The Real Estate Installment Contract is a specialized agreement used in Indonesian property transactions where the buyer purchases real estate through structured installment payments rather than a single lump sum. This document is particularly relevant in situations where buyers require extended payment terms or when developers offer payment plans for properties under construction or completed units. It must comply with Indonesian property laws, including the Basic Agrarian Law and relevant consumer protection regulations. The contract typically includes detailed payment schedules, property specifications, ownership transfer mechanisms, and buyer/seller obligations. It's commonly used in both residential and commercial property transactions, requiring proper notarization and registration with relevant authorities to ensure legal enforceability.
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1. Parties: Identification of the seller and buyer, including complete legal names, addresses, and ID numbers as required by Indonesian law
2. Background: Context of the transaction, brief description of the property, and parties' intention to enter into an installment-based purchase agreement
3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terms specific to Indonesian real estate law
4. Property Details: Comprehensive description of the property, including certificate number, land area, building specifications, and boundaries
5. Purchase Price: Total purchase price, payment structure, and installment terms including down payment amount
6. Payment Terms: Detailed schedule of installment payments, payment methods, and consequences of late or missed payments
7. Transfer of Ownership: Process and conditions for the gradual or final transfer of property ownership rights under Indonesian law
8. Seller's Warranties: Warranties regarding property ownership, absence of encumbrances, and compliance with local regulations
9. Buyer's Obligations: Responsibilities including timely payments, property maintenance, and compliance with residential regulations
10. Default and Remedies: Consequences of default by either party and available legal remedies
11. Registration and Notarization: Requirements for proper registration and notarization of the agreement as per Indonesian law
12. Taxes and Costs: Allocation of transaction costs, taxes, and fees between parties
13. Governing Law: Confirmation of Indonesian law as governing law and jurisdiction
14. Termination: Conditions and processes for agreement termination
15. Notices: Process for formal communications between parties
16. Execution: Signature requirements and execution formalities
1. Property Insurance: Requirements for property insurance during the installment period - included when insurance is mandatory or agreed upon
2. Property Management: Rules for property management during the installment period - relevant for apartments or managed communities
3. Third-Party Rights: Provisions regarding rights of third parties - included when there are existing tenants or other rights holders
4. Force Majeure: Provisions for unforeseen circumstances - particularly relevant in areas prone to natural disasters
5. Assignment: Rights and restrictions regarding assignment of the contract - included when transfer rights are negotiated
6. Broker Provisions: Terms relating to real estate brokers - included when brokers are involved in the transaction
7. Foreign Ownership Compliance: Special provisions for foreign buyers - included when buyer is non-Indonesian
8. Development Conditions: For properties under construction - included when property is not yet complete
1. Schedule A - Property Description: Detailed technical description of the property, including maps, floor plans, and specifications
2. Schedule B - Payment Schedule: Detailed installment payment schedule with dates and amounts
3. Schedule C - Property Certificates: Copies of land certificates and building permits
4. Schedule D - Handover Protocol: Procedure and checklist for property handover
5. Schedule E - Defect List: List of any existing defects or required repairs
6. Appendix 1 - Required Permits: Copies of all relevant permits and licenses
7. Appendix 2 - Property Photos: Current photographs of the property
8. Appendix 3 - Building Specifications: Detailed building specifications and materials used
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