The Residential Real Estate Purchase Agreement is a crucial legal document used in Indonesia for formalizing the sale and purchase of residential properties. It serves as the primary contract between sellers and buyers, whether they are individuals or companies, and must comply with Indonesian property law, particularly the Basic Agrarian Law (Undang-Undang Pokok Agraria) and related regulations. This agreement is essential for any residential property transaction in Indonesia, including houses, apartments, and land intended for residential development. It covers all necessary aspects of the property transfer, from initial deposit to final handover, and must be executed before a licensed land deed official (PPAT). The document includes provisions for payment terms, property specifications, legal requirements for ownership transfer, tax obligations, and dispute resolution mechanisms, all tailored to meet Indonesian legal requirements and protect the interests of all parties involved.
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1. Parties: Identification of the seller and buyer, including their complete legal names, addresses, and identification numbers as required under Indonesian law
2. Background: Context of the transaction, including brief description of the property and the parties' intention to enter into a sale and purchase transaction
3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terms specific to Indonesian property law
4. Property Details: Comprehensive description of the property, including land certificate details, building specifications, and exact location
5. Purchase Price: The agreed purchase price, payment terms, deposit requirements, and payment schedule
6. Payment Method: Specified methods of payment, including bank transfer details and requirements for proof of payment
7. Conditions Precedent: Conditions that must be satisfied before the sale can proceed, including property checks and necessary permits
8. Due Diligence: Buyer's right to conduct property inspections and verify legal status of the property
9. Representations and Warranties: Seller's declarations regarding property ownership, absence of disputes, and property condition
10. Transfer of Title: Process and requirements for legal transfer of property ownership under Indonesian law
11. Taxes and Costs: Allocation of transaction costs, including transfer tax, notary fees, and other applicable taxes
12. Default and Termination: Consequences of breach and circumstances under which the agreement may be terminated
13. Handover: Process and timing for physical handover of the property
14. Governing Law: Specification of Indonesian law as governing law and relevant jurisdiction
15. Dispute Resolution: Process for resolving disputes, including mediation and court proceedings
16. Notices: How formal communications between parties should be made and delivered
17. Execution: Signing requirements and formal execution provisions
1. Mortgage and Financing: Include when buyer is obtaining mortgage financing, specifying conditions and requirements
2. Foreign Ownership Provisions: Required when buyer is a foreign national, detailing compliance with Indonesian foreign ownership restrictions
3. Property Management: Include for properties within managed complexes or apartments, detailing ongoing management obligations
4. Fixtures and Fittings: Detailed when specific inclusions or exclusions of moveable items need to be specified
5. Construction Completion: Include for off-plan purchases or properties under construction
6. Strata Title Provisions: Required for apartment purchases or properties under strata title
7. Agent Commission: Include when real estate agents are involved in the transaction
8. Pre-existing Tenancy: Required when property is sold with existing tenants
1. Property Description Schedule: Detailed technical description of the property, including exact measurements and boundaries
2. Land Certificate Details: Copy or details of the land certificate and ownership history
3. Payment Schedule: Detailed breakdown of payment installments and timing
4. Property Inventory: List of fixtures, fittings, and other items included in the sale
5. Due Diligence Results: Summary of property inspections and legal checks
6. Building Permits: Copies of relevant building permits and certificates
7. Site Plan: Official site plan and property drawings
8. Photographs: Current photographs of the property and its condition
9. Tax Certificates: Copies of property tax payments and certificates
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