Document background
The For Sale By Owner Agreement is utilized in Indonesia when property owners choose to sell their property directly to buyers without engaging real estate agents, potentially reducing transaction costs. This document serves as the preliminary agreement (Perjanjian Pengikatan Jual Beli) before the final deed of sale is executed by a Land Deed Official (PPAT). It must comply with Indonesian Civil Code, Basic Agrarian Law, and relevant property regulations. The agreement typically includes comprehensive property details, price and payment terms, conditions precedent, warranties, and specific provisions required under Indonesian law. It's particularly important in establishing the rights and obligations of both parties during the transition period between initial agreement and final property transfer, considering Indonesia's unique property registration and transfer requirements.
