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Tenants In Common Agreement Template for Indonesia

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Key Requirements PROMPT example:

Tenants In Common Agreement

"I need a Tenants in Common Agreement for a beachfront property in Bali, where three co-owners (two Indonesian citizens and one Australian citizen) will share ownership in 40-30-30 proportions, with specific provisions for holiday rental management and foreign ownership compliance."

Document background
The Tenants In Common Agreement is a crucial legal document used in Indonesia when multiple parties wish to establish co-ownership of real property. This agreement is particularly relevant in situations where parties want to maintain distinct, transferable ownership shares while sharing property rights and responsibilities. The document must comply with Indonesian property law, including the Basic Agrarian Law (Undang-Undang Pokok Agraria) and specific regulations regarding foreign ownership. It addresses essential aspects such as ownership percentages, property management, financial obligations, and transfer rights, while incorporating necessary safeguards for all parties involved. The agreement is commonly used in both residential and commercial property contexts, and can accommodate both domestic and foreign investors within the constraints of Indonesian law.
Suggested Sections

1. Parties: Identification of all co-owners (tenants in common) with their full legal names, addresses, and citizenship status

2. Background: Context of the agreement, including property acquisition details and purpose of the co-ownership arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Full legal description of the property, including certificate numbers and registration details as per Indonesian land registry requirements

5. Ownership Shares: Specification of each party's ownership percentage and the basis for determining these shares

6. Rights and Obligations: Detailed outline of each co-owner's rights and responsibilities regarding the property

7. Property Management: Procedures for day-to-day management, maintenance, and decision-making regarding the property

8. Financial Obligations: Distribution of costs, expenses, and tax obligations among co-owners

9. Usage Rights: Terms governing how co-owners may use or occupy the property

10. Transfer of Interest: Procedures and restrictions for selling, transferring, or encumbering ownership shares

11. Dispute Resolution: Process for resolving disagreements between co-owners

12. Governing Law: Specification of Indonesian law as governing law and relevant jurisdictional matters

13. Execution: Signature blocks and execution requirements compliant with Indonesian law

Optional Sections

1. Right of First Refusal: Optional section providing co-owners first right to purchase if another owner wishes to sell their share

2. Property Development: Include when co-owners plan to develop or make significant improvements to the property

3. Rental Management: Include when the property will be rented to third parties

4. Foreign Ownership Provisions: Required when one or more co-owners are foreign nationals, addressing specific Indonesian foreign ownership restrictions

5. Death or Incapacity: Procedures for handling ownership shares in case of death or incapacity of a co-owner

6. Property Insurance: Specific arrangements for property insurance if agreed among co-owners

7. Bank Account Management: Include when co-owners establish joint bank accounts for property expenses

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of the property including certificates, boundaries, and maps

2. Schedule B - Ownership Proportions: Detailed breakdown of ownership percentages and initial capital contributions

3. Schedule C - Maintenance Schedule: Regular maintenance requirements and responsibilities

4. Schedule D - Cost Allocation: Detailed breakdown of how various costs and expenses are to be shared

5. Appendix 1 - Property Photographs: Current photographs documenting the property's condition

6. Appendix 2 - Property Certificates: Copies of relevant property certificates and registration documents

7. Appendix 3 - Management Rules: Detailed rules for property management and decision-making procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions













































Clauses































Relevant Industries

Real Estate

Property Development

Property Management

Legal Services

Investment Services

Construction

Hospitality

Commercial Property

Residential Property

Agriculture

Relevant Teams

Legal

Real Estate

Property Management

Compliance

Operations

Risk Management

Investment

Asset Management

Contract Administration

Corporate Affairs

Relevant Roles

Real Estate Lawyer

Property Manager

Investment Manager

Legal Counsel

Property Developer

Real Estate Agent

Compliance Officer

Contract Administrator

Asset Manager

Risk Manager

Corporate Counsel

Property Investment Advisor

Real Estate Director

Legal Director

Operations Manager

Industries






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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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