The Real Estate Term Sheet is a crucial preliminary document used in Indonesian property transactions to establish the fundamental understanding between parties before proceeding with detailed negotiations and definitive agreements. It is particularly important in the Indonesian context due to the complex nature of property rights under the Basic Agrarian Law and specific requirements for foreign investment in real estate. This document typically precedes more detailed agreements and serves to outline key commercial terms, conditions, and timeline while ensuring compliance with local regulations. It is commonly used in various types of property transactions, from commercial and residential developments to industrial properties and mixed-use projects. The term sheet helps parties align their expectations early in the transaction process while addressing unique aspects of Indonesian real estate law, such as land title categories and ownership structures.
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1. Parties: Identification of all parties involved in the potential transaction, including their complete legal names, addresses, and registration numbers
2. Background: Brief context of the proposed transaction and property in question
3. Definitions: Key terms used throughout the term sheet
4. Property Details: Description of the real estate asset, including address, land certificate details, and current ownership status
5. Transaction Structure: Proposed structure of the deal, including type of rights to be transferred
6. Purchase Price: Proposed purchase price, payment terms, and any price adjustment mechanisms
7. Payment Terms: Details of payment schedule, deposit requirements, and payment methods
8. Timeline: Key dates including due diligence period, definitive agreement signing, and closing
9. Key Conditions: Essential conditions precedent to closing the transaction
10. Due Diligence: Scope and process for due diligence investigations
11. Exclusivity: Terms of exclusive negotiation period, if applicable
12. Confidentiality: Basic confidentiality obligations regarding the proposed transaction
13. Costs: Allocation of transaction costs and expenses
14. Non-Binding Nature: Clear statement of which provisions are binding and non-binding
15. Governing Law: Specification of Indonesian law as governing law
1. Broker Arrangements: Details of any broker involvement and commission structures - include if brokers are involved in the transaction
2. Foreign Investment Provisions: Special provisions regarding foreign ownership structures - include if foreign investors are involved
3. Environmental Matters: Specific environmental concerns and responsibilities - include for industrial or contaminated properties
4. Existing Tenancies: Overview of current lease agreements - include if property is tenanted
5. Development Rights: Provisions regarding development potential - include if property has development potential
6. Management Transition: Handover of property management - include for operational commercial properties
7. Intellectual Property: Details of any IP associated with the property - include for branded commercial properties
1. Property Description Schedule: Detailed technical description of the property, including boundaries, certificates, and permits
2. Initial Due Diligence Findings: Summary of any preliminary due diligence results
3. Pricing Components: Breakdown of purchase price components and payment schedule
4. Key Permits and Licenses: List of essential permits and licenses associated with the property
5. Transaction Timeline: Detailed timeline of key dates and milestones
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