Acquiring immovable property in Indonesia is not an easy thing to do, especially for a foreigner. In this case, many are starting to look at the great opportunity for Bali investment. People are looking for property for sale in Bali. If you are one of them, here are some of the due diligence documents details that you should do before securing the deal.
Due Diligence Material and Detail Information
1. Land Document, Title Statues, And Details
Indonesian law notices the land or property possession through a title deed and land document. This is the highest-level detail that you need to check. The document also explains the hierarchy level of the title, which later can affect your activities toward the property. At the same time, you also need to get the land details that describe the area, map, and surroundings.
2. Ownership History, Legal Attachment, Or Encumbrances
Ownership history can help you check the title deed legality. It a way to verify if there are issues or originality of the owner. It is particularly vital if you are going to buy a property for sale in Bali that was not owned by a title deed but a lower-level document. From these documents, you can also check every encumbrance and attachment, such as an easement, mortgages, etc.
3. Rights Registered Over the Land
The country law states that a lease of more than three years must be written and also registered by the official. If it not possible, at least it still must be made in writing. This kind of document will tell the leaser and detail to any other person or any other tenancy right. It will eventually affect the buyer’s right to use the land.
4. Zoning and Regulation
In Bali, you need to understand zoning and regulation. You will find some zones with different functions, such as agricultural, residential, cultural protection, or other. You need to make sure that the property for sale in Bali complies with the relevant rules. The details also tell you about the current zoning, environmental regulation, and building control or construction.
5. Official Assessed Price
You need to know the official assessed price since it helps calculate all of the costs. Most of the time, the process of acquiring a property needs to go through some points. The best example is buying a villa in Bali that needs to be registered with the land office. Then, the official will assess the price according to the government authority plus the transfer fee upon registration.
After some of the legal documents and details, you also need to consider some other aspects. Take proper attention to the property for sale in Bali litigation before you secure the deal. It is also worth doing some on-site surveys to complete all of the due diligence reports. You can observe every little detail, including the property access.
If you are interested in a property, make sure you do those details. When it comes to buying a property in a foreign country, being a smart buyer is what you need to be. Take every detail into considerations so you can pass all of the legal regulations. Thus, you will not get restricted to do whatever you want with your property.