A Promissory Note for Land Purchase is a crucial document in Indonesian real estate transactions, particularly when the purchase price is to be paid in installments or at a future date. This document type combines the security of a promissory note with specific requirements for land transactions under Indonesian law. It must comply with both the Indonesian Civil Code and the Basic Agrarian Law, requiring execution before a notary public and registration with relevant land authorities. The document is commonly used in both commercial and residential property transactions, providing legal protection for sellers while giving buyers a structured payment framework. It includes essential details such as property specifications, payment terms, interest rates (if applicable), and default provisions, all of which must align with Indonesian legal requirements for both promissory notes and land transfers.
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1. Header: Title of document, date, and document reference number
2. Parties: Full legal names and details of the Promisor (buyer) and Promisee (seller), including their official identification numbers (KTP), addresses, and any relevant capacities
3. Background: Brief context of the land purchase agreement and reason for the promissory note
4. Definitions: Key terms used in the document including 'Property', 'Purchase Price', 'Due Date', and other relevant terms
5. Promise to Pay: Clear statement of the promise to pay, including the exact amount, currency, and payment terms
6. Property Details: Complete description of the land being purchased, including certificate number, location, boundaries, and size
7. Payment Terms: Detailed payment schedule, installment amounts, and due dates
8. Interest Rate: Applicable interest rate, if any, and calculation method
9. Default Provisions: Consequences of default and remedies available to the Promisee
10. Security: Details of any security or collateral provided for the promise to pay
11. Execution: Signature blocks for all parties, including provision for notary attestation
1. Prepayment Provisions: Terms regarding early payment options and any associated penalties or benefits
2. Assignment: Terms regarding whether the note can be assigned to other parties
3. Force Majeure: Provisions for unforeseen circumstances that might affect payment capability
4. Insurance Requirements: Requirements for insurance on the property during the payment period
5. Dispute Resolution: Specific procedures for handling disputes, including choice of forum
6. Taxes and Costs: Allocation of responsibility for taxes, registration fees, and other transaction costs
7. Representations and Warranties: Additional promises and guarantees made by either party
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts
2. Property Documents: Copies of land certificates, tax documents, and other relevant property documentation
3. Land Maps and Plans: Official maps showing the property boundaries and location
4. Property Photos: Recent photographs of the land and any structures
5. Previous Land Ownership History: Documentation showing clean title and previous ownership transfers
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Agriculture
Industrial Development
Commercial Property
Residential Development
Infrastructure
Mining
Hospitality
Retail
Manufacturing
Urban Planning
Tourism
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Corporate Secretariat
Business Development
Risk Management
Project Development
Land Acquisition
Investment
Relevant Roles
Legal Counsel
Property Manager
Real Estate Developer
Land Acquisition Manager
Corporate Secretary
Compliance Officer
Real Estate Agent
Property Investment Manager
Development Director
Finance Manager
Contract Administrator
Business Development Manager
Project Manager
Risk Manager
Company Director
Notary Public
Land Deed Official
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