used in Indonesian property transactions to formalize the transfer of real estate ownership between parties. This document is essential when conducting property sales in Indonesia, whether for residential or commercial purposes, and must comply with the Indonesian Civil Code, Basic Agrarian Law, and related property regulations. The agreement includes crucial elements such as property details, payment terms, and completion requirements, while accommodating specific Indonesian legal requirements like the involvement of a Land Deed Official (PPAT). It serves as a preliminary agreement that leads to the execution of the final deed of sale (Akta Jual Beli) and can be used for various types of real estate transactions, from simple residential sales to complex commercial property transfers.
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1. Parties: Identification of the seller and buyer, including their full legal names, addresses, and identity card numbers (KTP for Indonesian citizens)
2. Background: Context of the transaction, including brief description of the property and parties' intention to enter into a sale and purchase agreement
3. Definitions: Key terms used throughout the agreement, including Property, Purchase Price, Completion Date, and other relevant terms
4. Property Details: Comprehensive description of the property, including certificate number, land area, building area, and boundaries
5. Purchase Price: Agreed purchase price, payment terms, and payment schedule
6. Payment Method: Specified method of payment, including bank account details and payment verification process
7. Conditions Precedent: Conditions that must be fulfilled before the sale can be completed, including title checks and necessary permits
8. Completion Process: Steps for completing the transaction, including signing of deed of sale (AJB) before PPAT
9. Representations and Warranties: Statements and guarantees from both parties regarding their capacity and the property's condition
10. Rights and Obligations: Detailed responsibilities of both parties before, during, and after the transaction
11. Default and Remedies: Consequences of breach and available remedies for either party
12. Governing Law: Specification of Indonesian law as governing law and relevant jurisdiction
13. Signatures: Execution block for all parties, including witnesses as required by Indonesian law
1. Broker/Agent Provisions: Include when a property agent or broker is involved in the transaction
2. Mortgage Provisions: Include when the purchase involves bank financing or existing mortgages
3. Foreign Ownership Provisions: Include when the buyer is a foreign national, addressing specific requirements and restrictions
4. Tenant Provisions: Include when the property is currently tenanted or has existing lease agreements
5. Development Provisions: Include when the property is under construction or requires development
6. Strata Title Provisions: Include when the property is an apartment or part of a strata-titled development
7. Tax Arrangements: Include when special tax considerations or arrangements need to be specified
1. Property Description Schedule: Detailed technical description of the property, including exact measurements, boundaries, and certificates
2. Payment Schedule: Detailed breakdown of payment installments and due dates if payment is not made in full
3. Property Documentation: List of all property certificates, permits, and relevant documentation
4. Inventory List: List of fixtures, fittings, and furnishings included in the sale, if any
5. Due Diligence Results: Summary of property checks, land searches, and other due diligence findings
6. Required Permits: List of permits and approvals required for the transaction or property use
7. Property Photos and Plans: Visual documentation of the property, including floor plans and photographs
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