Transfer Of Ownership Agreement Property Template for Indonesia

The Transfer Of Ownership Agreement Property is a crucial legal instrument in Indonesian property law, used when transferring ownership rights of real estate from one party to another. This document is essential for ensuring compliance with Indonesia's Basic Agrarian Law and related property regulations, requiring execution before a licensed Land Deed Official (PPAT) and subsequent registration with the National Land Office (BPN). The agreement covers comprehensive property details, purchase price, tax obligations, and transfer terms, while addressing specific Indonesian legal requirements such as land use rights categories and foreign ownership restrictions. It's particularly important as it serves as the foundation for updating land certificates and property registration records, making it a critical document for both private and commercial property transactions in Indonesia.

1. Parties: Identification of the Transferor (current owner) and Transferee (new owner), including complete legal names, addresses, and identification numbers as required by Indonesian law

2. Background: Context of the transfer, including brief property history and purpose of the transfer

3. Definitions: Definitions of key terms used throughout the agreement, including property-specific terminology and Indonesian legal terms

4. Property Details: Comprehensive description of the property including land certificate number, building details, boundaries, and exact location as per Indonesian land registry

5. Transfer Declaration: Clear statement of transfer of ownership and rights from Transferor to Transferee

6. Purchase Price and Payment: Details of the agreed purchase price, payment terms, and payment method

7. Representations and Warranties: Statements by both parties regarding their capacity to enter into the agreement and the property's legal status

8. Rights and Obligations: Specific rights and obligations of both parties before, during, and after the transfer

9. Tax Obligations: Details of tax responsibilities including Land and Building Title Transfer Duty (BPHTB) and other applicable taxes

10. Registration and Documentation: Requirements for registration with the National Land Office (BPN) and other necessary documentation

11. Handover Process: Procedure and timeline for the physical handover of the property

12. Governing Law: Specification of Indonesian law as the governing law and relevant jurisdictional details

13. Dispute Resolution: Process for resolving any disputes related to the transfer

14. Execution: Signing requirements and formalities as per Indonesian law