tiktok���˰�

The Residential Real Estate Contract is a fundamental legal document used in Indonesian property transactions for the transfer of residential property ownership. This document is essential when conducting property sales in Indonesia, whether for landed houses, apartments, or other residential properties. It must comply with various Indonesian regulations, including the Basic Agrarian Law, Housing and Settlement Areas Law, and local property regulations. The contract includes crucial elements such as property details, payment terms, and specific requirements for property registration with the National Land Office. It's designed to protect both buyers' and sellers' interests while ensuring compliance with Indonesian property ownership rules, tax regulations, and transfer procedures. The document is particularly important as it forms the basis for the final deed of sale (Akta Jual Beli) that must be executed before a land deed official (PPAT).

1. Parties: Identification of the seller and buyer, including their complete legal names, addresses, and ID numbers as required by Indonesian law

2. Background: Context of the transaction, including brief property description and intention of the parties to enter into a sale and purchase agreement

3. Definitions: Key terms used throughout the agreement, including Indonesian legal terms related to property rights

4. Property Details: Comprehensive description of the property, including land certificate number, building permits, and exact measurements as per Indonesian regulations

5. Purchase Price: Agreed purchase price, payment structure, and terms including deposit requirements

6. Payment Terms: Detailed payment schedule, method of payment, and consequences of default

7. Conditions Precedent: Prerequisites for completion, including necessary governmental approvals and property checks

8. Seller's Representations and Warranties: Seller's declarations regarding property ownership, absence of disputes, and compliance with Indonesian property laws

9. Buyer's Representations and Warranties: Buyer's declarations regarding legal capacity and compliance with Indonesian property ownership rules

10. Completion: Process and requirements for property handover and registration transfer

11. Default and Termination: Consequences of breach and circumstances allowing contract termination

12. Tax Obligations: Allocation of tax responsibilities including property transfer tax (BPHTB) and income tax

13. Governing Law and Dispute Resolution: Specification of Indonesian law as governing law and dispute resolution mechanisms

14. Notices: Communication procedures between parties

15. Force Majeure: Provisions for unforeseen circumstances affecting contract performance