The Option To Purchase Real Estate Agreement is a crucial document in Indonesian property transactions, providing a structured framework for securing potential property purchases while allowing buyers time for due diligence and financing arrangements. This agreement is particularly valuable in complex real estate transactions where immediate purchase may not be feasible or desirable. It must comply with Indonesian property law, including the Basic Agrarian Law (UU No. 5/1960), Government Regulation No. 24/1997 on Land Registration, and relevant local regulations. The agreement typically includes detailed provisions about the property, option period, purchase price, exercise conditions, and any special considerations regarding foreign ownership restrictions. It serves as a preliminary step to the final property transfer, which must be executed before a licensed land deed official (PPAT) in accordance with Indonesian law.
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1. Parties: Identification of the Option Grantor (property owner) and Option Holder (potential buyer), including their complete legal names, addresses, and any relevant registration numbers
2. Background: Context of the agreement, including the property owner's willingness to grant an option and the potential buyer's interest in purchasing the property
3. Definitions: Key terms used throughout the agreement, including Property, Option Period, Exercise Price, Option Fee, etc.
4. Grant of Option: Explicit statement of the option grant, confirming the exclusive right to purchase the property within the specified period
5. Option Fee: Details of the option fee amount, payment terms, and whether it's refundable or applied to the purchase price
6. Option Period: Specification of the duration for which the option is valid, including start and end dates
7. Exercise of Option: Process and requirements for exercising the option, including notice requirements and form of exercise
8. Purchase Price: Agreed purchase price for the property if the option is exercised, including any adjustment mechanisms
9. Property Details: Comprehensive description of the property, including legal description, certificates, and existing encumbrances
10. Representations and Warranties: Statements by both parties regarding their authority, property condition, and legal status
11. Covenants: Obligations of both parties during the option period, including maintenance of the property and restrictions on other sales
12. Default and Termination: Consequences of breach and circumstances under which the agreement may be terminated
13. Governing Law and Dispute Resolution: Specification of Indonesian law as governing law and method of dispute resolution
14. Notices: Process and requirements for giving formal notices under the agreement
15. Execution: Signature blocks and execution requirements
1. Due Diligence: Terms allowing the Option Holder to conduct property investigations, used when specific due diligence rights are required
2. Financing Contingency: Conditions related to the Option Holder's ability to secure financing, included when the buyer requires financing arrangements
3. Assignment Rights: Terms governing the Option Holder's right to assign the option, included when assignment might be contemplated
4. Foreign Ownership Provisions: Special provisions required when the Option Holder is a foreign entity or individual
5. Property Access: Terms governing the Option Holder's right to access the property during the option period, included when inspection or access rights are needed
6. Extension Rights: Provisions for extending the option period, included when flexibility in the option period might be needed
7. Tax Provisions: Specific provisions regarding tax responsibilities, included when complex tax implications exist
8. Broker Provisions: Terms regarding real estate broker involvement and commissions, included when brokers are involved in the transaction
1. Property Description Schedule: Detailed legal description of the property, including certificates, boundaries, and maps
2. Title Documents: Copies of relevant title certificates and land registration documents
3. Permitted Encumbrances: List of accepted encumbrances or liens on the property
4. Form of Exercise Notice: Template for the formal notice to exercise the option
5. Payment Schedule: Breakdown of payment terms, including option fee and purchase price installments
6. Due Diligence Documents: List of property-related documents provided for review
7. Property Photographs: Visual documentation of the property's current condition
8. Spatial Planning Certificate: Documents showing compliance with local spatial planning regulations
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