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Option To Buy Land Agreement
"I need an Option to Buy Land Agreement for a 2-hectare industrial plot in Jakarta, Indonesia, where my manufacturing company wants to secure the right to purchase the land within 6 months while we conduct environmental assessments and verify zoning permissions."
1. Parties: Identification of the Option Grantor (landowner) and Option Holder, including complete legal names, addresses, and registration details if companies
2. Background: Context of the agreement, including brief description of the property and parties' intentions
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Details: Comprehensive description of the land, including certificate number, location, boundaries, and current land use status
5. Option Grant: Express grant of the option, specifying the exclusive right to purchase the property
6. Option Period: Duration of the option, including start and end dates, and any extension provisions
7. Option Fee: Amount of option fee, payment terms, and whether it's applicable to the purchase price
8. Exercise of Option: Process and requirements for exercising the option, including notice requirements
9. Purchase Price: Agreed purchase price for the property and payment terms if option is exercised
10. Title and Ownership: Warranties regarding land ownership, title status, and absence of encumbrances
11. Conditions Precedent: Conditions that must be satisfied before the option can be exercised
12. Termination: Circumstances under which the agreement can be terminated and consequences
13. Governing Law: Specification of Indonesian law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements including notarization provisions
1. Foreign Ownership Provisions: Required when the Option Holder is a foreign entity, detailing compliance with Indonesian foreign ownership restrictions
2. Development Conditions: Include when the property is intended for development, specifying any development restrictions or requirements
3. Environmental Provisions: Required when the property has environmental sensitivities or requirements
4. Access Rights: Include when the Option Holder needs access to the property during the option period for due diligence
5. Tax Provisions: Detailed tax arrangements when complex tax implications exist
6. Assignment Rights: Include when either party may need to assign their rights under the agreement
7. Force Majeure: Include when specific events beyond parties' control should be addressed
8. Broker Provisions: Required when real estate brokers are involved in the transaction
1. Property Description Schedule: Detailed technical description of the property including maps, coordinates, and certificate details
2. Due Diligence Requirements: Checklist and requirements for property investigation and verification
3. Form of Option Exercise Notice: Template notice for exercising the option
4. Payment Schedule: Detailed breakdown of all payments including option fee, purchase price installments if applicable
5. Title Documents: Copies of land certificates and relevant ownership documents
6. Land Use Certificates: Copies of current land use permits and zoning certificates
7. Required Approvals: List of necessary governmental and regulatory approvals needed for transfer
8. Encumbrance Schedule: Details of any existing encumbrances, easements, or restrictions on the property
Authors
Real Estate Development
Construction
Manufacturing
Agriculture
Mining
Industrial Development
Commercial Property
Hospitality
Retail
Infrastructure Development
Energy
Logistics
Legal
Real Estate
Business Development
Finance
Compliance
Risk Management
Corporate Development
Investment
Operations
Project Management
Chief Executive Officer
Chief Financial Officer
Real Estate Director
Property Development Manager
Legal Counsel
Land Acquisition Manager
Business Development Director
Investment Manager
Project Manager
Corporate Lawyer
Real Estate Investment Analyst
Development Director
Compliance Officer
Risk Manager
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