ScorpioTiger
New Member
Hi Folks,
I am getting close to a deal to gain control of a property in Bali, and have a few questions that I'm yet to find answers to.
I'm looking to make the purchase of a Hak Milik title using a nominee. I'm looking to make an initial payment that will be around 90% of the agreed price, with a final payment some months later for the remaining amount.
1) When purchasing in instalments like this, is it usual to a) Have the notary keep signed copies of the contract of sale and the deed (sertipikat) until final payment when the name would be changed on the deed, taxes paid etc. or b) Have the deed changed upon the first payment, taxes paid etc, but have the deed held by the notary until final payment at which time the deed would be released?
2) Obviously with a nominee agreement, I'd like to be protecting myself without incurring too much additional cost. If my research is correct, I can do this by registering a mortgage over the title, by creating a Hak Pakai over the title, and by executing a power of attorney whereby I can act for the nominee in all matters related to the property. I believe creating a Hak Pakai over the Hak Milik is going to incur additional taxes of 10% of the NJOP value. Given the purpose of the Hak Milik, is it feasible to create and execute the documents, but not actually update the title immediately? In the event of a dispute in the future, the executed documents could then be used to add the Hak Pakai.
3) When performing the transfer of cash for a property transaction, to whose bank account should the transfer go to? To the notary's trust account (dodgy from what I hear of notaries in Indonesia), to the nominees account (less than happy with this option too), or to the sellers account (ie. the person whose name appears on the Hak Milik and has signed the sale contracts)?
4) I would like to have the land surveyed to ensure that I'm getting what I think I'd getting. I've heard that the land agency (BPN?) often does this when a sale takes place and updates the title if need be. Does this have to be requested by the notary? Should I be using an independent surveyor?
Thanks in advance. I've found BaliPod really helpful so far (with the exception of the search functionality which often doesn't find what you're looking for...sometimes Google works better..!).
Scorpio...
I am getting close to a deal to gain control of a property in Bali, and have a few questions that I'm yet to find answers to.
I'm looking to make the purchase of a Hak Milik title using a nominee. I'm looking to make an initial payment that will be around 90% of the agreed price, with a final payment some months later for the remaining amount.
1) When purchasing in instalments like this, is it usual to a) Have the notary keep signed copies of the contract of sale and the deed (sertipikat) until final payment when the name would be changed on the deed, taxes paid etc. or b) Have the deed changed upon the first payment, taxes paid etc, but have the deed held by the notary until final payment at which time the deed would be released?
2) Obviously with a nominee agreement, I'd like to be protecting myself without incurring too much additional cost. If my research is correct, I can do this by registering a mortgage over the title, by creating a Hak Pakai over the title, and by executing a power of attorney whereby I can act for the nominee in all matters related to the property. I believe creating a Hak Pakai over the Hak Milik is going to incur additional taxes of 10% of the NJOP value. Given the purpose of the Hak Milik, is it feasible to create and execute the documents, but not actually update the title immediately? In the event of a dispute in the future, the executed documents could then be used to add the Hak Pakai.
3) When performing the transfer of cash for a property transaction, to whose bank account should the transfer go to? To the notary's trust account (dodgy from what I hear of notaries in Indonesia), to the nominees account (less than happy with this option too), or to the sellers account (ie. the person whose name appears on the Hak Milik and has signed the sale contracts)?
4) I would like to have the land surveyed to ensure that I'm getting what I think I'd getting. I've heard that the land agency (BPN?) often does this when a sale takes place and updates the title if need be. Does this have to be requested by the notary? Should I be using an independent surveyor?
Thanks in advance. I've found BaliPod really helpful so far (with the exception of the search functionality which often doesn't find what you're looking for...sometimes Google works better..!).
Scorpio...
