The Letter of Intent Commercial (Real Estate) is a crucial preliminary document in Indonesian property transactions, typically used when parties have progressed beyond initial discussions but before committing to a definitive agreement. It's particularly relevant in complex commercial real estate transactions where significant due diligence is required and multiple stakeholders are involved. The document needs to comply with Indonesian property laws, including the Basic Agrarian Law and foreign investment regulations. It typically includes provisions for property description, preliminary pricing, exclusivity periods, and due diligence requirements. While mostly non-binding, certain provisions like confidentiality and exclusivity are typically made binding. The document is especially important in Indonesian transactions where formal property rights verification and regulatory compliance checks are essential steps before proceeding to final agreements.
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1. Parties: Identification of the potential buyer/investor and seller/owner, including complete legal names, addresses, and company registration numbers if applicable
2. Background: Brief context of the proposed transaction and property details, including current ownership status
3. Property Description: Detailed description of the property, including address, land certificate number, building certificates if any, and current legal status
4. Proposed Transaction: Outline of the proposed transaction structure, including preliminary purchase price or investment amount
5. Due Diligence: Framework for conducting due diligence, including access to property and documents
6. Exclusivity Period: Duration during which the seller agrees not to negotiate with other parties
7. Confidentiality: Binding provisions regarding confidentiality of negotiations and shared information
8. Timeline: Proposed schedule for key milestones including due diligence, negotiations, and closing
9. Costs: Preliminary agreement on how costs and expenses will be allocated
10. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions (confidentiality, exclusivity, governing law)
11. Governing Law: Specification of Indonesian law as governing law and approach to dispute resolution
1. Break Fee: Include when parties want to establish compensation if either party withdraws under specific circumstances
2. Regulatory Approvals: Include when the transaction requires specific government or regulatory approvals, especially relevant for foreign investors
3. Financing Contingency: Include when the buyer's ability to proceed is dependent on obtaining financing
4. Property Management: Include when discussing interim property management arrangements during the transaction period
5. Environmental Matters: Include when the property may have environmental concerns or requires environmental assessment
6. Development Rights: Include when the transaction involves potential property development or zoning changes
1. Property Details Schedule: Detailed description of the property including exact measurements, boundaries, and certificate numbers
2. Preliminary Price Calculation: Basic framework for price calculation and any adjustments
3. Due Diligence Requirements: List of required documents and information for due diligence
4. Transaction Timeline: Detailed timeline with specific dates for key milestones
5. Required Approvals: List of anticipated regulatory and government approvals needed
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Property Development
Construction
Retail
Hospitality
Office Space
Industrial
Warehousing
Foreign Investment
Infrastructure Development
Urban Development
Relevant Teams
Legal
Real Estate
Investment
Business Development
Finance
Operations
Due Diligence
Property Management
Asset Management
Corporate Development
Facilities Management
Risk Management
Relevant Roles
Real Estate Director
Property Development Manager
Investment Manager
Legal Counsel
Commercial Property Manager
Chief Investment Officer
Head of Real Estate
Business Development Director
Asset Manager
Acquisitions Manager
Due Diligence Manager
Property Portfolio Manager
Real Estate Investment Analyst
Corporate Lawyer
Chief Financial Officer
Facilities Manager
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