The Owner Financed Sales Contract is essential in Indonesian property transactions where traditional bank financing is either unavailable or undesirable. This document type is particularly relevant when sellers wish to generate ongoing income through financing while buyers seek alternative funding sources. It must comply with Indonesian property law, including the Basic Agrarian Law and relevant financial regulations. The contract combines elements of both a property sale agreement and a financing agreement, requiring careful attention to property registration requirements, security interests, and enforcement mechanisms under Indonesian law. The document typically includes detailed property descriptions, payment schedules, interest calculations, and specific provisions for default scenarios, all structured to be enforceable under Indonesian jurisdiction. This type of agreement is commonly used in both residential and commercial property transactions, particularly in situations involving unique properties or special financing arrangements.
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1. Parties: Identification of the Seller/Financier and Buyer/Borrower with complete legal names and addresses
2. Background: Context of the transaction, including property ownership status and parties' intention to enter into an owner-financed arrangement
3. Definitions: Definition of key terms used throughout the agreement, including Property, Purchase Price, Down Payment, and Payment Terms
4. Property Description: Detailed legal description of the property including certificate numbers, boundaries, and registration details as per Indonesian land registry requirements
5. Purchase Price and Payment Terms: Total purchase price, down payment amount, loan amount, interest rate, payment schedule, and payment methods
6. Security Arrangements: Details of property as collateral, including creation of security interest and registration requirements
7. Transfer of Title: Process and conditions for transferring property title, including timing and registration requirements
8. Representations and Warranties: Seller's warranties regarding property ownership and condition, and buyer's financial representations
9. Maintenance and Insurance: Requirements for property maintenance and mandatory insurance coverage during the financing period
10. Default and Remedies: Events of default, cure periods, and available remedies including foreclosure process
11. Taxes and Expenses: Allocation of property taxes, registration fees, and other transaction expenses
12. Governing Law: Specification of Indonesian law as governing law and relevant jurisdiction
13. General Provisions: Standard contract provisions including notices, amendments, and severability
1. Property Use Restrictions: Required for commercial properties or when specific use limitations need to be imposed
2. Early Payment Provisions: Include when allowing prepayment options or specifying prepayment penalties
3. Foreign Ownership Provisions: Required when either party is non-Indonesian, addressing compliance with foreign ownership restrictions
4. Property Management: Necessary for commercial properties or complex residential properties requiring specific management arrangements
5. Environmental Compliance: Required for commercial properties or properties in environmentally sensitive areas
6. Death or Incapacity Provisions: Optional provisions addressing succession or disability scenarios
7. Balloon Payment Terms: Include when the payment structure includes a balloon payment at the end of the term
1. Schedule A - Property Details: Comprehensive property description including maps, certificates, and registration details
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, interest calculations, and balance reductions
3. Schedule C - Property Condition Report: Documentation of property condition at time of sale, including photographs and inspection reports
4. Schedule D - Insurance Requirements: Detailed specifications for required insurance coverage
5. Appendix 1 - Required Permits: Copies of all relevant permits and certificates for the property
6. Appendix 2 - Property Tax Records: Historical property tax records and current assessment information
7. Appendix 3 - Title Documents: Copies of title certificates and registration documents
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