The Simple For Sale By Owner Contract is specifically designed for property transactions in Indonesia where parties choose to conduct the sale without real estate agent intermediaries. This document type is commonly used when both seller and buyer prefer to manage the transaction directly while ensuring compliance with Indonesian property law requirements. The contract incorporates all necessary elements required by Indonesian Civil Code and property regulations, including detailed property descriptions, price agreements, payment terms, and transfer procedures. It's particularly suitable for straightforward property transactions where the terms are clear and agreed upon by both parties. The document must align with Indonesian Basic Agrarian Law and related regulations, making it essential to include specific provisions for property transfer registration with the National Land Office (BPN) and adherence to local property tax requirements.
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1. Parties: Identification of the Seller and Buyer with complete legal names, addresses, and ID numbers (KTP for Indonesian citizens)
2. Background: Brief context of the sale, including the Seller's ownership status and intention to sell
3. Definitions: Key terms used throughout the agreement, including 'Property', 'Purchase Price', 'Completion Date', etc.
4. Property Details: Complete description of the property including address, certificate number, land area, building area, and boundaries
5. Purchase Price: Agreed purchase price, payment terms, and method of payment
6. Payment Terms: Schedule of payments including deposit, installments (if any), and final payment
7. Completion and Transfer: Process and timing for property handover and registration of ownership transfer
8. Seller's Warranties: Seller's guarantees regarding property ownership, absence of disputes, and condition of the property
9. Buyer's Obligations: Buyer's responsibilities including payment, due diligence, and transfer costs
10. Costs and Taxes: Allocation of transaction costs, transfer taxes, and registration fees
11. Governing Law: Specification of Indonesian law as governing law and jurisdiction
12. Signatures: Execution block for parties' signatures and witnesses
1. Condition Precedents: Used when the sale is subject to specific conditions being met, such as bank financing approval
2. Property Inspection: Include when there's a need for formal inspection period and conditions
3. Existing Tenancies: Required if the property is currently leased and includes provisions about handling existing tenants
4. Foreign Ownership Provisions: Necessary when the buyer is a foreign national, addressing specific requirements under Indonesian law
5. Broker/Agent Provisions: Include if any real estate agents are involved in the transaction
6. Default and Remedies: Detailed provisions for breach of contract scenarios, recommended for higher-value transactions
7. Force Majeure: Include for protection against unforeseen circumstances preventing completion
1. Schedule 1 - Property Details: Detailed property description including floor plans, boundaries, and included fixtures/fittings
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms and dates if involving multiple payments
3. Schedule 3 - Property Documents: List of all property certificates and supporting documents
4. Appendix A - Property Photos: Current photographs of the property and its condition
5. Appendix B - Land Certificate Copy: Copy of the current land certificate (Sertifikat Hak Milik)
6. Appendix C - Building Permits: Copies of relevant building permits (IMB) and other property licenses
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Residential Housing
Commercial Property
Legal Services
Banking and Finance
Property Management
Construction
Urban Development
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Documentation
Risk Management
Asset Management
Finance
Operations
Relevant Roles
Property Owner
Home Buyer
Real Estate Lawyer
Legal Counsel
Property Manager
Notary Public
Land Deed Official
Property Tax Consultant
Real Estate Investment Manager
Property Development Manager
Legal Document Specialist
Compliance Officer
Property Rights Administrator
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