Document background
The Lease Takeover Agreement is a crucial legal instrument used in Indonesian property transactions when an existing tenant wishes to transfer their lease obligations to a new tenant before the original lease term expires. This document, governed by Indonesian law and particularly the Civil Code (KUHPerdata), facilitates the smooth transition of lease rights while protecting all parties' interests. It's commonly used in commercial, retail, and industrial settings when businesses need to exit a lease early or take over an existing favorable lease. The agreement includes essential details about the original lease terms, security deposit arrangements, outstanding obligations, and specific conditions for the transfer, ensuring compliance with local property regulations and business practices. The document must be properly executed with witnesses as required under Indonesian law, and often requires supporting documentation such as company registration details and identification documents.
