The Real Estate Operating Agreement LLC is a crucial document for parties engaging in real estate operations through a limited liability company structure in Indonesia. It is particularly relevant when multiple parties come together to own, manage, or develop real estate assets while seeking liability protection and clear operational guidelines. The agreement must comply with Indonesian regulations, including the Civil Code (KUHPerdata), Law No. 40 of 2007 on Limited Liability Companies, and various real estate-specific regulations. This document is essential for both domestic and foreign investors, addressing ownership structures, management responsibilities, profit sharing, and operational procedures while considering Indonesian foreign investment restrictions and local property laws. It serves as the primary governing document for the LLC's real estate operations, establishing clear protocols for decision-making, dispute resolution, and risk management.
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1. Parties: Identification of the LLC members/parties entering into the operating agreement
2. Background: Context of the agreement, property details, and purpose of the operating arrangement
3. Definitions: Key terms used throughout the agreement including property-specific terminology
4. Company Formation: Details about the LLC structure, ownership percentages, and capital contributions
5. Property Management: Responsibilities and procedures for managing the real estate assets
6. Financial Matters: Revenue sharing, expense allocation, accounting procedures, and distribution policies
7. Decision Making: Voting rights and procedures for major decisions regarding property operations
8. Operations: Day-to-day management procedures, maintenance responsibilities, and operational standards
9. Insurance and Liability: Required insurance coverage and allocation of risks
10. Transfer Restrictions: Limitations on transferring ownership interests and property rights
11. Term and Termination: Duration of agreement and conditions for termination
12. Dispute Resolution: Procedures for resolving conflicts between parties
13. Governing Law: Specification of Indonesian law application and jurisdiction
14. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Foreign Ownership Provisions: Required when any party is a foreign entity, addressing Indonesian foreign ownership restrictions
2. Property Development: Include when the LLC will engage in property development activities
3. Leasing Guidelines: Include when the property will be leased to third parties
4. Environmental Compliance: Required for properties with specific environmental concerns or requirements
5. Asset Management: Include when professional asset management services are part of the arrangement
6. Marketing and Promotion: Include for properties requiring specific marketing arrangements
7. Emergency Procedures: Required for properties with specific safety or security concerns
1. Property Details: Detailed description of the real estate assets including certificates and permits
2. Capital Contributions: Schedule of initial and ongoing capital contributions by members
3. Management Structure: Organizational chart and management responsibilities
4. Operating Budget: Initial operating budget and financial projections
5. Maintenance Schedule: Regular maintenance requirements and schedules
6. Insurance Requirements: Detailed insurance specifications and coverage requirements
7. Service Agreements: List of existing service contracts and agreements
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