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Jakarta Post

New legal view on real estate assets in bankruptcy

  • Eddy Leks
    Eddy Leks

    CEO and managing partner at Leks & Co., Lawyers

PREMIUM
Jakarta   /   Mon, August 21, 2017   /  10:33 am
New legal view on real estate assets in bankruptcy Former squatters of the Ria-Rio reservoir carry furniture provided by the city administration to their new residence at the Pinus Elok low-cost apartments in Cakung, East Jakarta. (JP/PJ Leo)

Buyers of condominium (strata-type) apartments have long fought for their legal right to be considered the lawful owner of the property that they have purchased, even though a sales-andpurchase deed (AJB) has not been drawn up. Their struggle continues because many apartments/condominiums are built, purchased, paid in full and already occupied by the buyers, but the buyers hold no legal ownership over it, except for a preliminary agreement called the conditional sales and purchase agreement (PPJB). At present, no specific law exists to regulate the transfer of property rights for land or condominium units. What is regulated under the existing property registry regulation is that in order to register the transfer of land rights, one should comply with the process for registering an official land deed (PPAT) in accordance with prevailing laws. This provision might also be affected...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.