The Lease Agreement With Option to Purchase is a specialized legal instrument used in Indonesian property transactions where parties wish to combine a standard lease arrangement with a future purchase opportunity. This document is particularly useful when a potential buyer wants to occupy and evaluate a property before committing to a purchase, or when they need time to arrange financing. The agreement must comply with Indonesian property laws, including the Basic Agrarian Law and relevant tax regulations, particularly when foreign ownership is involved. It provides detailed terms for both the lease period (including rent, maintenance, and use restrictions) and the purchase option (including price, exercise period, and completion requirements). This type of agreement is commonly used in both residential and commercial contexts, offering flexibility while protecting both parties' interests under Indonesian law.
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1. Parties: Identification of the lessor/potential seller and lessee/potential buyer with complete legal names and addresses
2. Background: Context of the agreement, including brief description of the property and parties' intentions regarding lease and potential purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the leased property, including exact location, boundaries, and certificate details
5. Lease Terms: Duration of lease, rental amount, payment schedule, and other basic lease conditions
6. Purchase Option Terms: Conditions for exercising the purchase option, including price, timeline, and process
7. Maintenance and Repairs: Responsibilities for property maintenance and repairs during the lease period
8. Insurance and Taxes: Requirements for property insurance and responsibility for various taxes
9. Use of Property: Permitted and prohibited uses of the property during the lease period
10. Default and Remedies: Consequences of default under either lease or purchase option terms
11. Assignment and Subletting: Rules regarding transfer of rights under the agreement
12. Notices: Process for formal communications between parties
13. Governing Law: Specification of Indonesian law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Broker Involvement: Include when real estate brokers are involved in the transaction
2. Foreign Ownership Provisions: Required when the potential buyer is a foreign national or entity
3. Mortgage Contingency: Include when the purchase option is contingent on obtaining financing
4. Property Management: Include for properties requiring specific management arrangements during the lease
5. Environmental Matters: Required for industrial or commercial properties with potential environmental concerns
6. Tenant Improvements: Include when specific improvements by tenant are permitted or required
7. Right of First Refusal: Optional additional right if lessor receives third-party purchase offers
8. Force Majeure: Include specific provisions for unforeseen circumstances affecting the agreement
1. Schedule A - Property Details: Detailed property description, including floor plans and land certificate details
2. Schedule B - Rental Payment Schedule: Detailed breakdown of rental payments and due dates
3. Schedule C - Purchase Price Calculation: Formula for determining final purchase price, including credit for rent paid
4. Schedule D - Property Condition Report: Initial condition assessment of the property
5. Schedule E - Permitted Alterations: List of alterations tenant is allowed to make to the property
6. Appendix 1 - Required Insurance: Detailed insurance requirements and coverage amounts
7. Appendix 2 - Property Management Standards: Specific requirements for property maintenance and management
8. Appendix 3 - Documentation Requirements: List of documents required for exercising purchase option
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