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The Seller Financed Mortgage Contract is utilized in Indonesian property transactions where traditional bank financing is either unavailable or undesirable for the parties involved. This document type is particularly relevant when sellers have sufficient equity to offer financing and buyers prefer alternative financing arrangements. The contract must comply with Indonesian property law, specifically Law No. 4 of 1996 on Mortgages (Hak Tanggungan) and the Basic Agrarian Law. It includes detailed terms for both the property sale and financing arrangement, security provisions, registration requirements, and enforcement mechanisms. The document is commonly used in both residential and commercial property transactions, requiring careful consideration of local property registration procedures, notarization requirements, and consumer protection regulations.

1. Parties: Identification of the Seller/Lender and Buyer/Borrower with complete legal names and addresses

2. Background: Context of the transaction, including property ownership and parties' intention to enter into seller financing arrangement

3. Definitions: Key terms used throughout the agreement including Property, Mortgage, Security Interest, Payment Terms, etc.

4. Property Details: Complete legal description of the property, including certificate numbers and registration details

5. Purchase Price and Payment Terms: Total purchase price, down payment, loan amount, interest rate, payment schedule, and payment methods

6. Security Interest and Mortgage: Creation and terms of the security interest, including mortgage rights (Hak Tanggungan)

7. Registration and Documentation: Requirements for property transfer and mortgage registration with relevant authorities

8. Representations and Warranties: Statements of fact by both parties regarding property title, authority to enter agreement, etc.

9. Covenants: Ongoing obligations including property maintenance, insurance, taxes, and use restrictions

10. Default and Remedies: Events of default and available remedies including foreclosure procedures

11. Term and Termination: Duration of the agreement and circumstances for early termination

12. Governing Law and Dispute Resolution: Choice of Indonesian law and dispute resolution mechanisms

13. Miscellaneous: Standard provisions including notices, amendments, assignment, and severability