tiktok���˰�

The Land Purchase Agreement is a critical legal instrument used in Indonesian real estate transactions to document and formalize the transfer of land ownership. This document is essential when any party wishes to purchase land in Indonesia, whether for personal, commercial, or industrial use. It must comply with Indonesian law, particularly the Basic Agrarian Law No. 5 of 1960 and related regulations. The agreement covers crucial aspects such as property details, purchase price, payment terms, conditions precedent, and completion requirements. It requires execution before a Land Deed Official (PPAT) and subsequent registration with the National Land Office (BPN). The document is particularly important as it forms the basis for the official deed of transfer (Akta Jual Beli) and must account for specific Indonesian requirements regarding land rights, foreign ownership restrictions, and local government approvals.

1. Parties: Identification of the Seller and Purchaser, including complete legal names, addresses, and any relevant registration numbers

2. Background: Context of the transaction, including brief description of the property and current ownership status

3. Definitions: Definitions of key terms used throughout the agreement, including specific Indonesian legal terms

4. Sale and Purchase: Core agreement to sell and purchase the land, including the type of land title being transferred

5. Purchase Price: Details of the purchase price, payment terms, and payment mechanics

6. Conditions Precedent: Conditions that must be satisfied before completion, including governmental approvals and land office requirements

7. Pre-Completion Obligations: Obligations of both parties before completion, including due diligence and document preparation

8. Completion: Process and requirements for completion of the sale, including signing of deed of transfer (AJB)

9. Seller's Warranties: Warranties regarding ownership, authority to sell, and status of the land

10. Tax Obligations: Allocation of tax responsibilities including BPHTB and other applicable taxes

11. Risk and Insurance: Transfer of risk and insurance requirements

12. Default and Termination: Consequences of default and termination rights

13. Governing Law and Dispute Resolution: Choice of Indonesian law and dispute resolution mechanisms

14. Notices: Process for giving formal notices under the agreement

15. Execution: Formal execution requirements and signature blocks