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EPISODE 3:
Bali Real Estate explained

Disclaimer

Aligning Expectations
The information provided in The Bali Business Club Podcast is for entertainment purposes only and should not be considered a solicitation for investment. Any investment into any fund, property, business, stock, bond etc is always speculative and involves a high degree of risk. Past performance is not indicative of future results.

The information provided on this Podcast is not intended to be a complete representation of what topic is discussed, its strategy, or any financial projections. Any potential investors should conduct their own due diligence and consult with appropriate professionals before making any investment decisions.

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Notary's insights: Bali Real Estate explained

🎙️ Welcome to the 3rd episode of the @BaliBusinessClub Podcast!

In this episode, our host and CEO of the Kosong Satu Group, Omri Ben Canaan, sits down with Semilir Susilar, a prominent Balinese notary, to discuss the crucial role notaries play in the real estate industry.

With her extensive experience in Bali’s thriving real estate market, Semilir shares an overview of a notary’s responsibilities in real estate transactions, emphasising the importance of due diligence when buying, selling or leasing property in Bali.

Semilir provides a wealth of insights about her essential role, shedding light on common mistakes and how to avoid them to facilitate smooth and secure real estate deals.

Keen to invest in Bali’s thriving property market?

For more information about easy-access investing visit The Kedungu Fund: https://www.thekedungufund.com/invest

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Summary

Understanding the different types of land ownership in Bali is crucial for foreigners looking to invest in real estate. Notaries play a key role in ensuring legal transactions are smooth for all parties involved.

Timestamps

  • 0:01 – Introduction
  • 9:00 – Critical Steps When Contacting and then Appointing a Notary
  • 15:30 – Navigating Building Zone Regulations in Bali
  • 25:50 – Key Points of Lease Agreements
  • 28:20 – How Long Does the Due Diligence Process Take?
  • 34:40 – Understanding the Freehold Ownership Options For Foreigners
  • 47:24 – Detailed Explanation of Hak Pakai Ownership
  • 48:30 – Tax Considerations in Real Estate Transactions
  • 54:00 – Importance of Power of Attorney (POA)

Highlights

  • 🏠The Difference between Leasehold and Freehold!
  • 🏝️ HAK MILIK is only for Indonesian citizens
  • 🏢 HGB can be owned by foreign-owned companies
  • 🛂 HAK PAKAI requires documentation like a KITAS
  • 🏗️ Hak Guna Bangunan (HGB) allows for a 80-year lease
  • 📝 Notaries ensure legality in transactions
  • 🤔 Real estate agents may not always provide accurate information
  • 🧐 Due diligence and legal advice are recommended for smooth transactions

Key Insights

  • 💼 Foreigners can own leasehold or freehold land in Bali through a company or personal ownership with permits. This option provides flexibility for foreign investors looking to invest in Balinese real estate.
  • 🔒 Notaries play a crucial role in securing transactions and ensuring legality. Their expertise helps navigate the complex process of property ownership in Indonesia, providing peace of mind for buyers and sellers.
  • 💡 Understanding the different types of land ownership in Bali is essential for making informed investment decisions. By knowing the regulations and limitations, investors can avoid potential pitfalls and ensure a smooth transaction process.
  • 🌏 The process of setting up a foreign-owned company (PMA) to purchase land in Bali involves specific regulations and taxes. It is important for investors to be aware of these requirements to comply with Indonesian laws and regulations.
  • 💰 In leasehold transactions, the seller is typically responsible for income tax. This financial aspect should be considered by both parties involved in the transaction to avoid any misunderstandings or disputes in the future.
  • 🤷‍♂️ Real estate agents may not always provide accurate information, making it essential for investors to conduct their due diligence. Seeking legal advice from a notary or lawyer can help verify information and ensure a transparent and smooth transaction process.

Transcript:

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Hi, everyone. Welcome to the Bali Business Club Podcast

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Today we are with

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Semilir Susila who is our

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notary of the Kosong Satu Group,

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which I’m the CEO, and not

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only us, but a lot of people.

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And we’ve been working with

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you for quite many years now.

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And thank you for coming.

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So today we’d like to talk

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about what it means to be a notary.

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What is a notary?

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What is notary? What’s notary

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What a notary does and the different intricacies,

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that’s legal intricacies that people don’t know

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about or don’t understand

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very well, so we can explain how

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to buy a land, how to sell a land,

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or lease or sublease.

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We won’t go too much into the PMA,

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the PMA, like the company,

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like the company, you know,

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the corporate side of things,

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but more, you know, more of an approach to the

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real estate side of things.

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So welcome.

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If you can maybe introduce you a little bit so

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our viewers can understand who you are.

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So my name is Semilir Susila.

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I have a full name, really long name,

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I Gusti Ayu Made Semilir Susila

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Yeah, OK, we’re going to we’re

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going to write that down somewhere.

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OK, so I was born in Denpasar. I’m Balinese.

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OK, so I was born in Denpasar. I’m Balinese.

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OK, so I was born in Denpasar. I’m Balinese.

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Yeah, so I was born in Denpasar.

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So I was born in Denpasar.

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Yeah, so I was born in Denpasar.

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And now my office is in Tabanan.

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OK. But my working area.

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So in one province of Bali.

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So even if my office is in Tabana, I’m allowed to

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make a deed like in Badung in Denpasar.

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make a deed like in Badung in Denpasar.

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So your office is in Mungu, in Seseh, I mean,

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Mungu, north side of Raya Canggu.

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I mean, I know you call it

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Tabanan for the Regency. Yeah.

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But it’s not an actual in the actual Tabanan city.

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It’s it’s very close from. Yeah, it’s in Tabanan.

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Yeah, OK.

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It’s very close from. Yeah, it’s in Tabanan.

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Tabanan and Badung.

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And so just to get back

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And so just to get back

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quickly on what you just said.

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quickly on what you just said.

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So as I was told many

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times, I know many people wonder

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a notary that is based in one specific Regency.

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Some people think that they can only work in that

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in that Regency or like make,

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for example, a sale

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agreement in that specific Regency.

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agreement in that specific regency.

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But you actually can do any regency?

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But you actually can do any Regency.

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But you actually can do any regency?

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For a notary things I can do

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in any Regency in Bali province.

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OK, OK. But for my other title,

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not only notary, I’m also an PPAT.

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not only notary, I’m also an PPAT.

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If you ever heard that, PPAT is the official to

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make a deed related to the land.

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OK, land ownership.

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So PPAT is real estate, notary is corporate.

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So PPAT is real estate notaries,

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So PPAT is real estate, notary is corporate.

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corporate or what would you say?

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PPAT is related to land

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deed that is registered in BPN.

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OK, let’s say land for lease.

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OK, let’s say land for lease.

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It’s not registered at BPN.

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BPN is land office, right?

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It’s not a real deed. OK, OK, OK.

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It’s not a real deed. OK, OK, OK.

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But if it’s freehold transfer,

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But if it’s freehold transfer,

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sell and purchase on freehold,

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free sell and purchase on freehold,

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it’s PPAT things.

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it’s PPAT things. OK, OK, OK.

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OK, OK, OK.

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So I remember you told me that not too long ago,

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So I remember you told me that not too long ago.

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And actually, I didn’t know.

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and actually I didn’t know.

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So just to sum up, let’s tell me if I’m wrong.

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But just to sum up what you said,

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But just to sum up what you said,

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when you when you purchase land,

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if someone does a deal freehold,

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for instance, then the lands, sorry,

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for instance, then the lands, sorry,

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the agreements, we call the

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the agreements, which is called

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the AJB, the Act of Sales Act,

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yeah, is registered in the government in the BPN.

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BPN is the land office. Yes.

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BPN is the land office. Yes.

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But when it’s a lease agreement,

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it’s only registered in notary.

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it’s only registered in Notary.

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it’s only registered in notary.

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Yeah, correct. That’s correct.

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What what did you decide to become notary?

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What what did you decide to become notary?

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And not a dentist or anything?

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And not a dentist or anything?

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Flower shop or I don’t know.

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OK, so why I become notary?

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OK, so why I become notary?

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So it’s influenced by my father, actually.

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It’s influenced by my father, actually.

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So it’s influenced by my father, actually.

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Yeah, he’s not a notary.

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His his profession wasn’t related to law at all.

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But maybe he saw my.

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My potential that moment in

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writing, I like to write, I like to read.

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And after I graduated as a most of

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the teenager, after the high school,

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I cannot fully decide where to go after this.

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I cannot fully decide where to go after this.

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Like most teenagers.

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Yeah, like the most teenagers.

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Yeah, like the most teenagers.

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Some option given by him,

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Some option given by him, my father.

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my mother and he had the most

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possible at that moment, according to myself.

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And the condition at the

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And the condition at the

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moment is to go to law school. OK.

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And then after four years studied law faculty.

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Yeah. And I started to learn what I can do,

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Yeah. And I started to learn what I can do, what

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my preference at that moment

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moment and considering my ability

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and considering my ability to write

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to write is better than to speak.

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is better than to speak.

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OK. Yeah.

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OK. Yeah.

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So I decided to to study

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So I decided to to study

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again at the master of notary.

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How many years study for you to become notary?

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Four years at law school

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and then two years in notary master degree.

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or master degree. OK.

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Oh, interesting. I’m learning things, too.

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It’s cool. All right. Thank you for that.

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So well, let’s dive right in.

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Let’s talk about real estate. OK.

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OK. OK. So as you know, we do a

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So as you know, we do a lot of real estate

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transaction because I get to see you

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at least once a week. Yeah.

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Yeah. Yeah.

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The organizer desk for you in my office.

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So that’s I mean, we have a

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workflow that’s very, very well,

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you know, smooth now between you and us.

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you know, smooth now between you and us.

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But a lot of people have

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But a lot of people have

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questions that for us is quite obvious.

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questions that for us is quite obvious.

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So let’s talk about the key

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steps into real estate transaction.

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steps into a real estate transaction.

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Let’s not go to a freehold right now.

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Let’s not go to a freehold right now.

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Let’s stay in leasehold because

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this is what most of our viewers

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would be interested in seeing

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that this podcast is in English.

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that this podcast is in English.

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But we can briefly talk about freehold afterwards

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But we can briefly talk about freehold afterwards

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or compare what the differences are.

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But let’s talk about leasehold.

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How does, how does it work?

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How does how does it work?

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You have basically who contacts you.

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contacts you, the buyer, the seller.

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The buyer, the seller.

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What what what other steps after that?

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OK, so who have to contact the notary?

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It depends on the agreement

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between the buyer and the seller.

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In this case, the leaser and the leasee.

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Yeah, we talk about. Yeah.

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Yeah, we talk about. Yeah.

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Lease. But normally

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because the cost of the notary

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is under the cost of the buyer.

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Yeah. The client. Yeah.

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Yeah, the client. Yeah.

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So normally the buyer has more rights to decide.

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So normally the buyer has more rights to decide.

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Of course. So to which notary.

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Yeah. And then once you decided

218
01:07:05,679 –> 01:07:09,239
to go to this notary, for example,

219
01:07:10,760 –> 01:07:13,960
you can tell the notary intention if it’s

220
01:07:13,960 –> 01:07:16,239
freehold or leasehold or anything.

221
01:07:16,519 –> 01:07:18,840
You will. So all the details of the of the deal.

222
01:07:18,840 –> 01:07:19,239
details of the deal basically.

223
01:07:19,239 –> 01:07:20,239
Basically, yeah. Yeah.

224
01:07:20,239 –> 01:07:20,519
Yeah, that that lands that

225
01:07:20,519 –> 01:07:22,559
That that lands that we

226
01:07:22,559 –> 01:07:24,440
believe for whatever years.

227
01:07:24,679 –> 01:07:24,719
It’s a 30 years with an

228
01:07:24,719 –> 01:07:25,960
It’s a 30 years with an

229
01:07:25,960 –> 01:07:27,159
extension of this and that.

230
01:07:27,159 –> 01:07:29,000
Yes. And the price payment.

231
01:07:29,039 –> 01:07:31,679
OK. Yeah. And then when

232
01:07:31,679 –> 01:07:33,480
you have agreement between.

233
01:07:34,880 –> 01:07:37,880
The buyer and the seller, the owner,

234
01:07:39,119 –> 01:07:43,320
we can start with the Pre agreement or MOU just to

235
01:07:43,320 –> 01:07:45,159
lock that deal at first.

236
01:07:45,880 –> 01:07:46,079
And then they can usually they put deposit.

237
01:07:46,079 –> 01:07:49,280
And then they can usually they put deposit.

238
01:07:49,559 –> 01:07:52,440
Yeah. Just to a good faith.

239
01:07:52,800 –> 01:07:54,719
Yeah. Correct. To lock the lock the deal.

240
01:07:55,599 –> 01:07:57,440
At least the price and the payment terms.

241
01:07:57,440 –> 01:07:57,480
At least the price and the payment terms.

242
01:07:57,559 –> 01:07:59,800
That’s the most important to be locked.

243
01:08:00,039 –> 01:08:00,199
Yeah. Because after that, we

244
01:08:00,199 –> 01:08:01,760
Yeah. Because after that, we

245
01:08:01,760 –> 01:08:03,000
have to do a due diligence.

246
01:08:03,360 –> 01:08:05,840
Yeah. Right. And it will take some time to do

247
01:08:05,840 –> 01:08:07,880
that due diligence itself

248
01:08:07,880 –> 01:08:11,800
is to check if this property is clean and clear.

249
01:08:12,280 –> 01:08:14,079
Yeah. Normally notary will

250
01:08:14,079 –> 01:08:16,239
do formal due diligence only.

251
01:08:17,039 –> 01:08:19,520
The formal due diligence, it’s related to the

252
01:08:19,520 –> 01:08:22,760
documents related to this property,

253
01:08:23,000 –> 01:08:24,039
the land certificate.

254
01:08:24,039 –> 01:08:25,600
the land certificate, if it’s a lease transfer,

255
01:08:25,600 –> 01:08:26,800
If it’s a lease transfer,

256
01:08:27,000 –> 01:08:28,439
then the master lease agreement.

257
01:08:28,880 –> 01:08:31,840
Yeah. We also need to check the zoning

258
01:08:31,840 –> 01:08:33,319
information of this property.

259
01:08:33,319 –> 01:08:33,520
information of this property.

260
01:08:33,960 –> 01:08:34,840
So it will be.

261
01:08:34,840 –> 01:08:35,159
So it will be up on the steps and we’ll go back.

262
01:08:35,159 –> 01:08:37,119
Oh, keep on the steps and we’ll go back.

263
01:08:37,119 –> 01:08:38,600
We’ll go back to the zoning in a minute.

264
01:08:38,600 –> 01:08:39,199
All right. Yeah.

265
01:08:39,199 –> 01:08:40,920
We’ll have a special two

266
01:08:40,920 –> 01:08:42,640
minutes about the zoning after that.

267
01:08:43,159 –> 01:08:45,640
So once you do the due diligence, then what?

268
01:08:45,960 –> 01:08:50,159
So, OK, zoning, I guess the land certificate,

269
01:08:50,159 –> 01:08:50,680
So, OK, zoning, I guess the land certificate, I

270
01:08:50,680 –> 01:08:53,960
I guess also if the certificate is not used,

271
01:08:54,199 –> 01:08:55,159
I’ve not been used as a

272
01:08:55,159 –> 01:08:56,520
collateral at the bank, for instance,

273
01:08:56,520 –> 01:08:56,840
for instance, to borrow money.

274
01:08:56,840 –> 01:08:58,960
yes, to borrow money. Yeah.

275
01:08:58,960 –> 01:08:59,359
Yeah. What’s what’s what

276
01:08:59,359 –> 01:09:00,600
What’s what’s what’s what

277
01:09:00,600 –> 01:09:01,640
else is to check the zoning?

278
01:09:01,640 –> 01:09:01,720
else is to check the zoning?

279
01:09:02,960 –> 01:09:05,039
That zoning, land certificate and

280
01:09:05,039 –> 01:09:07,079
the land and building tax arrears.

281
01:09:07,279 –> 01:09:07,319
OK. Yeah. OK.

282
01:09:07,319 –> 01:09:08,279
OK. Yeah. OK.

283
01:09:08,279 –> 01:09:08,479
OK. Yeah. OK.

284
01:09:08,600 –> 01:09:10,159
That’s the formal due diligence.

285
01:09:10,600 –> 01:09:13,399
OK. And also you check, of

286
01:09:13,399 –> 01:09:15,039
course, that the paperwork I know,

287
01:09:15,039 –> 01:09:17,920
the I know from experience, a

288
01:09:17,920 –> 01:09:20,000
lot of the deal that we make,

289
01:09:20,000 –> 01:09:20,439
a lot of the deal that we make, the name of the

290
01:09:20,439 –> 01:09:23,119
the name of the owner on the

291
01:09:23,119 –> 01:09:24,720
certificate is not actually the name

292
01:09:24,720 –> 01:09:26,600
of the person we deal with.

293
01:09:27,000 –> 01:09:27,039
And the reason being that that person was

294
01:09:27,039 –> 01:09:28,359
And the reason being that

295
01:09:28,359 –> 01:09:29,920
that person certificate

296
01:09:29,920 –> 01:09:33,760
Many instances has passed away.

297
01:09:34,039 –> 01:09:34,279
Yeah. We have to remember

298
01:09:34,279 –> 01:09:35,399
Yeah, we have to remember

299
01:09:35,399 –> 01:09:36,640
how many times we had that.

300
01:09:36,640 –> 01:09:38,960
We have to check that as well. Yeah.

301
01:09:38,960 –> 01:09:39,000
We have to check that as well. Yeah.

302
01:09:40,560 –> 01:09:43,439
If the owner listed on the land

303
01:09:43,439 –> 01:09:44,960
certificate has passed away, of course,

304
01:09:44,960 –> 01:09:45,000
certificate has passed away, of course,

305
01:09:45,000 –> 01:09:48,399
we need to ask them to

306
01:09:48,399 –> 01:09:50,960
process the inheritance documents.

307
01:09:51,199 –> 01:09:54,279
So we’ll know who has the right of this land,

308
01:09:54,279 –> 01:09:57,399
who has the right to lease it out to you.

309
01:09:57,920 –> 01:09:59,319
Yeah. And in most cases,

310
01:09:59,319 –> 01:10:00,079
you don’t have this paper.

311
01:10:00,279 –> 01:10:01,520
So we have to. Yeah.

312
01:10:01,520 –> 01:10:03,319
We have to do it. Yeah. OK.

313
01:10:03,640 –> 01:10:03,720
OK. How does it work?

314
01:10:03,720 –> 01:10:05,159
OK. How does it work?

315
01:10:05,159 –> 01:10:05,199
OK. How does it work?

316
01:10:05,439 –> 01:10:06,159
I want to take those.

317
01:10:06,159 –> 01:10:06,399
I want to take those. OK.

318
01:10:06,399 –> 01:10:08,960
OK. So the step, the different steps is basically

319
01:10:08,960 –> 01:10:09,359
So the step, the different steps is basically so

320
01:10:09,359 –> 01:10:11,279
so introduction of the terms

321
01:10:11,279 –> 01:10:13,560
between the buyer and the seller to you.

322
01:10:14,479 –> 01:10:18,760
Then. What’s next?

323
01:10:19,239 –> 01:10:20,880
Then agreements, like pre-agreements.

324
01:10:20,880 –> 01:10:22,039
OK, so a pre-sale

325
01:10:22,039 –> 01:10:23,399
agreement or pre-lease agreement.

326
01:10:24,079 –> 01:10:25,119
And once everybody is OK

327
01:10:25,119 –> 01:10:28,199
with it, sign the agreements

328
01:10:28,199 –> 01:10:29,399
the agreement that can be online.

329
01:10:29,399 –> 01:10:31,880
that can be online. I understand.

330
01:10:31,880 –> 01:10:32,520
I understand. Or does it have to be?

331
01:10:32,520 –> 01:10:33,199
Or does it have to be?

332
01:10:33,199 –> 01:10:35,399
It’s just underhand agreement.

333
01:10:35,399 –> 01:10:35,600
It’s just I don’t have the agreement.

334
01:10:35,840 –> 01:10:37,479
You can sign it by yourself.

335
01:10:37,760 –> 01:10:39,720
It doesn’t need to be in front of you.

336
01:10:39,720 –> 01:10:40,680
In person. OK, OK.

337
01:10:40,680 –> 01:10:40,840
front of in person. OK. OK.

338
01:10:41,000 –> 01:10:42,760
So that agreement can be done online.

339
01:10:42,760 –> 01:10:42,800
So that agreement can be done online.

340
01:10:43,279 –> 01:10:47,079
And then down payments is transferred.

341
01:10:47,760 –> 01:10:50,199
So the down payments is transferred to Escrow account

342
01:10:50,199 –> 01:10:52,239
Escrow accounts or to the seller.

343
01:10:53,319 –> 01:10:53,359
It depends on the seller.

344
01:10:53,359 –> 01:10:54,039
It depends on the seller.

345
01:10:54,279 –> 01:10:55,439
Well, it depends on the agreement.

346
01:10:55,439 –> 01:10:56,960
What’s the what’s the safest option?

347
01:10:57,319 –> 01:10:57,359
What should what legally?

348
01:10:57,359 –> 01:10:58,239
What should what legally?

349
01:10:58,319 –> 01:10:58,439
What’s what is is there something written in the

350
01:10:58,439 –> 01:11:00,840
What’s what is is there something written in the

351
01:11:00,840 –> 01:11:02,319
law regarding the down payment?

352
01:11:02,760 –> 01:11:03,039
No, it’s just the common how we do it.

353
01:11:03,039 –> 01:11:06,039
No, it’s just the common how we do it.

354
01:11:06,039 –> 01:11:06,199
No, it’s just the common how we do it.

355
01:11:06,199 –> 01:11:06,319
So a discussion of the

356
01:11:06,319 –> 01:11:07,760
So at the discretion of the

357
01:11:07,760 –> 01:11:09,760
different parties. Yeah. Yeah. OK.

358
01:11:09,760 –> 01:11:09,960
different parties. Yeah. Yeah. OK.

359
01:11:10,600 –> 01:11:12,960
But if there is a problem on

360
01:11:12,960 –> 01:11:14,199
the due diligence later on,

361
01:11:14,720 –> 01:11:17,600
if the money has been sent to the seller, the

362
01:11:17,600 –> 01:11:19,720
seller has to give the money back.

363
01:11:19,720 –> 01:11:19,840
seller has to give the money back.

364
01:11:19,840 –> 01:11:20,039
Which can be tricky. Correct.

365
01:11:20,039 –> 01:11:24,319
Which can be tricky in some cases. Yeah. Yeah.

366
01:11:24,319 –> 01:11:24,399
In some cases. Yeah. Yeah.

367
01:11:24,880 –> 01:11:27,479
Because they’ve spent it. Yeah, maybe. OK.

368
01:11:27,479 –> 01:11:28,399
OK. OK. So you have

369
01:11:28,399 –> 01:11:29,279
OK, so you have

370
01:11:31,079 –> 01:11:34,600
so the pre-agreements, then the due diligence and

371
01:11:34,600 –> 01:11:35,760
then the final agreement.

372
01:11:35,760 –> 01:11:38,960
So basically the steps. Yeah. OK.

373
01:11:39,279 –> 01:11:40,720
So let’s go on this.

374
01:11:42,279 –> 01:11:42,319
So the preagreement basically

375
01:11:42,319 –> 01:11:43,720
So the pre-agreements basically

376
01:11:43,720 –> 01:11:45,039
is let’s go to the pre-agreements.

377
01:11:45,319 –> 01:11:47,680
Yeah. We can we can call it sometimes MOU, which

378
01:11:47,680 –> 01:11:49,000
is Memorandum of Understanding

379
01:11:49,479 –> 01:11:49,520
or LOI, which is later on in terms.

380
01:11:49,520 –> 01:11:51,279
or LOI, which is letter of intent.

381
01:11:52,359 –> 01:11:54,880
And all of these are the same

382
01:11:54,880 –> 01:11:57,239
and they have a legal value.

383
01:11:57,239 –> 01:11:57,279
And they have a legal value.

384
01:11:57,960 –> 01:11:59,159
Is that correct? Yes.

385
01:11:59,520 –> 01:12:02,079
Even though it hasn’t can it does it have a legal

386
01:12:02,079 –> 01:12:04,159
value if it hasn’t been done with you?

387
01:12:04,159 –> 01:12:05,319
If I write, for example, a

388
01:12:05,319 –> 01:12:06,560
letter of intent here right now

389
01:12:06,560 –> 01:12:06,600
letter of intent here right now

390
01:12:06,880 –> 01:12:09,880
and I give it to my seller if i buy his land

391
01:12:09,880 –> 01:12:11,479
does it have a legal value if he has signed it?

392
01:12:12,079 –> 01:12:12,159
As long as no part is denied, that’s a good.

393
01:12:12,159 –> 01:12:15,840
As long as no parties denied, that’s a good.

394
01:12:16,520 –> 01:12:17,560
No, it’s good to know because

395
01:12:17,560 –> 01:12:20,960
and myself, I do it as well.

396
01:12:20,960 –> 01:12:23,079
I sometimes don’t go through the

397
01:12:23,079 –> 01:12:25,239
notaries to do the pre-agreements,

398
01:12:25,239 –> 01:12:26,319
agreements, the pre-lease agreements,

399
01:12:26,319 –> 01:12:28,680
the pre-lease agreements, because, you know,

400
01:12:28,680 –> 01:12:30,199
everything has to be done in a hurry.

401
01:12:30,199 –> 01:12:31,439
I don’t want to miss the deal or whatever.

402
01:12:31,680 –> 01:12:33,399
So I block a land with a small.

403
01:12:33,399 –> 01:12:34,159
I mean, that’s what I do.

404
01:12:34,159 –> 01:12:34,199
I mean, that’s what I do.

405
01:12:34,199 –> 01:12:35,159
Maybe it’s not the right way,

406
01:12:35,319 –> 01:12:35,399
But I block a land with a small GP.

407
01:12:35,399 –> 01:12:37,199
but I block a land with a small DP.

408
01:12:37,880 –> 01:12:40,399
Yeah, and you will receive for a small receipt.

409
01:12:40,920 –> 01:12:40,960
Yeah. Got a receipt that money has been paid.

410
01:12:40,960 –> 01:12:43,279
Yeah, got a receipt that money has been paid.

411
01:12:43,720 –> 01:12:43,760
And then I call you.

412
01:12:43,760 –> 01:12:45,159
And then I call you.

413
01:12:45,159 –> 01:12:46,159
Yeah, that’s basically what I.

414
01:12:46,680 –> 01:12:48,840
OK, so this is this is

415
01:12:48,840 –> 01:12:50,840
legal. I’m reassured now. OK.

416
01:12:52,000 –> 01:12:52,079
OK, so that’s the the pre-sale

417
01:12:52,079 –> 01:12:54,399
OK, so that’s the the pre-sale

418
01:12:54,399 –> 01:12:55,960
agreements or pre-lease agreement.

419
01:12:56,159 –> 01:12:58,439
Let’s talk about the due diligence a lil bit in depth

420
01:12:58,960 –> 01:12:59,880
So how does it work?

421
01:12:59,960 –> 01:13:02,279
What’s your when you do have to do

422
01:13:02,279 –> 01:13:04,520
due diligence on a specific plot?

423
01:13:04,720 –> 01:13:06,399
What’s what do you do exactly?

424
01:13:06,640 –> 01:13:08,159
What’s your step by step?

425
01:13:08,159 –> 01:13:09,079
What do you do? Who you call?

426
01:13:09,840 –> 01:13:11,199
And you call BPN, you call

427
01:13:11,199 –> 01:13:12,840
your mother, you call her.

428
01:13:14,359 –> 01:13:17,359
OK, so the most important that I will I have to

429
01:13:17,359 –> 01:13:19,520
receive the full document first.

430
01:13:19,520 –> 01:13:22,560
Yeah. Yeah. So I can check whether the land

431
01:13:22,560 –> 01:13:24,520
certificate and the land

432
01:13:24,520 –> 01:13:28,000
and building tax number is on the same property.

433
01:13:28,000 –> 01:13:28,359
tax number is on the same property.

434
01:13:28,359 –> 01:13:31,560
Sometimes people just have too many lands.

435
01:13:31,560 –> 01:13:31,600
Sometimes people just have too many lands.

436
01:13:31,880 –> 01:13:35,439
So they they send different documents.

437
01:13:35,439 –> 01:13:35,600
So they they send different documents.

438
01:13:35,600 –> 01:13:37,640
OK, so you check all the

439
01:13:37,640 –> 01:13:39,960
numbers on the tax on the tax.

440
01:13:40,199 –> 01:13:43,000
The certificate number is written, I guess. Yeah.

441
01:13:43,000 –> 01:13:45,920
Yeah, we have to check that at the tax office.

442
01:13:45,920 –> 01:13:46,680
Oh, I get to know. Yeah.

443
01:13:47,319 –> 01:13:49,399
So we’ll receive all the

444
01:13:49,399 –> 01:13:52,640
documents and then I check if the name

445
01:13:52,640 –> 01:13:54,439
on the land certificate has passed away.

446
01:13:54,439 –> 01:13:54,479
certificate has passed away.

447
01:13:54,960 –> 01:13:56,920
As we talked before, we have to

448
01:13:56,920 –> 01:13:58,880
take care of the inheritance documents.

449
01:13:59,079 –> 01:13:59,119
But if there is so we can immediately check the

450
01:13:59,119 –> 01:14:03,520
But if there is so we can immediately check the

451
01:14:03,520 –> 01:14:05,119
land certificate at the land office

452
01:14:05,119 –> 01:14:08,640
to check if there’s a mortgage note on this land.

453
01:14:08,840 –> 01:14:11,399
Yeah. If there’s a dispute blocking or extra

454
01:14:11,399 –> 01:14:14,359
trying this in the land certificate.

455
01:14:14,560 –> 01:14:17,720
Also to check if the data

456
01:14:17,720 –> 01:14:19,520
written on the land certificate is

457
01:14:19,520 –> 01:14:20,000
is in accordance with the

458
01:14:20,000 –> 01:14:23,039
in accordance with the data at the land office.

459
01:14:23,039 –> 01:14:23,199
data at the land office.

460
01:14:23,840 –> 01:14:25,880
You know, maybe they can be discrepancy.

461
01:14:25,880 –> 01:14:25,960
You know, maybe there can be a discrepancy.

462
01:14:27,479 –> 01:14:30,720
Yeah, it’s small chance, but OK.

463
01:14:31,640 –> 01:14:32,800
Overlap or something.

464
01:14:33,560 –> 01:14:37,000
OK, and and then regarding the zoning.

465
01:14:37,720 –> 01:14:40,439
So that’s come from the BPN.

466
01:14:40,840 –> 01:14:43,319
No, the zoning is from the PUPR.

467
01:14:43,319 –> 01:14:44,720
The PUPR. So yeah. Yeah.

468
01:14:44,720 –> 01:14:44,880
PUPR sorry. Yeah. Yeah.

469
01:14:45,319 –> 01:14:46,720
So what is what is the PUPR?

470
01:14:47,119 –> 01:14:51,399
That’s the official who released the zoning

471
01:14:51,399 –> 01:14:54,760
released the zoning of one regency.

472
01:14:55,319 –> 01:14:58,199
So PUPR is the zoning body.

473
01:14:59,479 –> 01:15:01,520
And then BPN, as I

474
01:15:01,520 –> 01:15:03,279
understand, is the land office.

475
01:15:03,760 –> 01:15:04,520
Land office. OK.

476
01:15:05,239 –> 01:15:07,880
But there are two different different bodies.

477
01:15:08,279 –> 01:15:12,640
OK. OK. So you check at the PUPR, the zoning.

478
01:15:13,680 –> 01:15:16,359
And so let’s talk about the zoning a little bit.

479
01:15:16,359 –> 01:15:18,680
Yeah. Yeah. So what are the difference?

480
01:15:18,680 –> 01:15:18,760
So what are the difference?

481
01:15:19,039 –> 01:15:21,640
And we’ll we’ll have either

482
01:15:21,640 –> 01:15:23,560
a podcast just about that or

483
01:15:23,920 –> 01:15:24,840
so OK, the camera.

484
01:15:25,680 –> 01:15:27,960
But guys, just about that or

485
01:15:29,840 –> 01:15:33,039
also a blog post maybe on on one of our websites.

486
01:15:33,560 –> 01:15:34,520
I know we already wrote

487
01:15:34,520 –> 01:15:35,920
one, but we never published it.

488
01:15:36,159 –> 01:15:36,199
So the zonings I know in Bali,

489
01:15:36,199 –> 01:15:38,119
So the zonings I know in Bali,

490
01:15:38,560 –> 01:15:38,600
the zonings I know by colors.

491
01:15:38,600 –> 01:15:39,920
the zonings I know by colors.

492
01:15:40,640 –> 01:15:44,199
Right. So green, yellow, blue, red, whatever.

493
01:15:44,680 –> 01:15:44,840
So can you can you walk us

494
01:15:44,840 –> 01:15:46,399
So can you can you walk us

495
01:15:46,399 –> 01:15:48,399
through the different colors

496
01:15:48,399 –> 01:15:48,520
through the different colors

497
01:15:48,920 –> 01:15:48,960
that the zoning have and what they

498
01:15:48,960 –> 01:15:51,439
that the zoning have and what they

499
01:15:51,439 –> 01:15:53,520
are and what is allowed to do on it?

500
01:15:53,560 –> 01:15:53,840
Oh, so let’s let’s let’s send

501
01:15:53,840 –> 01:15:55,439
Oh, so let’s let’s let’s sum

502
01:15:55,439 –> 01:15:56,720
it up for the most obvious one.

503
01:15:57,079 –> 01:15:59,600
That’s our in Bali. Yeah. Yeah.

504
01:16:00,359 –> 01:16:02,600
But before we talk about

505
01:16:02,600 –> 01:16:04,039
that, you have to know that

506
01:16:05,520 –> 01:16:07,960
the zoning information in

507
01:16:07,960 –> 01:16:09,520
Tabanan will be different from

508
01:16:09,520 –> 01:16:11,119
zoning information in Badung

509
01:16:11,119 –> 01:16:12,119
will be different from also

510
01:16:12,119 –> 01:16:13,159
How so?

511
01:16:13,439 –> 01:16:16,319
because it’s a regency regulation.

512
01:16:16,319 –> 01:16:16,640
because it’s a regency regulation.

513
01:16:17,079 –> 01:16:20,039
OK, so Tabanan has its own zoning information.

514
01:16:20,479 –> 01:16:21,479
Badung has its own.

515
01:16:21,960 –> 01:16:26,159
So let’s say in in Tabanan, the color of tourism

516
01:16:26,159 –> 01:16:26,359
color of tourism may be a bit purple.

517
01:16:26,359 –> 01:16:28,640
may be a bit purple.

518
01:16:28,640 –> 01:16:30,840
Ah, OK. In Badung, it can be pink.

519
01:16:31,039 –> 01:16:34,880
That explains it because that’s so funny.

520
01:16:34,880 –> 01:16:36,279
I had no idea. I didn’t know.

521
01:16:36,279 –> 01:16:38,199
Yeah, I know people say it’s pink zone.

522
01:16:38,800 –> 01:16:41,239
And I hear other people say it’s red zone.

523
01:16:41,239 –> 01:16:41,279
And I hear other people say it’s red zone.

524
01:16:42,000 –> 01:16:42,079
And I’m like, yeah, OK, pink,

525
01:16:42,079 –> 01:16:43,199
And I’m like, yeah, OK, pink,

526
01:16:43,199 –> 01:16:44,840
red, maybe the printing machine

527
01:16:44,840 –> 01:16:45,000
red, maybe the printing machine.

528
01:16:45,479 –> 01:16:47,159
where the printer wasn’t right.

529
01:16:47,159 –> 01:16:48,840
Yeah, OK. So you don’t rely on your color.

530
01:16:50,000 –> 01:16:50,760
If you have different

531
01:16:50,760 –> 01:16:52,640
features, it will be different colors.

532
01:16:52,960 –> 01:16:55,119
So pink reddish is tourism. Is that correct?

533
01:16:55,760 –> 01:16:55,880
Yeah. So what do we have? We have green.

534
01:16:55,880 –> 01:16:57,840
Yeah. So what do we have? We have green.

535
01:16:58,880 –> 01:17:00,840
Green, obviously, we cannot build on it.

536
01:17:01,079 –> 01:17:01,119
So green is agriculture. Yeah. Yeah.

537
01:17:01,119 –> 01:17:03,159
So green is agriculture. Yeah. Yeah.

538
01:17:03,239 –> 01:17:05,520
Yeah. Agriculture also has many

539
01:17:05,520 –> 01:17:07,279
different types of agriculture.

540
01:17:07,720 –> 01:17:07,880
Yeah. OK, so commonly pink is tourism area.

541
01:17:07,880 –> 01:17:11,800
Yeah. OK. So how many pink is tourism area?

542
01:17:11,800 –> 01:17:12,039
Yeah. OK, so commonly pink is tourism area.

543
01:17:12,039 –> 01:17:15,840
Pink is tourism and usually it’s a strip of

544
01:17:16,840 –> 01:17:20,920
maybe one kilometer from the coast inland.

545
01:17:21,560 –> 01:17:25,319
So you have the ocean here and the land here.

546
01:17:25,720 –> 01:17:27,800
That’s like a one kilometer of

547
01:17:27,800 –> 01:17:30,199
land following the coast. Right.

548
01:17:30,600 –> 01:17:31,640
I’m not sure regarding that.

549
01:17:32,319 –> 01:17:34,199
I think about that. Yeah. Yeah.

550
01:17:34,279 –> 01:17:35,039
Like in Kedungu, for

551
01:17:35,039 –> 01:17:37,000
instance, it goes from the ocean

552
01:17:37,600 –> 01:17:39,159
to the, to our school.

553
01:17:39,800 –> 01:17:42,000
Our school is not in the tourism, unfortunately.

554
01:17:42,119 –> 01:17:46,399
It’s just 50 meters beyond. Yeah.

555
01:17:46,800 –> 01:17:48,199
So that’s probably one and a

556
01:17:48,199 –> 01:17:49,079
half kilometers or something.

557
01:17:49,319 –> 01:17:49,399
Well, it depends where I guess. Yeah. Yeah.

558
01:17:49,399 –> 01:17:51,199
Well, it depends where I guess. Yeah. Yeah.

559
01:17:51,199 –> 01:17:52,560
But from what I’ve seen so

560
01:17:52,560 –> 01:17:57,079
far, it’s around that size. Yeah.

561
01:17:57,079 –> 01:17:57,600
Yeah. OK, so pink is tourism.

562
01:17:57,600 –> 01:17:59,279
OK, so pink is tourism.

563
01:18:00,159 –> 01:18:01,640
And then we have yellow.

564
01:18:02,399 –> 01:18:04,159
Yellow is usually for residential.

565
01:18:04,319 –> 01:18:05,880
residential. And then red is for business.

566
01:18:05,880 –> 01:18:07,479
And then red is for business.

567
01:18:07,479 –> 01:18:07,520
residential. And then red is for business.

568
01:18:08,000 –> 01:18:09,319
OK, so that’s sometimes it makes

569
01:18:09,319 –> 01:18:11,520
between business and residential zone.

570
01:18:11,840 –> 01:18:13,960
OK, so I think some people

571
01:18:13,960 –> 01:18:17,600
misuse red, orange as red.

572
01:18:17,600 –> 01:18:17,680
misuse red, orange as red.

573
01:18:18,479 –> 01:18:21,960
They say orange is business and red is tourism.

574
01:18:22,479 –> 01:18:23,319
I’ve heard that before.

575
01:18:23,319 –> 01:18:23,359
I’ve heard that before.

576
01:18:23,600 –> 01:18:23,680
So I mean, again, this

577
01:18:23,680 –> 01:18:24,159
So I mean, again, this

578
01:18:24,159 –> 01:18:25,520
depends on the regency. Yes.

579
01:18:25,800 –> 01:18:28,840
So we shouldn’t rely too much on the color. Yes.

580
01:18:28,840 –> 01:18:29,079
Yes. But look what’s written next to it again.

581
01:18:29,079 –> 01:18:31,800
But look what’s written next to it again.

582
01:18:32,199 –> 01:18:32,399
So basically, let’s forget about the color.

583
01:18:32,399 –> 01:18:34,159
So that basically, let’s forget about the color.

584
01:18:34,159 –> 01:18:35,039
We have agricultural,

585
01:18:35,039 –> 01:18:35,079
We have agricultural,

586
01:18:35,479 –> 01:18:35,520
residential business and tourists area.

587
01:18:35,520 –> 01:18:39,079
residential business and tourists area.

588
01:18:39,680 –> 01:18:41,520
Yeah. OK, so let’s let’s go

589
01:18:41,520 –> 01:18:43,039
over this for so agricultural.

590
01:18:43,279 –> 01:18:44,199
We’ve been over it.

591
01:18:44,960 –> 01:18:47,079
It’s it’s green zone. Yeah.

592
01:18:47,079 –> 01:18:49,199
It’s why we call green zone cannot build.

593
01:18:49,199 –> 01:18:49,239
It’s why we call it green zone cannot build.

594
01:18:50,720 –> 01:18:52,199
Or maybe it can be built

595
01:18:52,199 –> 01:18:56,600
with a certain small percentage.

596
01:18:56,600 –> 01:18:56,880
certain very small percentage. Yeah.

597
01:18:56,880 –> 01:18:58,479
Yeah, small percentage and

598
01:18:58,479 –> 01:19:01,560
the use usually for residence.

599
01:19:01,560 –> 01:19:01,720
residential. Yeah, I know.

600
01:19:01,720 –> 01:19:03,920
Yeah, I know I know the band

601
01:19:03,920 –> 01:19:05,039
needs build on the green zone.

602
01:19:05,039 –> 01:19:07,000
They don’t care. Yeah. Yeah.

603
01:19:07,239 –> 01:19:07,279
What I so tell me if I’m wrong.

604
01:19:07,279 –> 01:19:09,520
What I so tell me if I’m wrong.

605
01:19:10,600 –> 01:19:10,840
I what I was told is that the way so all the

606
01:19:10,840 –> 01:19:14,560
What I was told is that the way so all the

607
01:19:14,560 –> 01:19:16,199
landing in the line is green by default.

608
01:19:17,159 –> 01:19:18,439
OK, and then people build.

609
01:19:18,960 –> 01:19:22,159
I mean, people ask for to change the zoning.

610
01:19:22,479 –> 01:19:22,520
I’ve done it before.

611
01:19:22,520 –> 01:19:23,520
I’ve done it before.

612
01:19:23,520 –> 01:19:24,560
I’ve done it in so many times.

613
01:19:25,279 –> 01:19:27,479
But in many anyway, the chance to change the

614
01:19:27,479 –> 01:19:29,279
zoning can happen or cannot happen,

615
01:19:29,279 –> 01:19:30,600
depending on the quota of

616
01:19:30,600 –> 01:19:32,079
green there is in your agency.

617
01:19:32,079 –> 01:19:32,239
green there is in the original see.

618
01:19:32,800 –> 01:19:34,239
And if there’s not enough green, blah, blah.

619
01:19:34,319 –> 01:19:36,319
Yeah. But what’s happened

620
01:19:36,319 –> 01:19:39,000
eventually, ultimately is that

621
01:19:39,000 –> 01:19:39,159
But what happened eventually, ultimately is that

622
01:19:40,520 –> 01:19:43,039
somehow sees or some business on whatever are

623
01:19:43,039 –> 01:19:45,520
built on the green zone without permit

624
01:19:45,520 –> 01:19:46,000
without permit and what the payer does.

625
01:19:46,000 –> 01:19:48,520
and what the PUPR does,

626
01:19:48,520 –> 01:19:51,159
it looks at satellite photos

627
01:19:51,600 –> 01:19:54,680
when it’s time to change to update the zoning of

628
01:19:54,680 –> 01:19:56,439
the look at satellite photos.

629
01:19:56,760 –> 01:19:56,800
And wherever the zoning is

630
01:19:56,800 –> 01:19:58,479
And whether the zoning is

631
01:19:58,479 –> 01:20:00,680
green, however, has been built

632
01:20:00,920 –> 01:20:00,960
turns into yellow or something like that.

633
01:20:00,960 –> 01:20:04,399
turns into yellow or something like that.

634
01:20:04,399 –> 01:20:05,880
That was what I was told.

635
01:20:05,880 –> 01:20:06,680
I get it told me that.

636
01:20:06,680 –> 01:20:07,560
But get it told me that I cannot agree on that.

637
01:20:07,560 –> 01:20:09,279
I cannot agree on that.

638
01:20:09,520 –> 01:20:10,399
Things. Yeah, it’s not my.

639
01:20:10,399 –> 01:20:10,960
Things. Yeah, it’s not my that’s not.

640
01:20:10,960 –> 01:20:11,199
That’s not.

641
01:20:11,199 –> 01:20:11,279
Things. Yeah, it’s not my that’s not.

642
01:20:11,520 –> 01:20:13,079
That’s not. You haven’t heard it.

643
01:20:13,079 –> 01:20:13,199
They’ve done like this. No, no.

644
01:20:13,199 –> 01:20:15,560
They’ve done like this. No, no.

645
01:20:16,319 –> 01:20:18,000
Well, maybe I have some more information.

646
01:20:18,199 –> 01:20:19,239
You know, Of.

647
01:20:19,239 –> 01:20:19,560
You know how. OK.

648
01:20:20,000 –> 01:20:22,720
So the yellow is residential.

649
01:20:23,520 –> 01:20:23,560
Yeah. So what percentage of the land can be built

650
01:20:23,560 –> 01:20:28,479
Yeah. So what percentage of the land can be built

651
01:20:28,479 –> 01:20:29,479
when the land is yellow?

652
01:20:30,920 –> 01:20:32,199
Depends on the depends.

653
01:20:32,720 –> 01:20:37,880
It depends. Sometimes it’s 70, 75, 75, 70, 75.

654
01:20:37,880 –> 01:20:37,920
Sometimes it’s 70, 75, 75, 70, 75.

655
01:20:38,600 –> 01:20:39,560
So it depends on what on

656
01:20:39,560 –> 01:20:40,960
the regency on the regency.

657
01:20:40,960 –> 01:20:41,000
the regency on the regency.

658
01:20:41,399 –> 01:20:44,399
And normally the local

659
01:20:44,399 –> 01:20:44,439
And normally the local

660
01:20:45,800 –> 01:20:48,840
for example, if they’re close to

661
01:20:50,000 –> 01:20:53,439
temple, something like that might affect them.

662
01:20:53,439 –> 01:20:57,239
OK, I know, for example, in Kedungu on the east

663
01:20:57,239 –> 01:20:59,520
side of Kedungu near the ocean.

664
01:21:00,119 –> 01:21:03,359
It’s actually one river away from Tanah lot.

665
01:21:04,239 –> 01:21:05,680
So there are some specific

666
01:21:05,680 –> 01:21:07,600
regulations regarding the lands

667
01:21:07,680 –> 01:21:10,439
and what can be what can be built or not.

668
01:21:10,439 –> 01:21:12,399
And how much in that specific area.

669
01:21:12,840 –> 01:21:13,920
The height of the building.

670
01:21:14,279 –> 01:21:15,119
Yeah. Yeah. Yeah.

671
01:21:15,359 –> 01:21:17,279
OK, so I guess it’s a case by case.

672
01:21:17,520 –> 01:21:19,319
Case by case. Very case by case.

673
01:21:19,319 –> 01:21:22,680
And so business, what is business?

674
01:21:24,640 –> 01:21:24,720
Is there zoning?

675
01:21:24,720 –> 01:21:25,239
Is there zoning?

676
01:21:25,800 –> 01:21:27,159
The red. That’s your red.

677
01:21:28,319 –> 01:21:30,600
The one I heard is some people say it’s orange.

678
01:21:30,960 –> 01:21:32,520
Orange. That’s orange red. Yeah.

679
01:21:32,800 –> 01:21:34,520
So what what can you do there?

680
01:21:34,800 –> 01:21:36,640
You have to specifically check

681
01:21:38,239 –> 01:21:40,840
for the type, the type of the building,

682
01:21:41,439 –> 01:21:44,199
the type of business that you will do there.

683
01:21:44,199 –> 01:21:44,279
the type of business that you will do there.

684
01:21:44,399 –> 01:21:48,199
OK. But if it’s red zone, it’s normally

685
01:21:49,319 –> 01:21:51,920
almost all of the business can be done there.

686
01:21:52,159 –> 01:21:55,479
OK. And touristy, tourist, tourist zoning.

687
01:21:55,479 –> 01:21:55,800
tourist zoning, also quite a lot of police.

688
01:21:55,800 –> 01:21:57,960
Tourist zoning also quite a lot of actualy.

689
01:21:59,159 –> 01:22:01,039
Not sure. So the most

690
01:22:02,439 –> 01:22:04,199
open to anything is a tourist

691
01:22:04,199 –> 01:22:05,880
one, if I understand correctly.

692
01:22:06,199 –> 01:22:06,800
Yeah. You can go

693
01:22:06,800 –> 01:22:08,560
nightclubs and these kind of things.

694
01:22:09,800 –> 01:22:13,520
But maybe cannot open a nightclub or in business.

695
01:22:13,920 –> 01:22:17,960
Areal? Is it depends on the area as well?

696
01:22:17,960 –> 01:22:18,560
It depends on that.

697
01:22:19,640 –> 01:22:23,920
Well, we need a notary to check.

698
01:22:24,680 –> 01:22:25,760
There is like always in

699
01:22:25,760 –> 01:22:27,680
Indonesia, you have the law and then it’s

700
01:22:28,920 –> 01:22:31,000
the whole area should be gray, actually.

701
01:22:31,000 –> 01:22:31,800
You know, like. Yeah,

702
01:22:32,000 –> 01:22:33,439
that’s why we have to check it.

703
01:22:33,439 –> 01:22:35,720
But the official who

704
01:22:35,720 –> 01:22:38,399
issue that zoning information.

705
01:22:38,840 –> 01:22:43,159
OK, so the PUPR pay out of that specific area.

706
01:22:43,520 –> 01:22:47,239
So you have one PUPR pay off by Regency.

707
01:22:47,520 –> 01:22:47,960
Yes.

708
01:22:47,960 –> 01:22:49,239
OK, OK I understood

709
01:22:49,880 –> 01:22:52,560
OK, so we are to the zoning.

710
01:22:52,560 –> 01:22:53,920
So zoning is part of the diligence.

711
01:22:54,520 –> 01:22:57,039
And then in the buying process or

712
01:22:57,039 –> 01:22:59,119
the purchasing, the acquiring process

713
01:22:59,119 –> 01:23:03,800
for these or sell, what’s what’s the next step?

714
01:23:04,399 –> 01:23:06,279
The due the diligence comes clean?

715
01:23:07,119 –> 01:23:10,279
Then I guess we are measuring the land, right?

716
01:23:10,520 –> 01:23:11,880
Yeah, can be. It’s optional.

717
01:23:12,159 –> 01:23:14,199
Actually, it doesn’t have to be measured.

718
01:23:14,279 –> 01:23:16,039
Yeah. If it’s accepted by both

719
01:23:16,039 –> 01:23:18,039
parties as it is, then you’re fine.

720
01:23:18,640 –> 01:23:21,640
But mostly you have to do re-measurement

721
01:23:21,640 –> 01:23:25,399
when you list part of a big plot of land.

722
01:23:26,479 –> 01:23:29,399
OK, because from experience again,

723
01:23:30,079 –> 01:23:31,279
a lot of the measurement

724
01:23:31,279 –> 01:23:32,880
that are on the certificates

725
01:23:32,880 –> 01:23:32,920
that are on the certificates

726
01:23:33,520 –> 01:23:36,079
were measured a long, long time ago with a tape.

727
01:23:36,079 –> 01:23:36,399
ago with a tape, yeah, a rope.

728
01:23:36,399 –> 01:23:38,520
Yeah, a rope. Yeah.

729
01:23:38,520 –> 01:23:38,840
Yeah. And they got it.

730
01:23:38,840 –> 01:23:41,319
And everybody, OK, so like five by 50.

731
01:23:41,319 –> 01:23:41,760
OK, so like five by 50, that’s a 1250.

732
01:23:41,760 –> 01:23:43,880
That’s one fifty. And it’s never like that

733
01:23:43,880 –> 01:23:45,319
because now we have satellites.

734
01:23:46,399 –> 01:23:51,439
So I’ve had instances of deals in Sumba

735
01:23:51,520 –> 01:23:53,880
where there was over hectare difference.

736
01:23:54,640 –> 01:23:55,640
And I was buying a few hectares

737
01:23:55,640 –> 01:23:59,319
of land and the owner of the land

738
01:23:59,319 –> 01:24:01,800
was like, yeah, it’s around nine point five.

739
01:24:01,800 –> 01:24:03,079
It’s up. Yeah.

740
01:24:03,079 –> 01:24:05,319
And then we measure like six point three.

741
01:24:05,319 –> 01:24:06,000
You know, I was having

742
01:24:06,000 –> 01:24:08,000
completely different. Yeah.

743
01:24:08,680 –> 01:24:11,199
So the advice here again

744
01:24:11,199 –> 01:24:13,840
for our viewers is to always.

745
01:24:14,760 –> 01:24:16,960
The advice. Yes. Always re-measurement. Yeah.

746
01:24:17,399 –> 01:24:20,520
Never trust what’s written on the certificate in.

747
01:24:21,159 –> 01:24:23,760
I would say 50 percent of the

748
01:24:23,760 –> 01:24:25,760
cases, it’s not accurate from.

749
01:24:26,399 –> 01:24:30,439
Yeah, especially if the land certificate is old.

750
01:24:31,319 –> 01:24:31,359
Yeah, exactly. If it’s old, it’s almost 90

751
01:24:31,359 –> 01:24:33,960
Yeah, exactly. If it’s old, it’s almost 90

752
01:24:33,960 –> 01:24:35,760
percent chances that it’s not accurate.

753
01:24:35,800 –> 01:24:37,920
And you don’t want to pay for

754
01:24:37,920 –> 01:24:39,600
you don’t want to pay for something

755
01:24:39,600 –> 01:24:39,720
pay for something that you don’t

756
01:24:39,720 –> 01:24:41,720
that you don’t cannot buy.

757
01:24:41,720 –> 01:24:42,119
cannot buy. So you want to pay only for the for

758
01:24:42,119 –> 01:24:44,159
So you want to pay only for the

759
01:24:44,159 –> 01:24:45,800
for the for the land that you are.

760
01:24:45,800 –> 01:24:48,279
You actually have. Yeah. OK. All right.

761
01:24:50,520 –> 01:24:51,399
How long does it take?

762
01:24:52,560 –> 01:24:54,279
To do the due diligence. Yeah.

763
01:24:54,279 –> 01:24:56,840
So before we go there after the measurement and

764
01:24:56,840 –> 01:24:57,920
everyone, everybody is OK.

765
01:24:57,920 –> 01:25:01,800
Then we we we do the actual lease agreement.

766
01:25:01,800 –> 01:25:01,920
Then we we we do the actual lease agreement.

767
01:25:02,359 –> 01:25:06,359
Where you sign. And so and that’s

768
01:25:06,520 –> 01:25:06,680
and that’s events.

769
01:25:06,680 –> 01:25:07,800
and that’s events.

770
01:25:08,520 –> 01:25:10,680
People have to be present,

771
01:25:10,680 –> 01:25:14,800
present in person, in the same room.

772
01:25:15,680 –> 01:25:17,279
Yeah. On the same day.

773
01:25:17,640 –> 01:25:18,640
And the same day. Can you talk

774
01:25:18,640 –> 01:25:19,600
to us about that a little bit?

775
01:25:20,760 –> 01:25:22,399
Yeah, I know you had a few

776
01:25:22,399 –> 01:25:24,319
conversation in the past.

777
01:25:24,960 –> 01:25:28,239
Yeah, because notary

778
01:25:28,239 –> 01:25:31,319
will issue an authentic deed

779
01:25:31,680 –> 01:25:32,920
Yeah, the lease agreement

780
01:25:32,920 –> 01:25:34,439
will be an authentic deed.

781
01:25:34,720 –> 01:25:36,079
This authentic deed will

782
01:25:36,079 –> 01:25:39,479
have proper and perfect proof

783
01:25:39,560 –> 01:25:42,920
as an evidence of your transaction. Right.

784
01:25:44,119 –> 01:25:45,680
Because the purpose you go to

785
01:25:45,680 –> 01:25:48,079
notary is to make a good proof

786
01:25:48,079 –> 01:25:48,199
good proof later on for 20 years.

787
01:25:48,199 –> 01:25:50,560
later on for 20 years. Yeah.

788
01:25:50,960 –> 01:25:53,239
Dozen of years of your lease period. Right.

789
01:25:53,800 –> 01:25:56,439
And the authentic deed issued by

790
01:25:56,439 –> 01:26:00,279
notary has to have a power to prove

791
01:26:00,800 –> 01:26:01,920
that this person is

792
01:26:01,920 –> 01:26:04,000
really coming and sign into you

793
01:26:04,000 –> 01:26:04,239
and signing to you at the specific

794
01:26:04,239 –> 01:26:06,079
at the specific time,

795
01:26:06,079 –> 01:26:06,680
time, specific date, specific place.

796
01:26:06,680 –> 01:26:08,800
specific date, a specific place.

797
01:26:09,159 –> 01:26:09,199
OK. Yeah. So that will be

798
01:26:09,199 –> 01:26:10,720
OK. Yeah. So that will be

799
01:26:10,720 –> 01:26:13,840
guaranteed by the notary. OK. OK. Yeah.

800
01:26:14,159 –> 01:26:16,199
But why I know you so.

801
01:26:16,199 –> 01:26:16,520
But why I know you so but do

802
01:26:16,520 –> 01:26:17,960
But do they have to be in

803
01:26:17,960 –> 01:26:19,279
the same room at the same time?

804
01:26:19,279 –> 01:26:19,720
at the same time or it can be on

805
01:26:19,720 –> 01:26:20,680
Or it can be on the same

806
01:26:20,680 –> 01:26:21,840
day in different locations?

807
01:26:23,039 –> 01:26:25,159
It’s ideally. Yeah. Yeah.

808
01:26:25,399 –> 01:26:26,279
It has to be the same time

809
01:26:26,279 –> 01:26:28,960
I know. But I’m not asking you ideally. Yeah.

810
01:26:29,359 –> 01:26:30,520
What does the law say?

811
01:26:31,920 –> 01:26:32,840
That’s the law says.

812
01:26:33,399 –> 01:26:33,439
Same room, same place.

813
01:26:33,439 –> 01:26:34,640
Same room, same place. Yeah.

814
01:26:34,640 –> 01:26:34,920
Yeah. Same time. Same time.

815
01:26:34,920 –> 01:26:37,279
Same place, same time. Same time. OK.

816
01:26:38,159 –> 01:26:38,600
So I was going to say before,

817
01:26:38,600 –> 01:26:41,520
So I was going to say before.

818
01:26:42,359 –> 01:26:44,720
So that so the sign people sign

819
01:26:44,720 –> 01:26:48,439
and and then the last payment,

820
01:26:48,640 –> 01:26:50,119
the balance payments is

821
01:26:50,119 –> 01:26:53,439
transferred to the seller.

822
01:26:53,439 –> 01:26:53,720
So the seller, the seller, not to you. Yeah.

823
01:26:53,720 –> 01:26:55,439
The seller. Not to you. Yeah. Not to you.

824
01:26:55,439 –> 01:26:58,279
No. No. We’ve been there to you and I.

825
01:26:59,000 –> 01:27:00,399
Too many times

826
01:27:00,640 –> 01:27:02,399
So the last payment,

827
01:27:02,399 –> 01:27:06,119
The down payments has been paid prior, priory

828
01:27:06,119 –> 01:27:06,439
And then the diligence, blah,

829
01:27:06,439 –> 01:27:08,239
And then the diligence, blah,

830
01:27:08,399 –> 01:27:09,439
blah, blah, is being locked.

831
01:27:09,840 –> 01:27:09,880
And then at the very last step of the process,

832
01:27:09,880 –> 01:27:14,159
And then at the very last step of the process,

833
01:27:14,720 –> 01:27:14,800
the balance payment is

834
01:27:14,800 –> 01:27:16,319
the balance payment is

835
01:27:16,319 –> 01:27:19,239
transferred directly to the seller.

836
01:27:19,239 –> 01:27:19,319
transferred directly to the seller.

837
01:27:19,800 –> 01:27:21,279
The seller. Because it’s safe.

838
01:27:21,520 –> 01:27:21,560
The due diligence is clear anyway.

839
01:27:21,560 –> 01:27:22,760
The due diligence is clear anyway.

840
01:27:23,159 –> 01:27:24,279
You can transfer. Yeah.

841
01:27:24,279 –> 01:27:24,960
You can transfer. Yeah, exactly.

842
01:27:25,600 –> 01:27:26,680
What is the percentage

843
01:27:28,199 –> 01:27:30,640
of the down payments compared

844
01:27:30,640 –> 01:27:33,720
to the global price of the land?

845
01:27:34,439 –> 01:27:36,520
Oh, it’s case by case and depends on the

846
01:27:36,520 –> 01:27:37,640
agreement of both parties.

847
01:27:37,960 –> 01:27:42,039
So that’s that whole process.

848
01:27:42,760 –> 01:27:43,680
How long does it take?

849
01:27:44,000 –> 01:27:44,039
What’s the different steps?

850
01:27:44,039 –> 01:27:45,600
What’s the different steps?

851
01:27:46,079 –> 01:27:46,319
And and generally like from from your experience,

852
01:27:46,319 –> 01:27:49,479
And and generally like from from your experience,

853
01:27:49,479 –> 01:27:49,520
And and generally like from from your experience,

854
01:27:50,159 –> 01:27:52,199
from from the moment you

855
01:27:52,199 –> 01:27:54,159
get a phone call or WhatsApp.

856
01:27:54,159 –> 01:27:54,199
get a phone call or WhatsApp.

857
01:27:54,560 –> 01:27:54,600
Yeah, like we need a notary to the moment.

858
01:27:54,600 –> 01:27:56,479
Yeah. Like we need a notary

859
01:27:56,479 –> 01:27:56,840
Yeah, like we need a notary to the moment.

860
01:27:56,840 –> 01:27:58,359
to the moment you don’t

861
01:27:58,359 –> 01:27:59,520
hear about these people again.

862
01:28:00,079 –> 01:28:02,960
What’s what’s the duration of that process?

863
01:28:03,720 –> 01:28:06,680
Most of them is I’m not in my control.

864
01:28:06,680 –> 01:28:08,920
Yeah. The dealing to collect

865
01:28:08,920 –> 01:28:10,960
the documents, write the document.

866
01:28:11,279 –> 01:28:14,439
But what I can predict is the due diligence.

867
01:28:14,840 –> 01:28:16,479
Sure. How long it will take.

868
01:28:16,479 –> 01:28:19,119
Yeah. For due diligence, it will take like seven

869
01:28:19,119 –> 01:28:19,199
It will take like seven until

870
01:28:19,199 –> 01:28:22,319
until approximately 14 working days.

871
01:28:22,319 –> 01:28:22,399
approximately 14 working days.

872
01:28:22,520 –> 01:28:25,560
OK. And then for drafting for the

873
01:28:25,560 –> 01:28:27,560
very first draft, it will be easy

874
01:28:27,560 –> 01:28:27,600
very first draft, it will be easy

875
01:28:28,039 –> 01:28:28,079
according to the pre agreement that sign.

876
01:28:28,079 –> 01:28:31,720
according to the pre agreement that sign.

877
01:28:32,520 –> 01:28:34,840
So it might take like two or three days.

878
01:28:35,039 –> 01:28:35,119
Yeah. After that, we will

879
01:28:35,119 –> 01:28:36,600
Yeah. After that, we will

880
01:28:36,600 –> 01:28:39,800
send it to the parties to review.

881
01:28:39,800 –> 01:28:39,840
send it to the parties to review.

882
01:28:40,159 –> 01:28:42,960
And then it depends on them if there’s many

883
01:28:42,960 –> 01:28:44,960
updates have to be done.

884
01:28:45,239 –> 01:28:45,319
I have some stories here.

885
01:28:45,319 –> 01:28:46,560
I have some stories here.

886
01:28:47,800 –> 01:28:49,119
OK. So basically two, three

887
01:28:49,119 –> 01:28:50,920
days for you to draft the agreement

888
01:28:50,920 –> 01:28:50,960
days for you to draft the agreement

889
01:28:50,960 –> 01:28:51,119
when it’s not crazy complicated.

890
01:28:51,119 –> 01:28:52,640
when it’s not crazy complicated.

891
01:28:53,439 –> 01:28:57,239
And then whatever time for the parties to agree

892
01:28:57,239 –> 01:28:57,279
And then whatever time for the parties to agree

893
01:28:57,760 –> 01:29:00,840
on the different clauses that are in agreement.

894
01:29:00,840 –> 01:29:00,880
on the different clauses that are in agreement.

895
01:29:01,600 –> 01:29:02,279
And then there’s a back and

896
01:29:02,279 –> 01:29:03,560
forth with you because you call

897
01:29:03,840 –> 01:29:06,560
as you correct them as the chance

898
01:29:06,560 –> 01:29:07,520
they change the clauses or or.

899
01:29:07,520 –> 01:29:09,600
you know, the clauses or or I have to confirm

900
01:29:09,600 –> 01:29:11,359
Of course i have to confirm

901
01:29:11,359 –> 01:29:11,399
Of course, I have to confirm

902
01:29:11,399 –> 01:29:11,880
to the other parties as well.

903
01:29:11,880 –> 01:29:13,600
to the other parties as well.

904
01:29:13,600 –> 01:29:15,439
Yeah. Party agree with the

905
01:29:15,439 –> 01:29:17,439
change requested by the other party.

906
01:29:17,439 –> 01:29:17,520
chains requested by the other party.

907
01:29:17,840 –> 01:29:19,319
Yeah, because usually these

908
01:29:19,319 –> 01:29:22,279
people don’t talk to each other and you

909
01:29:22,399 –> 01:29:24,000
you talk to you and then you talk

910
01:29:24,000 –> 01:29:25,960
to the other one and back and forth.

911
01:29:25,960 –> 01:29:28,960
Yeah. OK. So that’s that

912
01:29:28,960 –> 01:29:30,199
can take a few days or two

913
01:29:30,199 –> 01:29:32,560
a week or even I’ve seen even longer than I have

914
01:29:32,560 –> 01:29:33,560
seen two or three weeks.

915
01:29:33,880 –> 01:29:35,560
It depends also how the whole response is.

916
01:29:35,560 –> 01:29:36,880
There are we depend on if

917
01:29:36,880 –> 01:29:38,279
there’s a time difference.

918
01:29:38,359 –> 01:29:41,159
Time different. Yeah. Time difference is a killer

919
01:29:43,359 –> 01:29:45,399
because, yeah, it’s still broad.

920
01:29:45,399 –> 01:29:45,640
Because, yeah, it’s a broad. Yeah.

921
01:29:46,399 –> 01:29:48,439
And then then the measurements

922
01:29:48,439 –> 01:29:51,000
takes a few days to book the team.

923
01:29:52,680 –> 01:29:55,119
And then once everything is

924
01:29:55,119 –> 01:29:57,640
agreed upon and the land is measured

925
01:29:57,800 –> 01:30:01,159
and and everything is everybody’s OK with all the

926
01:30:01,159 –> 01:30:02,279
clauses in the contract,

927
01:30:02,640 –> 01:30:05,279
then you sign and this is just the time to make

928
01:30:05,279 –> 01:30:06,840
the appointment and sign.

929
01:30:06,840 –> 01:30:10,239
Yeah. So I mean, on a on an average deal

930
01:30:10,239 –> 01:30:10,279
average deal where everything goes

931
01:30:10,279 –> 01:30:12,880
where everything goes more

932
01:30:12,880 –> 01:30:14,000
or less according to plan,

933
01:30:14,000 –> 01:30:14,079
plan, there’s no craziness around.

934
01:30:14,079 –> 01:30:17,439
there’s no craziness around and the paperwork,

935
01:30:17,439 –> 01:30:18,359
And the paperwork, the original paperwork is here

936
01:30:18,359 –> 01:30:20,560
the original paperwork is here and

937
01:30:20,560 –> 01:30:22,159
doesn’t have an inheritance problem

938
01:30:22,159 –> 01:30:22,319
problem or a tax plan or whatever.

939
01:30:22,319 –> 01:30:23,399
or a tax plan or whatever.

940
01:30:23,920 –> 01:30:23,960
How long would you say it takes? Couple of weeks?

941
01:30:23,960 –> 01:30:25,399
How long would you say it

942
01:30:25,399 –> 01:30:26,479
takes a couple of weeks?

943
01:30:27,159 –> 01:30:27,199
Three weeks. Two to three

944
01:30:27,199 –> 01:30:28,399
Three weeks to the three

945
01:30:28,399 –> 01:30:29,520
weeks. Yeah. Three weeks.

946
01:30:29,840 –> 01:30:29,880
Two or three weeks.

947
01:30:29,880 –> 01:30:33,720
For the longest deal you ever made.

948
01:30:34,119 –> 01:30:35,319
How long how do you think?

949
01:30:36,840 –> 01:30:36,960
Wow. You’re still doing it.

950
01:30:36,960 –> 01:30:39,039
Well, you’re still doing it.

951
01:30:39,159 –> 01:30:39,399
I’m still on it.

952
01:30:39,399 –> 01:30:40,119
I’m still on it.

953
01:30:40,119 –> 01:30:40,159
I’m still on it.

954
01:30:40,760 –> 01:30:43,039
Yeah. From April, it’s

955
01:30:43,039 –> 01:30:45,079
just because it’s an off plan.

956
01:30:45,800 –> 01:30:49,439
So between the seller and the buyer and the

957
01:30:49,439 –> 01:30:51,479
builder, they have to deal with,

958
01:30:51,800 –> 01:30:54,840
which is not in me, but they have to deal with

959
01:30:54,880 –> 01:30:56,840
after they get a conclusion and

960
01:30:56,840 –> 01:30:58,600
they will come to me with the result.

961
01:30:58,600 –> 01:30:59,319
with the result. OK, OK, OK.

962
01:30:59,319 –> 01:31:01,680
OK, OK, OK. So off plan.

963
01:31:01,920 –> 01:31:01,960
So we talked mainly about land here.

964
01:31:01,960 –> 01:31:03,760
So we talked mainly about land here.

965
01:31:04,640 –> 01:31:05,560
But like, how do you do your

966
01:31:05,560 –> 01:31:07,880
decisions when it’s when it’s a villa?

967
01:31:08,279 –> 01:31:10,680
You go check if the toilets are working and.

968
01:31:11,800 –> 01:31:15,600
That’s why not only do a formal due diligence,

969
01:31:15,600 –> 01:31:18,119
what I check is usually the S.L.F. or P.B.G.

970
01:31:18,800 –> 01:31:19,439
If it’s registered.

971
01:31:19,439 –> 01:31:20,319
If it’s registered. Hold on a second.

972
01:31:20,319 –> 01:31:20,880
Hold on a second.

973
01:31:21,399 –> 01:31:22,560
S.F. or P.B.G.

974
01:31:22,560 –> 01:31:23,039
S.F. or P.B.G. What are those?

975
01:31:23,039 –> 01:31:24,159
What are those?

976
01:31:24,760 –> 01:31:26,399
Those are the building permits.

977
01:31:26,760 –> 01:31:28,159
Yeah. Before we know it as

978
01:31:28,159 –> 01:31:30,119
IMB, if you ever heard that.

979
01:31:30,399 –> 01:31:30,880
Correct. Yeah.

980
01:31:31,279 –> 01:31:32,960
And couple years ago,

981
01:31:32,960 –> 01:31:34,560
they changed the regulations.

982
01:31:35,600 –> 01:31:37,920
So from my understanding, the P.B.G.

983
01:31:37,920 –> 01:31:40,079
is done prior to building and

984
01:31:40,079 –> 01:31:42,399
the S.L.F. is done after building.

985
01:31:43,079 –> 01:31:44,800
Yeah. However, what I was told,

986
01:31:45,840 –> 01:31:49,399
I think by some top brass from PUPR

987
01:31:51,079 –> 01:31:55,520
is that you you can only have S.L.F.

988
01:31:56,079 –> 01:31:57,560
on buildings that were

989
01:31:57,560 –> 01:32:00,680
built prior to the IMB change.

990
01:32:01,720 –> 01:32:02,479
Yeah. Yeah.

991
01:32:02,760 –> 01:32:05,399
So you cannot like build now and say, it’s OK.

992
01:32:05,680 –> 01:32:06,439
I’ll do S.L.F.

993
01:32:07,319 –> 01:32:08,800
many, people do it, but

994
01:32:08,800 –> 01:32:11,039
legally you shouldn’t. Correct.

995
01:32:11,159 –> 01:32:12,239
Yes, legally you shouldn’t

996
01:32:15,359 –> 01:32:16,960
Again.
I Know. OK, OK.

997
01:32:16,960 –> 01:32:18,640
I did it. OK, OK.

998
01:32:19,199 –> 01:32:23,359
And OK, so your your

999
01:32:23,359 –> 01:32:25,000
so please tell me again.

1000
01:32:25,199 –> 01:32:26,319
So you for the for the

1001
01:32:26,319 –> 01:32:27,840
building for a villa, for instance,

1002
01:32:27,840 –> 01:32:29,279
if someone buys a villa or

1003
01:32:29,279 –> 01:32:30,840
a restaurant or whatever.

1004
01:32:31,119 –> 01:32:33,680
What’s when there’s something built on the land.

1005
01:32:34,000 –> 01:32:36,039
So the difference is the building permit or

1006
01:32:36,039 –> 01:32:38,279
there’s more to to check.

1007
01:32:38,920 –> 01:32:40,640
Just the building permits the addition.

1008
01:32:41,359 –> 01:32:44,760
So all of all of the above for the lands, all

1009
01:32:44,760 –> 01:32:46,039
that we mentioned on the land

1010
01:32:46,039 –> 01:32:46,279
land was the building permits.

1011
01:32:46,279 –> 01:32:47,399
was the building permits,

1012
01:32:47,720 –> 01:32:48,680
like the building permits.

1013
01:32:49,039 –> 01:32:52,159
So for your information, not all of the building

1014
01:32:52,159 –> 01:32:53,600
has a building permit on it.

1015
01:32:54,079 –> 01:32:57,319
So it’s not a deal breaker to not having

1016
01:32:57,800 –> 01:33:01,800
building permits as long as all parties agree.

1017
01:33:01,800 –> 01:33:03,760
Yeah. And they don’t.

1018
01:33:03,760 –> 01:33:05,680
So just to be precise here,

1019
01:33:05,960 –> 01:33:07,079
they don’t have a building permit

1020
01:33:07,159 –> 01:33:11,279
because the owner of the land and that building

1021
01:33:11,279 –> 01:33:13,159
didn’t apply for a building permit,

1022
01:33:13,680 –> 01:33:15,159
not because it’s authorized to

1023
01:33:15,159 –> 01:33:16,319
have a building without a building.

1024
01:33:16,319 –> 01:33:17,199
Yes. Correct.

1025
01:33:17,199 –> 01:33:17,600
Yes. Correct. Correct.

1026
01:33:17,600 –> 01:33:21,039
Correct. Yeah. So so to check the S.L.F.

1027
01:33:21,039 –> 01:33:23,680
and S.L.F. slash PBG,

1028
01:33:25,119 –> 01:33:26,520
How long does this take?

1029
01:33:27,039 –> 01:33:27,239
Oh, it’s easy now.

1030
01:33:27,239 –> 01:33:28,279
Oh, it’s easy now.

1031
01:33:28,279 –> 01:33:30,319
We can scan with barcode if

1032
01:33:30,319 –> 01:33:31,800
there’s a barcode already.

1033
01:33:32,319 –> 01:33:32,920
And or if there’s only

1034
01:33:32,920 –> 01:33:34,880
Or if there’s only registration

1035
01:33:34,880 –> 01:33:36,560
number, we can check it online.

1036
01:33:36,960 –> 01:33:37,199
OK. Registration is exist and it’s done.

1037
01:33:37,199 –> 01:33:40,199
OK. Registration is exist and it’s done.

1038
01:33:40,439 –> 01:33:44,199
OK, so it doesn’t extend the two to three weeks

1039
01:33:44,199 –> 01:33:46,399
time that we talked about.

1040
01:33:46,399 –> 01:33:46,560
time that we talked about.

1041
01:33:46,560 –> 01:33:46,680
OK. And let’s talk about

1042
01:33:46,680 –> 01:33:51,199
OK. And let’s talk about freehold a little bit.

1043
01:33:51,199 –> 01:33:51,560
freehold a little bit. OK.

1044
01:33:51,560 –> 01:33:53,279
OK, so we’ve been we’ve

1045
01:33:53,279 –> 01:33:54,880
been we went to lease holds

1046
01:33:55,399 –> 01:33:58,760
because most people lease land as foreigners.

1047
01:33:59,000 –> 01:33:59,720
Yeah. That’s why.

1048
01:34:00,000 –> 01:34:01,680
Because that’s completely legal and authorized.

1049
01:34:02,600 –> 01:34:02,640
So tell me about freehold as far as legalities

1050
01:34:02,640 –> 01:34:05,439
So tell me about freehold as far as legalities

1051
01:34:05,600 –> 01:34:07,560
towards purchasing land for

1052
01:34:07,560 –> 01:34:08,760
foreigners for foreigners.

1053
01:34:08,760 –> 01:34:09,039
foreigners for foreigners.

1054
01:34:09,880 –> 01:34:11,119
So freehold,

1055
01:34:11,119 –> 01:34:12,560
So freehold, it has different types of freehold.

1056
01:34:12,560 –> 01:34:15,560
it has different types of freehold.

1057
01:34:16,000 –> 01:34:18,079
There’s different types of freehold.

1058
01:34:18,399 –> 01:34:22,159
There’s HGB, HAK PAKAI, HAK MILIK,

1059
01:34:22,159 –> 01:34:25,000
which HAK MILIK is only for Indonesian.

1060
01:34:25,479 –> 01:34:25,960
Yeah. Yeah.

1061
01:34:26,439 –> 01:34:30,600
But HGB, it can be owned by a company.

1062
01:34:30,600 –> 01:34:30,640
But HGB, it can be owned by a company.

1063
01:34:30,880 –> 01:34:31,079
Yeah. Even if it’s a foreign

1064
01:34:31,079 –> 01:34:32,439
Yeah. Even if it’s a

1065
01:34:32,439 –> 01:34:35,199
foreign capital company, PMA,

1066
01:34:35,199 –> 01:34:39,159
and HAK PAKAI can be owned by a personal foreigner.

1067
01:34:39,600 –> 01:34:42,800
But it has some requirement to get us other

1068
01:34:42,800 –> 01:34:43,520
Yeah like KITAS

1069
01:34:45,399 –> 01:34:47,760
So let’s let’s talk about

1070
01:34:47,760 –> 01:34:50,079
the first two to start with.

1071
01:34:50,079 –> 01:34:53,880
So HASK MILIK translated is the right to own.

1072
01:34:53,880 –> 01:34:54,560
the right to own. Correct.

1073
01:34:54,560 –> 01:34:56,079
Correct. OK. HAK MILIK

1074
01:34:56,079 –> 01:34:58,640
Yeah. So that’s only for

1075
01:34:58,640 –> 01:35:00,840
locals, for Indonesian citizens.

1076
01:35:01,640 –> 01:35:04,359
And that’s your basic purchase of a

1077
01:35:04,359 –> 01:35:06,319
property like we have in any country.

1078
01:35:06,680 –> 01:35:09,600
Yeah. And I’m wondering, I want to buy this land.

1079
01:35:10,159 –> 01:35:11,600
I’m doing a HAK MILIK on that land.

1080
01:35:12,079 –> 01:35:13,680
However, Indonesia, only

1081
01:35:13,680 –> 01:35:15,640
Indonesian can do that. Yeah.

1082
01:35:15,640 –> 01:35:16,199
Yeah. OK. Then we have.

1083
01:35:16,199 –> 01:35:17,119
OK, then we have.

1084
01:35:17,399 –> 01:35:17,600
So the option, the

1085
01:35:17,600 –> 01:35:19,479
So the option, the

1086
01:35:19,479 –> 01:35:21,199
alternative to that for foreigners

1087
01:35:21,199 –> 01:35:21,239
alternative to that for foreigners

1088
01:35:21,880 –> 01:35:26,600
and that is talked about everywhere is for PMA.

1089
01:35:26,600 –> 01:35:26,880
and that is talked about everywhere is for PMA.

1090
01:35:27,239 –> 01:35:27,279
So a PMA is a foreign owned

1091
01:35:27,279 –> 01:35:31,520
So a PMA is a foreign capital owned company.

1092
01:35:31,520 –> 01:35:31,560
foreign capital owned company.

1093
01:35:32,159 –> 01:35:34,359
OK. I don’t even know what PMA means.

1094
01:35:34,359 –> 01:35:34,439
OK, I don’t even know what PMA means.

1095
01:35:35,319 –> 01:35:36,439
Penanaman Modal Asing

1096
01:35:36,800 –> 01:35:38,439
So foreign capital investment.

1097
01:35:38,439 –> 01:35:38,560
So foreign capital investment.

1098
01:35:39,159 –> 01:35:40,399
Makes sense. Makes sense.

1099
01:35:40,399 –> 01:35:40,520
Makes sense. Makes sense.

1100
01:35:41,319 –> 01:35:45,039
So for a PMA to purchase the

1101
01:35:45,039 –> 01:35:48,520
property in lieu of its shareholder.

1102
01:35:49,720 –> 01:35:50,840
So I’m a foreigner.

1103
01:35:51,520 –> 01:35:51,600
I’m going to incorporate a PMA.

1104
01:35:51,600 –> 01:35:54,000
I’m going to incorporate a PMA.

1105
01:35:54,199 –> 01:35:54,279
That PMA is going to buy that property.

1106
01:35:54,279 –> 01:35:56,439
That PMA is going to buy that property.

1107
01:35:56,439 –> 01:35:57,680
Yes. Correct. Yeah.

1108
01:35:57,680 –> 01:35:57,960
Yes. Correct. Yeah. However, so from what I know,

1109
01:35:57,960 –> 01:36:01,720
However, so from what I know,

1110
01:36:01,720 –> 01:36:04,560
and we have some stories about that, you and I.

1111
01:36:04,560 –> 01:36:05,560
Yeah. From what I know.

1112
01:36:05,560 –> 01:36:06,359
From what I know.

1113
01:36:06,359 –> 01:36:06,399
Yeah. From what I know.

1114
01:36:06,800 –> 01:36:07,000
So it’s not a full purchase.

1115
01:36:07,000 –> 01:36:08,439
So it’s not a full purchase.

1116
01:36:08,439 –> 01:36:08,479
So it’s not a full purchase.

1117
01:36:08,840 –> 01:36:13,039
It’s actually a right to how HGB means

1118
01:36:13,319 –> 01:36:15,359
HAK GUNA BANGUNAN Right.

1119
01:36:15,359 –> 01:36:15,920
Right. So and that’s the right of using a

1120
01:36:15,920 –> 01:36:20,079
So and that’s the right of using a building

1121
01:36:20,640 –> 01:36:23,760
or using a building on the land.

1122
01:36:23,760 –> 01:36:24,039
building or using a building on the land.

1123
01:36:24,039 –> 01:36:24,359
Yeah, exactly.

1124
01:36:24,359 –> 01:36:24,399
Yeah, exactly.

1125
01:36:25,239 –> 01:36:26,760
So it’s not a it’s not actually

1126
01:36:26,760 –> 01:36:29,680
a real purchase of the property

1127
01:36:29,680 –> 01:36:31,439
like the HAK MILIK. Yeah. Yeah.

1128
01:36:31,439 –> 01:36:32,840
And there is a there’s a

1129
01:36:32,840 –> 01:36:35,159
duration attached to that.

1130
01:36:35,159 –> 01:36:35,920
Can you tell us about that?

1131
01:36:36,319 –> 01:36:37,520
Yeah, the duration.

1132
01:36:38,359 –> 01:36:39,720
If we talk about duration, of

1133
01:36:39,720 –> 01:36:41,680
course, there is a duration of 30 years.

1134
01:36:41,720 –> 01:36:41,920
But you can extend it.

1135
01:36:41,920 –> 01:36:43,359
But you can extend it.

1136
01:36:43,920 –> 01:36:45,079
And then after the extension,

1137
01:36:45,359 –> 01:36:48,159
then if your company still exists,

1138
01:36:48,560 –> 01:36:50,920
still following the rules of Indonesian,

1139
01:36:52,520 –> 01:36:55,600
you can renew it and extend it again.

1140
01:36:56,680 –> 01:36:58,760
So let’s give

1141
01:37:00,319 –> 01:37:02,359
dates and numbers and duration here.

1142
01:37:02,399 –> 01:37:06,279
So when a when a PMA, from what I understand,

1143
01:37:06,960 –> 01:37:10,279
when a PMA purchase a property,

1144
01:37:10,399 –> 01:37:11,079
it will have a 30 year

1145
01:37:11,079 –> 01:37:12,600
it will have a 30 year

1146
01:37:12,600 –> 01:37:14,760
right of use of that property.

1147
01:37:15,000 –> 01:37:15,039
Yeah. Yeah. And that 30 years can

1148
01:37:15,039 –> 01:37:15,600
Yeah. Yeah.

1149
01:37:15,600 –> 01:37:15,960
Yeah. Yeah. And that 30 years can

1150
01:37:15,960 –> 01:37:17,399
And that 30 years can be

1151
01:37:17,399 –> 01:37:20,840
extended twice once by 20 years.

1152
01:37:21,439 –> 01:37:21,520
So that’s 50 years and another time by 30 years.

1153
01:37:21,520 –> 01:37:25,760
So that’s 50 years and another time by 30 years.

1154
01:37:25,760 –> 01:37:25,800
So that’s 50 years and another time by 30 years.

1155
01:37:25,800 –> 01:37:27,279
That’s 80 years total.

1156
01:37:28,319 –> 01:37:29,119
At which point?

1157
01:37:29,119 –> 01:37:29,880
At which point, and this is

1158
01:37:29,880 –> 01:37:32,880
And this is where we have some common history.

1159
01:37:33,880 –> 01:37:36,680
At which point, from what I understand and

1160
01:37:36,680 –> 01:37:37,840
correct me, again if i’m wrong

1161
01:37:38,359 –> 01:37:38,399
the law is a little bit blurry.

1162
01:37:38,399 –> 01:37:40,239
The law is a little bit blurry.

1163
01:37:40,239 –> 01:37:40,279
the law is a little bit blurry.

1164
01:37:41,359 –> 01:37:43,560
So some some land office

1165
01:37:43,560 –> 01:37:44,800
will tell you, no problem.

1166
01:37:44,800 –> 01:37:46,960
I will extend it after 80 years.

1167
01:37:46,960 –> 01:37:48,119
No problem. And some of them will.

1168
01:37:49,079 –> 01:37:50,119
There’s no law about it.

1169
01:37:50,840 –> 01:37:51,840
There’s no I mean, there is

1170
01:37:51,840 –> 01:37:53,840
law is not black and white

1171
01:37:53,920 –> 01:37:57,039
written in the book of law on,

1172
01:37:57,039 –> 01:37:58,359
you know, in Indonesian properties.

1173
01:37:58,439 –> 01:38:01,279
So we don’t know. So we might not extend it.

1174
01:38:01,840 –> 01:38:03,199
So is that is that accurate?

1175
01:38:04,159 –> 01:38:05,560
Is that the correct picture of?

1176
01:38:06,960 –> 01:38:08,640
Not really, but from my

1177
01:38:08,640 –> 01:38:10,840
understanding, from the information I got

1178
01:38:10,840 –> 01:38:10,880
information I got from BPN

1179
01:38:10,880 –> 01:38:12,800
from BPN officer at that

1180
01:38:12,800 –> 01:38:16,159
moment, you still can have the right,

1181
01:38:16,159 –> 01:38:16,199
you still can have the rights

1182
01:38:16,399 –> 01:38:18,439
as long as the company still exists, they’re

1183
01:38:18,439 –> 01:38:20,359
following the Indonesian rule.

1184
01:38:20,359 –> 01:38:20,399
following the Indonesian rule.

1185
01:38:20,680 –> 01:38:24,159
OK. Maybe you need to relinquish first

1186
01:38:24,159 –> 01:38:24,319
OK, maybe you need to relinquish first

1187
01:38:24,520 –> 01:38:28,439
and then you immediately apply to

1188
01:38:28,439 –> 01:38:31,199
get the rights again on the land.

1189
01:38:32,199 –> 01:38:32,520
OK, but I can see that you’re not sure as well.

1190
01:38:32,520 –> 01:38:37,039
OK, but I can see that you’re not sure as well.

1191
01:38:37,039 –> 01:38:39,199
Yeah, because you say maybe.

1192
01:38:39,199 –> 01:38:40,720
Because you say maybe. Yeah.

1193
01:38:40,720 –> 01:38:41,319
Yeah. So again, that it’s

1194
01:38:41,319 –> 01:38:45,520
So again, that it’s not black on white, is it?

1195
01:38:46,840 –> 01:38:48,319
Until now, I haven’t.

1196
01:38:49,199 –> 01:38:51,359
Why you’re younger than 80 years old.

1197
01:38:51,359 –> 01:38:51,680
you’re younger than 80 years old.

1198
01:38:54,159 –> 01:38:56,079
So I haven’t read specific

1199
01:38:56,079 –> 01:38:59,279
regarding how to renew it

1200
01:38:59,279 –> 01:38:59,399
later on after these 80 years. Yeah.

1201
01:38:59,399 –> 01:39:02,640
later on after these 80 years. Yeah.

1202
01:39:02,920 –> 01:39:04,520
Yeah. Well, from what what I was

1203
01:39:04,520 –> 01:39:06,800
told by various notaries in the past

1204
01:39:06,800 –> 01:39:06,880
by various notaries in the past,

1205
01:39:07,279 –> 01:39:07,319
is that some BPNs were OK with it, some weren’t.

1206
01:39:07,319 –> 01:39:12,119
is that some BPNs were OK with it, some weren’t.

1207
01:39:13,319 –> 01:39:16,720
Some and and that would create an issue

1208
01:39:16,720 –> 01:39:16,840
issue even before the eight years

1209
01:39:16,840 –> 01:39:18,680
even before the eight years at

1210
01:39:18,680 –> 01:39:20,399
the moment of the Purchase Act,

1211
01:39:20,399 –> 01:39:20,880
act, because the due diligence would

1212
01:39:20,880 –> 01:39:23,079
because the due diligence would I

1213
01:39:23,079 –> 01:39:24,640
mean, it would be part of the deal

1214
01:39:24,640 –> 01:39:25,319
I mean, it would be part of the deal and that

1215
01:39:25,319 –> 01:39:27,960
and that would be a make or break

1216
01:39:27,960 –> 01:39:30,840
in the during the diligence process.

1217
01:39:31,760 –> 01:39:36,319
I mean, basically, if I example that we all know.

1218
01:39:36,399 –> 01:39:37,119
Yeah. So we had this person purchasing

1219
01:39:37,119 –> 01:39:39,199
So we had this person purchasing

1220
01:39:39,199 –> 01:39:39,239
Yeah. So we had this person purchasing

1221
01:39:40,720 –> 01:39:43,640
an HGB from the PMA, so his PMA

1222
01:39:43,640 –> 01:39:45,560
was purchasing an HGB from PMA.

1223
01:39:45,560 –> 01:39:45,880
So his PMA was purchasing an HGB from PMA.

1224
01:39:45,880 –> 01:39:48,399
But instead of having the full

1225
01:39:48,399 –> 01:39:50,319
eight years or maybe like 79 years,

1226
01:39:50,319 –> 01:39:50,359
eight years or maybe like 79 years,

1227
01:39:50,359 –> 01:39:53,920
he ended up having like 50 plus plus.

1228
01:39:53,920 –> 01:39:55,079
Yeah. What is left?

1229
01:39:55,079 –> 01:39:55,399
Yeah, what is left? What was left.

1230
01:39:55,399 –> 01:39:56,920
What was left. Yeah.

1231
01:39:56,920 –> 01:39:57,279
Yeah. And he’s not a really

1232
01:39:57,279 –> 01:39:58,800
And he’s not a really

1233
01:39:58,800 –> 01:40:01,079
when doing the due diligence.

1234
01:40:01,199 –> 01:40:03,800
And this was not told to us

1235
01:40:03,800 –> 01:40:06,079
to that person in advance.

1236
01:40:06,359 –> 01:40:07,920
So it was a bit of a surprise. Yeah.

1237
01:40:08,399 –> 01:40:10,119
However, because he had given

1238
01:40:10,119 –> 01:40:12,520
payments, a quite substantial one.

1239
01:40:12,960 –> 01:40:14,279
It created an issue

1240
01:40:14,279 –> 01:40:15,079
He created an issue because the seller didn’t

1241
01:40:15,079 –> 01:40:16,880
because the seller didn’t

1242
01:40:16,880 –> 01:40:18,560
want to give the money back.

1243
01:40:18,560 –> 01:40:18,800
want to give the money back.

1244
01:40:19,199 –> 01:40:20,279
Yeah. He said, well, you

1245
01:40:20,279 –> 01:40:21,760
know, it’s doesn’t matter.

1246
01:40:21,760 –> 01:40:22,800
You can you can extend it.

1247
01:40:23,079 –> 01:40:24,359
So it shouldn’t be a problem.

1248
01:40:24,840 –> 01:40:25,960
And the buyer said, yeah,

1249
01:40:25,960 –> 01:40:27,720
no, because my notary said

1250
01:40:27,800 –> 01:40:27,920
and my lawyers said that it

1251
01:40:27,920 –> 01:40:29,840
my lawyers said that it wasn’t a

1252
01:40:29,840 –> 01:40:33,520
sure thing to extend it. So. Yeah.

1253
01:40:33,520 –> 01:40:34,920
So, you know, so that’s I mean,

1254
01:40:34,920 –> 01:40:37,039
So that’s I mean,

1255
01:40:37,039 –> 01:40:37,079
So, you know, so that’s I mean,

1256
01:40:37,680 –> 01:40:40,399
that has to be clear in the beginning when we

1257
01:40:40,399 –> 01:40:42,159
signed the pre-sale agreement.

1258
01:40:42,159 –> 01:40:42,239
signed a pre-sale agreement.

1259
01:40:42,479 –> 01:40:43,640
Yeah. Yeah. OK.

1260
01:40:43,640 –> 01:40:46,680
So that’s something that should have been cleared

1261
01:40:46,680 –> 01:40:46,880
So that’s something that should have been cleared

1262
01:40:47,239 –> 01:40:49,279
even prior to sending a

1263
01:40:49,279 –> 01:40:51,119
down payment to that person.

1264
01:40:52,119 –> 01:40:52,399
So it’s not very clear either by the lawyer.

1265
01:40:52,399 –> 01:40:54,279
So it’s not very clear either by the law.

1266
01:40:55,319 –> 01:40:58,079
Is it like many things in the in the unfortunate?

1267
01:40:59,159 –> 01:41:01,399
OK, OK. So Hak milik.

1268
01:41:01,960 –> 01:41:04,159
So you’ve seen Hak milik, Hak milik is the

1269
01:41:04,159 –> 01:41:08,199
position of a land by a local person.

1270
01:41:09,840 –> 01:41:13,199
HGB, HGB, we say in bahasa.

1271
01:41:14,199 –> 01:41:16,920
It’s by your PMA. So PMA purchasing a land.

1272
01:41:17,760 –> 01:41:20,199
However, in my opinion, it should only be

1273
01:41:20,199 –> 01:41:22,640
considered as an 80 year old 80 years lease

1274
01:41:22,640 –> 01:41:23,279
years lease and not something further.

1275
01:41:23,279 –> 01:41:25,159
and not something further.

1276
01:41:25,439 –> 01:41:27,039
Something different than

1277
01:41:27,039 –> 01:41:29,880
between HGB and lease, right?

1278
01:41:29,880 –> 01:41:30,359
and lease rights. Yeah.

1279
01:41:30,359 –> 01:41:30,439
If it’s H.E.B. you can put it as a collateral

1280
01:41:30,439 –> 01:41:33,880
If it’s HGB, you can put it as a collateral

1281
01:41:34,279 –> 01:41:36,319
if your company needs a debt.

1282
01:41:36,640 –> 01:41:37,560
OK, that’s interesting.

1283
01:41:38,279 –> 01:41:39,199
But at least you cannot.

1284
01:41:39,199 –> 01:41:39,680
But at least you cannot. Yeah.

1285
01:41:39,680 –> 01:41:41,800
Yeah. So if you borrow money,

1286
01:41:41,840 –> 01:41:44,680
if you want to raise debts from

1287
01:41:44,680 –> 01:41:45,760
borrowing money from the bank,

1288
01:41:45,760 –> 01:41:45,800
or borrow money from the bank,

1289
01:41:46,199 –> 01:41:46,319
if you have a release

1290
01:41:46,319 –> 01:41:47,079
if you have a release

1291
01:41:47,079 –> 01:41:49,399
agreement, your bank will say no.

1292
01:41:50,399 –> 01:41:50,560
If you have a local

1293
01:41:50,560 –> 01:41:54,479
If you have a local person, if you’re an

1294
01:41:54,479 –> 01:41:56,640
Indonesian and you have Hak milik,

1295
01:41:56,640 –> 01:41:59,439
if you own the land, the bank will say yes.

1296
01:41:59,920 –> 01:42:01,279
But they will also say yes

1297
01:42:01,279 –> 01:42:04,159
if your company has an HGB.

1298
01:42:04,560 –> 01:42:05,319
I didn’t know that.

1299
01:42:05,319 –> 01:42:05,600
I didn’t know that. Also for H.E.B.

1300
01:42:05,600 –> 01:42:07,079
Also for HGB,

1301
01:42:07,920 –> 01:42:10,880
for example, at the end, when

1302
01:42:10,880 –> 01:42:13,880
you sell the land before it ends,

1303
01:42:14,319 –> 01:42:14,359
yeah, you sell the land, you

1304
01:42:14,359 –> 01:42:16,960
you sell the land, you can use the

1305
01:42:16,960 –> 01:42:20,439
market price of sell price of land.

1306
01:42:20,439 –> 01:42:21,000
the price of land. Yeah.

1307
01:42:21,000 –> 01:42:23,439
Yeah. For example, the buyer is local Indonesian.

1308
01:42:23,800 –> 01:42:26,720
So it doesn’t matter how many years left.

1309
01:42:26,720 –> 01:42:29,600
Yeah. But when it’s lease.

1310
01:42:29,600 –> 01:42:30,439
But when it’s lease. Yeah.

1311
01:42:30,439 –> 01:42:32,319
Yeah. Yeah. Your market price of freehold.

1312
01:42:32,319 –> 01:42:33,159
Yeah. Market price of freehold. Yeah. Yeah. Sure.

1313
01:42:33,159 –> 01:42:36,239
Yeah. Sure. And so the trick

1314
01:42:36,239 –> 01:42:37,159
And so the trick to avoid

1315
01:42:37,159 –> 01:42:39,319
to avoid that pitfall is

1316
01:42:39,319 –> 01:42:42,239
basically so let’s be very, very clear.

1317
01:42:42,239 –> 01:42:44,880
If I have a PMA and that’s important.

1318
01:42:45,439 –> 01:42:45,479
If I have a PMA and I purchase the lands,

1319
01:42:45,479 –> 01:42:51,159
If I have a PMA and I I I purchase the lands,

1320
01:42:51,560 –> 01:42:52,800
my PMA purchase land from a

1321
01:42:52,800 –> 01:42:55,439
local citizen, an Indonesian citizen,

1322
01:42:55,880 –> 01:42:55,960
then it’s turned from Hack millik into H.E.B.

1323
01:42:55,960 –> 01:42:59,279
then it’s turned from Hak milik into HGB,

1324
01:42:59,560 –> 01:43:01,720
HGB , Hak Guna Bangunan

1325
01:43:02,319 –> 01:43:04,720
And then the 80 years countdown starts.

1326
01:43:04,720 –> 01:43:04,760
And then the 80 years countdown starts.

1327
01:43:04,800 –> 01:43:09,640
OK. And if Romain over there has a

1328
01:43:09,640 –> 01:43:15,239
PMA and he buys his PMA, buys my HGB,

1329
01:43:15,239 –> 01:43:19,920
my HGB plot, he will inherit the number of years

1330
01:43:19,920 –> 01:43:21,079
exactly like on the lease.

1331
01:43:21,680 –> 01:43:23,680
He will inherit the number of years that’s left.

1332
01:43:23,680 –> 01:43:25,560
Yeah. And if he sent it again

1333
01:43:25,560 –> 01:43:28,119
to Gawain, who is over there, not

1334
01:43:29,119 –> 01:43:31,319
playing with his phone, he will

1335
01:43:31,319 –> 01:43:33,319
inherit whatever is left from that.

1336
01:43:33,359 –> 01:43:35,239
And so on and so forth. Yeah.

1337
01:43:35,640 –> 01:43:38,560
So and the only way to break that

1338
01:43:38,880 –> 01:43:40,159
Machiavelli spell is to sell to an Indonesian

1339
01:43:40,159 –> 01:43:46,399
Machiavelli spell is to sell to an Indonesian

1340
01:43:47,640 –> 01:43:49,840
that sells back to you.

1341
01:43:49,840 –> 01:43:49,920
that sells back to you. Yeah. Right.

1342
01:43:49,920 –> 01:43:51,680
Yeah. Right. That’s legal.

1343
01:43:51,680 –> 01:43:51,800
Can be a… That’s legal.

1344
01:43:52,199 –> 01:43:52,760
That’s legal.

1345
01:43:52,760 –> 01:43:54,399
That’s legal. So just to

1346
01:43:54,399 –> 01:43:55,880
sum it up and make it clear,

1347
01:43:55,880 –> 01:43:56,680
clear, you have you have a PMA,

1348
01:43:56,680 –> 01:43:59,479
you have you have a PMA,

1349
01:44:00,279 –> 01:44:02,960
you buy your land from a local person.

1350
01:44:02,960 –> 01:44:03,359
you buy your land from a local person and you

1351
01:44:03,359 –> 01:44:05,399
And you have your 80 years countdown start.

1352
01:44:05,720 –> 01:44:07,960
Let’s say you spend five years or 10 years with

1353
01:44:07,960 –> 01:44:09,039
that land and you want to sell it.

1354
01:44:09,039 –> 01:44:11,279
But you want to you want the 80 years back here.

1355
01:44:11,680 –> 01:44:13,560
So you sell it to a local person.

1356
01:44:13,920 –> 01:44:15,079
Change into Hak milik.

1357
01:44:15,079 –> 01:44:16,239
Change into Hak milik.

1358
01:44:16,680 –> 01:44:18,840
And then you buy it again or someone else buys it

1359
01:44:18,840 –> 01:44:21,279
and it goes and it’s 80 years again.

1360
01:44:21,720 –> 01:44:23,359
Now, the downside of that is

1361
01:44:23,359 –> 01:44:24,640
that you have to pay tax twice.

1362
01:44:26,199 –> 01:44:27,800
Yes. Basically three times.

1363
01:44:27,800 –> 01:44:27,840
Yes, basically three times.

1364
01:44:28,439 –> 01:44:29,199
Yeah. Income tax.

1365
01:44:29,199 –> 01:44:29,600
Yeah, income tax. Yeah.

1366
01:44:29,600 –> 01:44:30,960
Yeah. You pay too much income tax.

1367
01:44:30,960 –> 01:44:31,000
Pay too much income tax.

1368
01:44:31,319 –> 01:44:32,840
Income and buyer tax.

1369
01:44:33,600 –> 01:44:33,680
There are two tax in freehold.

1370
01:44:33,680 –> 01:44:35,199
There are two tax in freehold.

1371
01:44:35,199 –> 01:44:37,279
Yeah. There’s the seller tax and the buyer tax.

1372
01:44:37,279 –> 01:44:37,560
So there’s one to many anyway.

1373
01:44:37,560 –> 01:44:39,000
So there’s one too many anyway.

1374
01:44:39,000 –> 01:44:40,479
Yeah. OK. OK. OK. OK.

1375
01:44:40,479 –> 01:44:41,199
OK. Interesting.

1376
01:44:41,199 –> 01:44:41,239
Yeah. OK, OK, OK. OK, interesting.

1377
01:44:41,680 –> 01:44:43,760
And the and the last one, the Hak pakai.

1378
01:44:44,359 –> 01:44:45,960
So you want to tell us about the Hak pakai?

1379
01:44:46,840 –> 01:44:49,840
Hak pakai , you as a person can have it as long as

1380
01:44:49,840 –> 01:44:52,079
they use the purpose of this hak pakai

1381
01:44:52,079 –> 01:44:54,399
is for your residents, not for your

1382
01:44:54,399 –> 01:44:56,560
investment, not for your business.

1383
01:44:56,560 –> 01:44:56,720
investment, not for your business.

1384
01:44:57,520 –> 01:44:59,279
And it has to be in the form

1385
01:44:59,279 –> 01:45:02,520
of land and building with the

1386
01:45:03,680 –> 01:45:05,800
value of five billion minimum.

1387
01:45:06,079 –> 01:45:08,359
If it’s in Bali, it will be different from Java

1388
01:45:08,359 –> 01:45:10,199
or anyone anywhere else.

1389
01:45:10,199 –> 01:45:10,479
else, but in Bali it’s five billion.

1390
01:45:10,479 –> 01:45:11,800
But in Bali, it’s five billion.

1391
01:45:11,800 –> 01:45:11,840
else, but in Bali it’s five billion.

1392
01:45:12,039 –> 01:45:13,640
OK, so if I am I’m a

1393
01:45:13,640 –> 01:45:16,039
foreigner, I have a working permit here.

1394
01:45:16,039 –> 01:45:16,319
foreigner, I have a working permit here.

1395
01:45:16,720 –> 01:45:17,560
Working. Permit you.

1396
01:45:17,800 –> 01:45:17,840
Oh, I mean, sorry, you need a

1397
01:45:17,840 –> 01:45:19,079
Oh, I mean, sorry, you need a

1398
01:45:19,079 –> 01:45:20,439
staying permit, not a working permit.

1399
01:45:20,640 –> 01:45:22,520
So that’s the Kitas, not the IMTA.

1400
01:45:22,800 –> 01:45:22,960
Yeah, yeah.

1401
01:45:22,960 –> 01:45:24,199
Yeah. Yeah. Kitas is the

1402
01:45:24,199 –> 01:45:25,560
staying permit residency.

1403
01:45:25,560 –> 01:45:25,720
Kita’s the staying permit residency.

1404
01:45:25,840 –> 01:45:28,039
Yeah. And IMTA is the working permit.

1405
01:45:28,279 –> 01:45:29,399
OK. So stay.

1406
01:45:30,119 –> 01:45:31,600
Yeah. So you need a staying permit

1407
01:45:31,600 –> 01:45:35,399
and you need to you can buy a land.

1408
01:45:35,880 –> 01:45:37,520
So it becomes Hak pakai for

1409
01:45:37,520 –> 01:45:38,880
a minimum of five billion.

1410
01:45:38,880 –> 01:45:40,279
Yes. OK.

1411
01:45:40,800 –> 01:45:42,880
And in which case, so Hak pakai

1412
01:45:42,880 –> 01:45:44,560
in Bahasa means the right of use.

1413
01:45:44,880 –> 01:45:45,039
Right. So it’s like a it’s like a foreigner.

1414
01:45:45,039 –> 01:45:48,439
Right. So it’s like a it’s like a foreigner.

1415
01:45:48,439 –> 01:45:48,479
Right. So it’s like a it’s like a foreigner.

1416
01:45:49,199 –> 01:45:51,680
We want the same.

1417
01:45:51,880 –> 01:45:53,119
It has limit.

1418
01:45:53,119 –> 01:45:53,279
It has limit.

1419
01:45:53,560 –> 01:45:56,319
So from what I remember a long, long, long time

1420
01:45:56,319 –> 01:45:57,560
ago, correct me if I’m wrong,

1421
01:45:58,359 –> 01:45:59,600
about that Hak pakai

1422
01:45:59,600 –> 01:46:02,800
business, there is a it’s not I mean,

1423
01:46:02,800 –> 01:46:05,039
it’s it’s considered under the freehold.

1424
01:46:05,039 –> 01:46:08,520
However, it’s not a forever thing.

1425
01:46:08,800 –> 01:46:12,399
There is only Hak milik is forever.

1426
01:46:12,720 –> 01:46:14,439
Yeah. But anything that’s

1427
01:46:14,439 –> 01:46:16,039
related to foreigners, not forever.

1428
01:46:16,039 –> 01:46:16,079
to foreigners, not forever.

1429
01:46:16,399 –> 01:46:19,279
Yeah. Smart. Very smart.

1430
01:46:19,720 –> 01:46:20,640
I think it’s written in the

1431
01:46:20,640 –> 01:46:22,319
Constitution, the Indonesian Constitution,

1432
01:46:22,920 –> 01:46:26,680
that the land of Indonesia cannot be owned

1433
01:46:27,279 –> 01:46:28,960
in any way, shape or form

1434
01:46:28,960 –> 01:46:31,079
by a foreigner or entity.

1435
01:46:31,760 –> 01:46:33,439
Otherwise. Yeah.

1436
01:46:33,439 –> 01:46:33,680
Otherwise, yeah, otherwise there’s no individual.

1437
01:46:33,680 –> 01:46:34,520
Otherwise there is no individual.

1438
01:46:34,800 –> 01:46:36,640
Yeah. OK.

1439
01:46:36,640 –> 01:46:39,560
So tell us a little bit about for this Hak Pakai

1440
01:46:40,800 –> 01:46:46,359
tenure, what is what is the the duration and its

1441
01:46:46,359 –> 01:46:47,600
extension potential extension?

1442
01:46:48,399 –> 01:46:50,920
First application, you can get 25 maximum.

1443
01:46:50,920 –> 01:46:51,159
First application, you can get 25 maximum.

1444
01:46:51,319 –> 01:46:52,680
25 years. OK.

1445
01:46:52,680 –> 01:46:54,600
And you can extend for 20 years.

1446
01:46:55,119 –> 01:46:56,920
Then renew it just like HGB

1447
01:46:57,640 –> 01:47:00,039
You can renew it another 25 years.

1448
01:47:00,039 –> 01:47:00,159
can renew it another 25 years.

1449
01:47:00,199 –> 01:47:00,399
OK, so HDB was 30 plus 20 plus 30 equals 80.

1450
01:47:00,399 –> 01:47:04,800
OK, so HGB was 30 plus 20 plus 30 equals 80.

1451
01:47:04,800 –> 01:47:04,880
OK, so HDB was 30 plus 20 plus 30 equals 80.

1452
01:47:05,159 –> 01:47:07,359
Yeah. And Hak pakai

1453
01:47:08,039 –> 01:47:10,880
So me with Kitas is

1454
01:47:12,039 –> 01:47:15,600
25 plus 20 plus 25 equals 70.

1455
01:47:16,520 –> 01:47:18,640
And from what I know, at the time

1456
01:47:18,640 –> 01:47:21,079
of renewal, you need to have Kitas.

1457
01:47:22,720 –> 01:47:23,880
Of course. Yeah.

1458
01:47:23,880 –> 01:47:24,520
Of course. Yeah, because

1459
01:47:24,520 –> 01:47:25,640
Because otherwise it’s only new.

1460
01:47:25,880 –> 01:47:27,680
And after that, we are in

1461
01:47:27,680 –> 01:47:30,960
the same situation as the HGB.

1462
01:47:32,479 –> 01:47:33,920
Might be extendable or might not.

1463
01:47:34,680 –> 01:47:35,600
I mean, we can apply.

1464
01:47:35,960 –> 01:47:38,039
You can apply, but then

1465
01:47:38,039 –> 01:47:39,560
the terms can be different.

1466
01:47:40,279 –> 01:47:42,399
And who knows anyway, what will

1467
01:47:42,399 –> 01:47:44,760
happen in 70 years or 80 years?

1468
01:47:45,119 –> 01:47:48,079
If the law has changed and, you know, whatever.

1469
01:47:48,560 –> 01:47:51,600
I want to go back a little bit on the on the

1470
01:47:51,600 –> 01:47:53,279
lease process under the story.

1471
01:47:53,279 –> 01:47:54,920
On the I think.

1472
01:47:54,920 –> 01:47:55,960
Sorry, we talked about

1473
01:47:55,960 –> 01:47:58,079
everything for freehold or no tax.

1474
01:47:58,079 –> 01:47:59,039
We forgot about the tax.

1475
01:47:59,720 –> 01:48:01,880
So the income tax for

1476
01:48:01,880 –> 01:48:03,880
lease hold and free holds. OK.

1477
01:48:03,880 –> 01:48:05,560
Let’s talk about tax a little bit. Yeah.

1478
01:48:05,560 –> 01:48:06,039
Yeah. What is the law?

1479
01:48:06,039 –> 01:48:06,920
What is the law?

1480
01:48:07,399 –> 01:48:09,279
What is the customs?

1481
01:48:10,159 –> 01:48:10,800
What are the customs?

1482
01:48:11,880 –> 01:48:13,359
What’s what’s happening in real life?

1483
01:48:13,359 –> 01:48:15,520
So for lease holds for lease holds, yeah.

1484
01:48:15,520 –> 01:48:17,720
10 percent of income tax only

1485
01:48:17,720 –> 01:48:21,720
paid by paid by the landowner.

1486
01:48:21,720 –> 01:48:22,399
It’s in context.

1487
01:48:22,640 –> 01:48:23,960
The landowner received the money.

1488
01:48:24,319 –> 01:48:26,399
So he has to pay some tax.

1489
01:48:26,399 –> 01:48:26,640
OK, so the seller pays the 10

1490
01:48:26,640 –> 01:48:29,560
OK, so the seller pays the 10

1491
01:48:29,560 –> 01:48:31,479
percent income tax on the deal.

1492
01:48:31,720 –> 01:48:33,560
End of story end of story.

1493
01:48:34,039 –> 01:48:36,399
Otherwise, it’s agreed as the law.

1494
01:48:36,640 –> 01:48:37,800
Yeah, that’s all. Yeah.

1495
01:48:38,079 –> 01:48:39,840
Does the law says the seller

1496
01:48:39,840 –> 01:48:41,560
has to pay it or does it say?

1497
01:48:42,159 –> 01:48:44,399
Does it say someone has to pay it?

1498
01:48:44,399 –> 01:48:44,640
Does it say someone has to pay it and you guys

1499
01:48:44,640 –> 01:48:45,880
And you guys have to

1500
01:48:45,880 –> 01:48:47,319
agree who is going to pay it.

1501
01:48:47,560 –> 01:48:47,640
The law says it’s the seller.

1502
01:48:47,640 –> 01:48:49,079
The law says it’s the seller.

1503
01:48:49,079 –> 01:48:49,279
The law says it’s the seller.

1504
01:48:49,279 –> 01:48:49,359
The law says so.

1505
01:48:49,359 –> 01:48:50,039
The law says so.

1506
01:48:50,039 –> 01:48:50,399
The law says so.

1507
01:48:50,880 –> 01:48:52,720
So unless there’s an agreement.

1508
01:48:52,720 –> 01:48:53,359
agreement, unless there is an agreement.

1509
01:48:53,359 –> 01:48:54,319
Unless there is an agreement.

1510
01:48:54,319 –> 01:48:54,560
OK, even if if the buyer is willing to pay it,

1511
01:48:54,560 –> 01:48:58,840
OK. Even if if the buyer is willing to pay it,

1512
01:48:59,039 –> 01:49:01,600
it will be paid under the name of the seller.

1513
01:49:01,600 –> 01:49:01,800
under the name of the seller.

1514
01:49:01,800 –> 01:49:01,880
Oh, really? Yeah. OK.

1515
01:49:01,880 –> 01:49:03,079
Oh, really? Yeah. OK.

1516
01:49:03,600 –> 01:49:04,920
Oh, yeah, of course. Yeah.

1517
01:49:04,920 –> 01:49:05,520
Oh, yeah, of course. Yeah. Sure. Yeah.

1518
01:49:05,520 –> 01:49:07,319
Sure. Yeah. OK.

1519
01:49:07,319 –> 01:49:07,840
OK, because from experience again,

1520
01:49:07,840 –> 01:49:09,800
Because from experience again.

1521
01:49:10,880 –> 01:49:12,600
I mean, I don’t remember one time where the

1522
01:49:12,600 –> 01:49:13,640
seller actually paid the.

1523
01:49:13,640 –> 01:49:14,439
seller actually paid the 10 percent

1524
01:49:14,439 –> 01:49:15,720
The 10 percent when the

1525
01:49:15,720 –> 01:49:17,439
seller is in Indonesian. Yeah. Yeah.

1526
01:49:18,760 –> 01:49:18,880
From I mean, except for that very specific land

1527
01:49:18,880 –> 01:49:22,520
From I mean, except for that very specific land

1528
01:49:22,520 –> 01:49:23,880
deal that we are doing now

1529
01:49:24,640 –> 01:49:27,359
where the seller is very wants to pay a tax.

1530
01:49:27,359 –> 01:49:32,039
Blah, blah. But 99 percent of the sellers don’t.

1531
01:49:32,199 –> 01:49:32,239
A lot of them don’t even know

1532
01:49:32,239 –> 01:49:33,600
A lot of them don’t even know

1533
01:49:33,600 –> 01:49:35,920
they have the 10 percent to pay.

1534
01:49:36,159 –> 01:49:36,399
And when we come to the

1535
01:49:36,399 –> 01:49:37,359
And when we come to the

1536
01:49:37,359 –> 01:49:39,439
signing, it happens to me a few times.

1537
01:49:39,439 –> 01:49:41,119
Yes, that’s on the legal

1538
01:49:41,119 –> 01:49:43,800
legends shop in on the shortcut.

1539
01:49:44,159 –> 01:49:46,840
We came to sign and you were there.

1540
01:49:46,840 –> 01:49:46,920
We came to sign and you were there. Yeah.

1541
01:49:46,920 –> 01:49:48,199
Yeah, you did the deal. Yeah.

1542
01:49:48,199 –> 01:49:48,239
You did the deal. Yeah.

1543
01:49:48,560 –> 01:49:49,880
And remember that.

1544
01:49:49,880 –> 01:49:51,439
the guy and he said, OK,

1545
01:49:51,439 –> 01:49:53,199
so the tax and he goes like what?

1546
01:49:54,640 –> 01:49:54,720
Yeah, let a new day go up and

1547
01:49:54,720 –> 01:49:55,560
Yeah, I don’t know.

1548
01:49:55,560 –> 01:49:58,760
They go up and add the notary signature. Yeah.

1549
01:49:58,760 –> 01:49:58,800
add the notary signature. Yeah.

1550
01:49:59,560 –> 01:49:59,600
So, yeah. And so, OK, so on a legal standpoint,

1551
01:49:59,600 –> 01:50:04,880
So, yeah. And so, OK, so on a legal standpoint,

1552
01:50:05,760 –> 01:50:05,800
the seller has to pay the 10 percent income tax.

1553
01:50:05,800 –> 01:50:08,399
the seller has to pay the 10 percent income tax

1554
01:50:08,399 –> 01:50:09,560
normally gets the money.

1555
01:50:09,560 –> 01:50:11,880
So he has to pay some tax on the money received.

1556
01:50:12,359 –> 01:50:15,039
But in real life, in many,

1557
01:50:15,039 –> 01:50:17,039
many occasions, many instances,

1558
01:50:18,079 –> 01:50:18,119
the deal is the buyer also has to cover the 10

1559
01:50:18,119 –> 01:50:22,359
the deal is the buyer also has to cover the 10

1560
01:50:22,359 –> 01:50:23,479
percent tax for the seller.

1561
01:50:23,479 –> 01:50:23,520
percent tax for the seller.

1562
01:50:23,960 –> 01:50:26,199
Or sometimes you have half or

1563
01:50:26,199 –> 01:50:29,359
sometimes they just manage to get more.

1564
01:50:30,279 –> 01:50:32,399
Yeah. Price. So they absorb.

1565
01:50:32,399 –> 01:50:33,039
So it’s absorbing the price. Yeah.

1566
01:50:33,039 –> 01:50:34,960
Yeah. Yeah. So and that’s so

1567
01:50:34,960 –> 01:50:38,079
that’s on an ease hold on free hold.

1568
01:50:38,079 –> 01:50:38,760
On free hold.

1569
01:50:38,760 –> 01:50:38,840
On free hold.

1570
01:50:39,159 –> 01:50:41,560
There’s two tax to be paid the

1571
01:50:41,560 –> 01:50:43,359
seller’s tax and the buyer’s tax.

1572
01:50:43,359 –> 01:50:45,199
So the tax is twenty five.

1573
01:50:45,560 –> 01:50:50,279
Sorry, two point five percent of the value of the

1574
01:50:50,279 –> 01:50:52,560
property for the NGOP

1575
01:50:52,560 –> 01:50:52,600
property or on the NGO pay.

1576
01:50:53,039 –> 01:50:54,720
If the value is lower than NGOP

1577
01:50:54,720 –> 01:50:57,840
pay, then we use the NGOP

1578
01:50:58,720 –> 01:51:00,039
OK, hold on a second.

1579
01:51:00,039 –> 01:51:00,359
OK, hold on a second. Yeah, that’s too many.

1580
01:51:00,359 –> 01:51:02,079
Yeah, that’s too many, too

1581
01:51:02,079 –> 01:51:03,560
many acronyms in one sentence.

1582
01:51:04,800 –> 01:51:07,119
So you have the on free hold and

1583
01:51:07,119 –> 01:51:08,680
it’s the same for HGB, I guess.

1584
01:51:09,680 –> 01:51:10,800
Oh, it’s different. Yeah.

1585
01:51:11,199 –> 01:51:13,600
So free hold, HGB, Hak Pakai

1586
01:51:13,600 –> 01:51:15,920
same same tax scheme.

1587
01:51:15,920 –> 01:51:18,000
OK, so on those on those

1588
01:51:18,000 –> 01:51:21,960
three freehold that covers HGB.

1589
01:51:21,960 –> 01:51:24,199
So come PMA by the company buys

1590
01:51:24,199 –> 01:51:27,199
Hak Pakai is a personal individual

1591
01:51:27,359 –> 01:51:29,920
with the right residency papers

1592
01:51:29,920 –> 01:51:33,760
by the land or what it is?

1593
01:51:33,760 –> 01:51:36,560
Hak Milik when a local person buy the land.

1594
01:51:36,800 –> 01:51:38,119
So you have two type of tax.

1595
01:51:38,560 –> 01:51:38,680
You have the seller’s tax with two point five

1596
01:51:38,680 –> 01:51:41,000
You have the seller’s tax with two point five

1597
01:51:41,000 –> 01:51:43,279
percent and the buyer’s tax

1598
01:51:43,359 –> 01:51:45,800
with what is that is five percent.

1599
01:51:46,199 –> 01:51:48,079
So a total of seven point five percent.

1600
01:51:48,319 –> 01:51:52,319
Which was changed about seven or eight years ago.

1601
01:51:52,319 –> 01:51:53,560
I remember before it was ten percent.

1602
01:51:53,560 –> 01:51:53,720
I remember before I was 10 percent.

1603
01:51:54,399 –> 01:51:55,880
You weren’t born

1604
01:51:55,880 –> 01:51:57,720
You weren’t born before your time.

1605
01:51:57,720 –> 01:51:57,960
You weren’t born before your time.

1606
01:51:59,439 –> 01:52:00,800
I was already making deals.

1607
01:52:03,680 –> 01:52:06,159
I remember because we were doing this in Sumba,

1608
01:52:06,760 –> 01:52:07,920
our friend who’s saying,

1609
01:52:07,920 –> 01:52:09,640
you know, my partner is saying and in the

1610
01:52:09,640 –> 01:52:10,800
beginning was ten percent

1611
01:52:10,800 –> 01:52:11,960
and it changed it.

1612
01:52:11,960 –> 01:52:15,800
So probably around 2013 or something.

1613
01:52:15,800 –> 01:52:17,119
Oh, yes. Five percent.

1614
01:52:17,760 –> 01:52:18,600
You are just born.

1615
01:52:21,119 –> 01:52:23,319
And so what you were saying about the NGOP.

1616
01:52:27,079 –> 01:52:28,560
So. We don’t even have to say it.

1617
01:52:29,800 –> 01:52:33,000
The NGOP is correct me if I’m wrong,

1618
01:52:33,079 –> 01:52:37,039
it’s the land, the official land value

1619
01:52:37,039 –> 01:52:37,520
the official land value from which the land tax,

1620
01:52:37,520 –> 01:52:41,960
from which the land tax, so not the income tax,

1621
01:52:41,960 –> 01:52:42,319
so not the income tax, the land ownership tax

1622
01:52:42,319 –> 01:52:46,119
the land ownership tax is calculated.

1623
01:52:46,119 –> 01:52:46,840
is calculated that’s from.

1624
01:52:46,840 –> 01:52:47,800
That’s from OK.

1625
01:52:47,800 –> 01:52:48,279
OK. And that’s usually very,

1626
01:52:48,279 –> 01:52:49,520
And that’s usually very, very

1627
01:52:49,520 –> 01:52:51,159
much below the market price.

1628
01:52:51,439 –> 01:52:53,880
Yeah, it depends in which regency.

1629
01:52:54,159 –> 01:52:56,560
If it’s in tabanan, yes, it’s way below.

1630
01:52:56,840 –> 01:52:58,800
In Badung, its So so.

1631
01:52:59,079 –> 01:53:00,640
Yeah, yeah. Where people usually buy.

1632
01:53:00,640 –> 01:53:00,680
Yeah, yeah. Where people usually buy.

1633
01:53:00,880 –> 01:53:01,720
Yeah. So.

1634
01:53:01,720 –> 01:53:02,680
Yeah. So so basically

1635
01:53:02,680 –> 01:53:04,000
So basically what you were

1636
01:53:04,000 –> 01:53:07,680
saying is that the tax is calculated

1637
01:53:07,840 –> 01:53:09,560
on the highest of both.

1638
01:53:09,760 –> 01:53:10,439
Yes. Yeah.

1639
01:53:10,640 –> 01:53:10,840
I said the deal price or the

1640
01:53:10,840 –> 01:53:14,119
I said the deal price or the official

1641
01:53:14,119 –> 01:53:14,600
official land price for the tax.

1642
01:53:14,600 –> 01:53:16,319
land price for the tax.

1643
01:53:16,319 –> 01:53:17,399
Yeah. OK.

1644
01:53:17,399 –> 01:53:18,199
Yeah. OK. So we’ve covered tax taxes. OK.

1645
01:53:18,199 –> 01:53:20,560
So we’ve covered tax taxes. OK.

1646
01:53:22,520 –> 01:53:25,359
Let’s go to POA.

1647
01:53:26,800 –> 01:53:28,279
Power of attorney.

1648
01:53:29,239 –> 01:53:30,880
So what is the power of attorney?

1649
01:53:30,880 –> 01:53:30,920
So what is the power of attorney?

1650
01:53:31,359 –> 01:53:35,279
And because to sign and authorize it,

1651
01:53:35,560 –> 01:53:38,680
yeah, the parties has to be present.

1652
01:53:38,880 –> 01:53:39,159
Yeah. I say the.

1653
01:53:39,159 –> 01:53:41,479
Yeah, I say, yeah, we just say

1654
01:53:41,479 –> 01:53:42,760
We just say so many times

1655
01:53:42,760 –> 01:53:45,720
so many times one of the parties can come.

1656
01:53:46,000 –> 01:53:47,319
Yeah, I cannot come in person.

1657
01:53:47,800 –> 01:53:50,159
Yeah. So he has to give a power of

1658
01:53:50,159 –> 01:53:52,560
attorney to his partner or whoever.

1659
01:53:52,880 –> 01:53:54,720
Yeah. Who is ready to be

1660
01:53:54,720 –> 01:53:56,840
presented in front of the notary

1661
01:53:56,840 –> 01:53:59,039
to sign on his behalf.

1662
01:53:59,039 –> 01:54:01,800
Yeah. So and that part of it,

1663
01:54:01,800 –> 01:54:04,279
and he is a piece of paper that says

1664
01:54:04,640 –> 01:54:05,960
I have the power of signing from my friend.

1665
01:54:05,960 –> 01:54:09,800
I have the power of signing from my friend.

1666
01:54:09,800 –> 01:54:09,840
I have the power of signing from my friend.

1667
01:54:10,359 –> 01:54:10,920
Basically something similar.

1668
01:54:10,920 –> 01:54:11,560
Something similar.

1669
01:54:11,560 –> 01:54:11,600
Basically something similar.

1670
01:54:12,159 –> 01:54:14,800
OK. So now regarding the

1671
01:54:14,800 –> 01:54:16,840
making of that part of the team.

1672
01:54:17,359 –> 01:54:18,359
So first of all, can the

1673
01:54:18,359 –> 01:54:19,720
seller and the buyer do that?

1674
01:54:20,359 –> 01:54:21,079
Can. So both parties can do a

1675
01:54:21,079 –> 01:54:23,680
So both parties can do a power

1676
01:54:23,680 –> 01:54:25,560
of attorney if they want to. OK.

1677
01:54:25,560 –> 01:54:26,319
OK. So it can happen

1678
01:54:26,319 –> 01:54:28,640
So it can happen without the needs of the buyer.

1679
01:54:29,279 –> 01:54:31,039
Yeah. Right. OK.

1680
01:54:31,039 –> 01:54:31,079
No, sir. Yeah. Right. OK.

1681
01:54:31,680 –> 01:54:31,800
So they can.

1682
01:54:31,800 –> 01:54:33,239
So they can.

1683
01:54:34,039 –> 01:54:36,279
And in order to do that, that document.

1684
01:54:37,560 –> 01:54:40,640
So who does that document? You draft it.

1685
01:54:40,640 –> 01:54:40,680
So who does that document? You draft it.

1686
01:54:41,520 –> 01:54:43,560
I can help to draft it.

1687
01:54:43,840 –> 01:54:46,760
Yeah. If the parties has

1688
01:54:46,760 –> 01:54:49,720
a lawyer who assists them.

1689
01:54:50,159 –> 01:54:51,840
Yeah. And they can do it themselves.

1690
01:54:52,359 –> 01:54:53,279
They can do it themselves.

1691
01:54:53,960 –> 01:54:56,399
But the power of attorney

1692
01:54:56,399 –> 01:54:58,520
of this from the seller side,

1693
01:54:59,319 –> 01:54:59,439
it should be more formalized,

1694
01:54:59,439 –> 01:55:01,720
it should be more formalized,

1695
01:55:02,079 –> 01:55:06,039
more legalized than the buyer side.

1696
01:55:06,359 –> 01:55:07,920
Because from the seller

1697
01:55:07,920 –> 01:55:10,039
side, we have to secure it

1698
01:55:11,720 –> 01:55:13,479
as the buyer will will lose

1699
01:55:13,479 –> 01:55:15,439
their rights. Right. Yeah. Yeah.

1700
01:55:16,199 –> 01:55:18,159
If we can’t if we don’t

1701
01:55:18,159 –> 01:55:20,199
secure this power of attorney.

1702
01:55:21,399 –> 01:55:23,000
And there’s a bigger risk. Yeah.

1703
01:55:23,880 –> 01:55:25,920
So by securing, you mean the

1704
01:55:25,920 –> 01:55:27,800
power of the need should be notarized?

1705
01:55:27,800 –> 01:55:27,840
power of the need should be notarized?

1706
01:55:28,479 –> 01:55:31,680
Legally, it has ideally it has to be legalized.

1707
01:55:32,159 –> 01:55:35,600
So a notary witnessing is signing this. OK.

1708
01:55:36,239 –> 01:55:37,560
So they put the apostille on

1709
01:55:37,560 –> 01:55:41,439
if it’s made abroad. Yeah. Yeah.

1710
01:55:41,439 –> 01:55:41,479
If it’s made abroad. Yeah. Yeah.

1711
01:55:41,680 –> 01:55:44,439
POA that made outside of

1712
01:55:44,439 –> 01:55:46,359
Indonesia has to be legalized

1713
01:55:46,840 –> 01:55:51,199
and apostilled to be legally in Indonesia.

1714
01:55:51,479 –> 01:55:52,279
So what is apostille?

1715
01:55:52,279 –> 01:55:54,039
Please explain apostille. Apostille.

1716
01:55:54,039 –> 01:55:54,880
It’s a stamp. Yeah.

1717
01:55:55,640 –> 01:55:57,640
It’s a stamp of the notary over

1718
01:55:57,640 –> 01:55:59,279
there. Yeah. Yeah. Over there.

1719
01:55:59,279 –> 01:56:00,560
And in Indonesia, if you want

1720
01:56:00,560 –> 01:56:02,319
to sell your property in France,

1721
01:56:02,640 –> 01:56:05,920
you have to give a part of attorney with

1722
01:56:05,920 –> 01:56:07,720
legalization from notary. Yeah.

1723
01:56:07,720 –> 01:56:08,239
Yeah. Because your notary in

1724
01:56:08,239 –> 01:56:11,800
Because your notary in France

1725
01:56:11,800 –> 01:56:14,600
will not recognize me. Sure.

1726
01:56:14,600 –> 01:56:14,800
Sure. Sure. Because laws are

1727
01:56:14,800 –> 01:56:15,800
Sure. Because laws are

1728
01:56:15,800 –> 01:56:17,079
different. Laws are different.

1729
01:56:17,439 –> 01:56:19,560
And this apostille is to

1730
01:56:19,560 –> 01:56:21,279
legalize my legalization.

1731
01:56:21,279 –> 01:56:21,319
legalize my legalization.

1732
01:56:21,800 –> 01:56:24,960
Actually, it’s double legalization. OK. OK.

1733
01:56:24,960 –> 01:56:25,039
Actually, it’s double legalization. OK. OK.

1734
01:56:25,119 –> 01:56:27,359
So the seller needs a

1735
01:56:27,359 –> 01:56:29,800
stronger POA than the buyer. Yeah.

1736
01:56:30,199 –> 01:56:33,840
But if they are both in Indonesia, a notarized.

1737
01:56:33,840 –> 01:56:34,079
A notarized. Yeah. OK. So it has to be.

1738
01:56:34,079 –> 01:56:36,279
Oh, yeah. OK. So it has to be legalized.

1739
01:56:36,279 –> 01:56:37,279
So the seller has to be

1740
01:56:37,279 –> 01:56:39,119
notarized no matter what. Yes. OK.

1741
01:56:39,119 –> 01:56:39,159
notarized no matter what. Yes. OK.

1742
01:56:39,680 –> 01:56:43,199
Whereas the buyer can just sign online.

1743
01:56:43,880 –> 01:56:45,800
Underhand agreement digitally

1744
01:56:45,800 –> 01:56:48,560
signature is fine because in any way,

1745
01:56:48,560 –> 01:56:51,479
it will be under your friend’s name. Yeah. Yeah.

1746
01:56:51,479 –> 01:56:51,560
it will be under your friend’s name. Yeah. Yeah.

1747
01:56:52,079 –> 01:56:53,680
The rights. Yeah. OK.

1748
01:56:54,279 –> 01:56:58,000
OK. What is what is your view on

1749
01:56:59,399 –> 01:57:01,399
on on using the services of

1750
01:57:01,399 –> 01:57:03,800
a lawyer to do land deals?

1751
01:57:04,279 –> 01:57:07,000
Is it is it useful? Is it overkill?

1752
01:57:08,439 –> 01:57:09,600
You know, what do you

1753
01:57:09,600 –> 01:57:11,560
think about that as a notary?

1754
01:57:11,560 –> 01:57:11,600
think about that as a notary?

1755
01:57:13,199 –> 01:57:14,960
What’s regarding your self-interest?

1756
01:57:15,600 –> 01:57:17,119
You know, what do you think?

1757
01:57:17,119 –> 01:57:18,479
Like objectively, what’s

1758
01:57:18,479 –> 01:57:21,079
what’s what’s the practice?

1759
01:57:21,079 –> 01:57:21,640
Practice. Yeah. In the practice, in my opinion,

1760
01:57:21,640 –> 01:57:24,960
Yeah. In the practice, in my opinion,

1761
01:57:25,399 –> 01:57:25,439
if you want to to do

1762
01:57:25,439 –> 01:57:27,600
if you want to to do

1763
01:57:27,600 –> 01:57:30,159
something complex, big. Yeah.

1764
01:57:30,880 –> 01:57:34,239
And for example, you’re doing your PMA,

1765
01:57:34,720 –> 01:57:36,039
doing business, some

1766
01:57:36,039 –> 01:57:38,399
business on the property. Yeah.

1767
01:57:38,680 –> 01:57:40,680
It’s good to have a legal

1768
01:57:40,680 –> 01:57:42,600
advice by a lawyer because a lawyer

1769
01:57:42,600 –> 01:57:44,000
because a lawyer can help to do

1770
01:57:44,000 –> 01:57:46,239
can help to do the due diligence

1771
01:57:46,239 –> 01:57:48,920
more properly from material side.

1772
01:57:49,119 –> 01:57:51,439
Yeah. For example, they can check on site.

1773
01:57:51,840 –> 01:57:53,439
Meanwhile, notary. No, we

1774
01:57:53,439 –> 01:57:55,000
just check the documents. Right.

1775
01:57:55,520 –> 01:57:56,720
Notary is not allowed to go

1776
01:57:56,720 –> 01:58:01,039
check on site or based on our rules.

1777
01:58:01,319 –> 01:58:03,039
We just do formal due diligence

1778
01:58:03,039 –> 01:58:03,680
We just do formal duty. OK. The formal ones.

1779
01:58:03,680 –> 01:58:04,640
The formal ones.

1780
01:58:05,399 –> 01:58:07,279
Unless you’re asked to pay for.

1781
01:58:08,680 –> 01:58:09,079
To do that.

1782
01:58:10,760 –> 01:58:13,359
No, we can’t do that. OK. Yeah.

1783
01:58:13,800 –> 01:58:16,279
It’s only paperwork. It’s only paperwork.

1784
01:58:16,319 –> 01:58:18,119
OK. But the lawyer can go

1785
01:58:18,119 –> 01:58:20,439
on site on site and check

1786
01:58:21,520 –> 01:58:24,159
you have the donation to the banjar.

1787
01:58:25,439 –> 01:58:26,359
The local regulation.

1788
01:58:26,680 –> 01:58:27,640
Banjar The head of the village. Yeah.

1789
01:58:27,960 –> 01:58:31,159
So the local regulation are very, very specific

1790
01:58:31,159 –> 01:58:33,640
and they make that specific area.

1791
01:58:33,640 –> 01:58:36,119
Yeah. That’s why the lawyer does.

1792
01:58:36,119 –> 01:58:39,039
Yes. OK. Especially when you do certain

1793
01:58:39,159 –> 01:58:42,399
business, a complex business on that. Sure. OK.

1794
01:58:42,439 –> 01:58:46,439
Yeah, I think I think it’s I mean, good.

1795
01:58:46,439 –> 01:58:48,079
It’s a good transition now to talk about the

1796
01:58:48,079 –> 01:58:49,119
difference between a notary

1797
01:58:49,119 –> 01:58:50,359
and a lawyer. Yeah.

1798
01:58:50,359 –> 01:58:50,920
and a lawyer. Yeah. So if

1799
01:58:50,920 –> 01:58:52,640
So if you can elaborate on that.

1800
01:58:53,520 –> 01:58:57,520
OK. So notary basically is an independent part.

1801
01:58:57,520 –> 01:58:57,680
OK, so notary basically is independent part.

1802
01:58:58,159 –> 01:59:00,399
Yeah. On the transaction. Yeah.

1803
01:59:00,560 –> 01:59:02,520
So we don’t even if the buyer

1804
01:59:02,520 –> 01:59:06,159
pays us our fee, we don’t stand for

1805
01:59:07,239 –> 01:59:10,279
for the buyer only. We have to be impartial.

1806
01:59:10,520 –> 01:59:13,800
Be impartial and we protect both parties.

1807
01:59:14,079 –> 01:59:18,560
OK. Meanwhile, if the lawyer they can act on one

1808
01:59:18,560 –> 01:59:18,600
can act on one party’s behalf

1809
01:59:18,600 –> 01:59:22,439
party’s behalf to protect one interest. OK.

1810
01:59:23,439 –> 01:59:25,880
So a notary doesn’t take side

1811
01:59:25,880 –> 01:59:28,159
a lawyer is obviously taking the sides

1812
01:59:28,159 –> 01:59:30,479
Whoever pays them. Yeah.

1813
01:59:30,479 –> 01:59:30,840
Lawyers.

1814
01:59:31,439 –> 01:59:31,520
Of course.

1815
01:59:31,520 –> 01:59:31,920
Of course.

1816
01:59:31,920 –> 01:59:31,960
Of course.

1817
01:59:33,680 –> 01:59:36,399
Well, why you wanted to be a lawyer first or you

1818
01:59:36,399 –> 01:59:37,399
knew you wanted to be notary?

1819
01:59:38,359 –> 01:59:39,560
When I met you, you were a lawyer.

1820
01:59:40,560 –> 01:59:41,960
No, when I met you, you

1821
01:59:41,960 –> 01:59:44,439
didn’t have the notary license.

1822
01:59:44,439 –> 01:59:47,840
Yeah, I was very early days, like a century ago.

1823
01:59:48,560 –> 01:59:52,119
I finished my notarized notary school, but I

1824
01:59:52,119 –> 01:59:54,159
cannot open my own office

1825
01:59:54,720 –> 01:59:55,960
before twenty seven.

1826
01:59:57,319 –> 01:59:59,600
So I work with a notary animal.

1827
01:59:59,600 –> 02:00:01,279
That’s the official in Indonesia.

1828
02:00:01,640 –> 02:00:03,760
No notary bellows for 27 years old. No.

1829
02:00:04,159 –> 02:00:04,199
Oh, really? Apply.

1830
02:00:04,199 –> 02:00:05,199
Oh, really? Apply.

1831
02:00:05,520 –> 02:00:08,680
So I can’t. OK.

1832
02:00:10,880 –> 02:00:13,439
All right. Well, thank you for that information.

1833
02:00:16,399 –> 02:00:16,439
I think we’ve covered a lot of things here.

1834
02:00:16,439 –> 02:00:18,920
I think we’ve covered a lot of things here.

1835
02:00:20,000 –> 02:00:22,520
If you see there’s something that I missed or if

1836
02:00:22,520 –> 02:00:23,199
you want to say something

1837
02:00:23,479 –> 02:00:25,840
more about something, feel free to know.

1838
02:00:27,319 –> 02:00:29,439
What would you say are the

1839
02:00:29,439 –> 02:00:31,960
biggest challenge for OK?

1840
02:00:31,960 –> 02:00:32,520
I’m a foreigner.

1841
02:00:33,279 –> 02:00:35,560
Me, I’m really I live in Indonesia in 13 years,

1842
02:00:35,560 –> 02:00:38,800
so I know I learned some things today.

1843
02:00:39,000 –> 02:00:42,159
But most of what we discussed, I knew about it

1844
02:00:42,159 –> 02:00:43,640
because we experienced it

1845
02:00:43,640 –> 02:00:43,960
experienced it together or elsewhere.

1846
02:00:43,960 –> 02:00:44,279
together.

1847
02:00:44,279 –> 02:00:44,800
experienced it together or elsewhere.

1848
02:00:44,840 –> 02:00:48,880
But a lot of people, a lot of our clients, for

1849
02:00:48,880 –> 02:00:51,039
instance, at Kedungu real estate,

1850
02:00:51,760 –> 02:00:54,520
the real estate that we run in headquarters or

1851
02:00:54,520 –> 02:00:57,479
even at the Kedungu Fund, they don’t know about

1852
02:00:57,479 –> 02:00:58,960
the laws here because

1853
02:00:58,960 –> 02:01:01,319
either they are abroad, they are

1854
02:01:01,319 –> 02:01:01,479
abroad, they are located abroad

1855
02:01:01,479 –> 02:01:04,920
located abroad and they just come here on holiday

1856
02:01:04,920 –> 02:01:06,720
or is their first purchase?

1857
02:01:06,720 –> 02:01:07,840
Even a lot of people that are

1858
02:01:07,840 –> 02:01:10,600
living in the Indonesia living in Bali don’t

1859
02:01:10,600 –> 02:01:12,960
necessarily know about the law because it’s their

1860
02:01:12,960 –> 02:01:16,119
first land deal and they are

1861
02:01:16,119 –> 02:01:19,640
in a different industry. So

1862
02:01:19,640 –> 02:01:21,640
what would you say, what’s your

1863
02:01:21,640 –> 02:01:24,039
advice to those people?

1864
02:01:24,039 –> 02:01:27,920
What would you say as a notary?

1865
02:01:27,920 –> 02:01:28,600
So what would you say to a foreigner?

1866
02:01:30,600 –> 02:01:33,399
The legal pitfalls to avoid the

1867
02:01:33,399 –> 02:01:36,119
challenges that you they will face

1868
02:01:36,119 –> 02:01:38,199
and you know tips and

1869
02:01:38,199 –> 02:01:42,279
tricks that you can tell everyone

1870
02:01:42,960 –> 02:01:45,000
Okay so first

1871
02:01:45,000 –> 02:01:47,359
is to get clear information

1872
02:01:47,880 –> 02:01:49,680
from a compatible person,

1873
02:01:49,920 –> 02:01:51,640
from a notary from a lawyer.

1874
02:01:51,640 –> 02:01:51,840
from a notary from a lawyer.

1875
02:01:51,840 –> 02:01:52,119
Yeah, it’s a good not only

1876
02:01:52,119 –> 02:01:53,640
It’s a good, not only from

1877
02:01:53,640 –> 02:01:55,760
real estate agency sometime.

1878
02:01:56,520 –> 02:01:58,720
Not all the sales understand

1879
02:01:58,720 –> 02:02:03,399
the importance of due diligence

1880
02:02:03,560 –> 02:02:06,800
because they’re different of quite a few. They

1881
02:02:06,800 –> 02:02:08,840
just want to sell. Meanwhile

1882
02:02:08,840 –> 02:02:08,920
Meanwhile, notary has to secure the transaction

1883
02:02:08,920 –> 02:02:11,560
notary has to secure the transaction or the

1884
02:02:11,560 –> 02:02:13,279
lawyer knows the law first.

1885
02:02:13,279 –> 02:02:14,720
Yes. And in my experience,

1886
02:02:14,720 –> 02:02:17,039
And in my experience

1887
02:02:17,039 –> 02:02:20,720
there’s quite a lot of infestors

1888
02:02:21,680 –> 02:02:24,199
who just appoint someone to

1889
02:02:24,199 –> 02:02:28,560
represent themselves in buying property or

1890
02:02:28,560 –> 02:02:28,840
or leasing a land.

1891
02:02:28,840 –> 02:02:33,359
leasing a land and they don’t really involve in

1892
02:02:33,359 –> 02:02:35,560
the process of due diligence especially

1893
02:02:36,600 –> 02:02:39,800
And when there’s a problem

1894
02:02:39,880 –> 02:02:43,520
or something happens not in

1895
02:02:43,520 –> 02:02:46,960
their expectation they will blame on

1896
02:02:46,960 –> 02:02:49,720
the notary or this agency property

1897
02:02:49,720 –> 02:02:50,960
or something like that. It’s just

1898
02:02:50,960 –> 02:02:51,000
It’s just because less of

1899
02:02:51,000 –> 02:02:54,560
because less of information that they have during

1900
02:02:55,239 –> 02:02:56,640
the due diligence process

1901
02:02:56,640 –> 02:02:59,359
during the notarized process.

1902
02:03:00,479 –> 02:03:03,199
Okay and so about that,

1903
02:03:04,760 –> 02:03:07,720
are you liable as an notary?

1904
02:03:07,960 –> 02:03:09,359
Do you have any liability? Like

1905
02:03:09,359 –> 02:03:10,640
if you make a mistake for instance,

1906
02:03:11,520 –> 02:03:16,279
who is what happens? Who is liable for that?

1907
02:03:18,279 –> 02:03:22,039
A lawyer is not because he’s a consultant.

1908
02:03:22,039 –> 02:03:22,079
a lawyer is not because he’s a consultant.

1909
02:03:23,039 –> 02:03:23,079
Yeah, yeah. If there’s I don’t

1910
02:03:23,079 –> 02:03:27,720
Yeah, yeah. If there’s, I don’t think if we do a

1911
02:03:27,720 –> 02:03:29,920
proper due diligence, we provide

1912
02:03:29,960 –> 02:03:32,279
the due diligence report

1913
02:03:32,279 –> 02:03:34,800
and the parties agreed on that

1914
02:03:34,800 –> 02:03:34,840
report and the parties agreed on that,

1915
02:03:34,840 –> 02:03:37,119
except all the rights and the obligations.

1916
02:03:38,399 –> 02:03:41,840
There’s no chance of mistakes.

1917
02:03:42,840 –> 02:03:43,319
Yeah, it’s all the agreement.

1918
02:03:43,319 –> 02:03:46,439
It’s all the agreement if the parties accept

1919
02:03:46,439 –> 02:03:46,920
If the parties accept, they sign.

1920
02:03:46,920 –> 02:03:51,640
they sign. If they don’t accept one of those

1921
02:03:51,640 –> 02:03:53,520
conditions, they can refuse to

1922
02:03:53,520 –> 02:03:55,439
sign and the deal is not. Yeah as long as one

1923
02:03:55,439 –> 02:03:56,720
sign and everybody has accepted.

1924
02:03:57,119 –> 02:03:57,479
Yeah. So the mistake can be in drafting

1925
02:03:57,479 –> 02:03:59,640
So the mistake can be in

1926
02:03:59,640 –> 02:04:01,600
drafting correctly the contract

1927
02:04:01,920 –> 02:04:02,039
and slash all the parties not

1928
02:04:02,039 –> 02:04:04,039
and slash all the parties not

1929
02:04:04,039 –> 02:04:05,920
to read thoroughly the contract.

1930
02:04:06,319 –> 02:04:09,640
But the notary will read it during the signature.

1931
02:04:10,159 –> 02:04:10,199
Yeah, correct.

1932
02:04:10,199 –> 02:04:12,520
Yeah, yeah, correct. Yeah, yeah, correct. I know.

1933
02:04:12,520 –> 02:04:13,000
I know. Yeah, that’s why they have to come.

1934
02:04:13,000 –> 02:04:14,560
Yeah, that’s why they have to call.

1935
02:04:17,600 –> 02:04:21,159
Please don’t read that contract again. Okay,

1936
02:04:21,159 –> 02:04:22,399
okay, okay. I understand.

1937
02:04:24,359 –> 02:04:26,560
Okay, I’m gonna come back quickly on what you

1938
02:04:26,560 –> 02:04:27,720
just said about related agents

1939
02:04:27,720 –> 02:04:27,800
but we just did a chance and lawyers and notary.

1940
02:04:27,800 –> 02:04:30,039
and lawyers and notary. So

1941
02:04:30,039 –> 02:04:32,840
again talking from experience and we

1942
02:04:32,840 –> 02:04:35,680
are a related agency. So I

1943
02:04:35,680 –> 02:04:37,239
know what I’m talking about and I

1944
02:04:37,239 –> 02:04:41,199
know what the market is and I know all the

1945
02:04:41,199 –> 02:04:41,520
And I know what the market is. And I know all the industry industry in body

1946
02:04:41,520 –> 02:04:43,840
industry in body function

1947
02:04:43,840 –> 02:04:45,039
with a real estate agency.

1948
02:04:46,600 –> 02:04:49,720
I don’t trust them. You know

1949
02:04:49,720 –> 02:04:51,079
don’ttrust any real estate agents.

1950
02:04:52,279 –> 02:04:55,560
There’s a lot of kids out there

1951
02:04:55,560 –> 02:04:57,720
that don’t know what they’re talking about.

1952
02:04:57,720 –> 02:04:59,520
They’re just here on holiday and they

1953
02:04:59,520 –> 02:05:02,159
just get the goods. They speak

1954
02:05:02,159 –> 02:05:04,399
well and they have a bit of a

1955
02:05:04,399 –> 02:05:04,920
bit of a, you know, address book.

1956
02:05:04,920 –> 02:05:07,279
address book. So they end up

1957
02:05:07,279 –> 02:05:08,720
being real estate agents for one of

1958
02:05:09,279 –> 02:05:13,760
the other agencies. The only

1959
02:05:13,760 –> 02:05:15,119
person you can trust is the

1960
02:05:15,119 –> 02:05:17,239
notary. Lawyers make mistakes

1961
02:05:17,239 –> 02:05:20,840
also. You can trust them to a certain

1962
02:05:20,840 –> 02:05:23,199
extent. It’s good to have the

1963
02:05:23,199 –> 02:05:24,880
opinion of a lawyer but I personally

1964
02:05:24,880 –> 02:05:25,720
But I personally almost never use a lawyer, but I

1965
02:05:25,720 –> 02:05:27,439
almost never use a lawyer but

1966
02:05:27,439 –> 02:05:29,279
I have the experience here. So

1967
02:05:30,880 –> 02:05:33,720
the notary is in my opinion the

1968
02:05:33,720 –> 02:05:35,960
only person that you should trust

1969
02:05:36,039 –> 02:05:40,520
because again you guys are not taking sides.

1970
02:05:41,319 –> 02:05:41,600
Yeah. Yeah.

1971
02:05:42,359 –> 02:05:43,439
The real estate agents,

1972
02:05:44,079 –> 02:05:46,640
however nice they will be,

1973
02:05:47,000 –> 02:05:49,760
they will only think about their 5% commission.

1974
02:05:49,760 –> 02:05:49,800
their five percent commission.

1975
02:05:51,319 –> 02:05:51,359
Five percent. Yeah.

1976
02:05:55,239 –> 02:05:57,279
right? That’s the only thing they

1977
02:05:57,279 –> 02:05:57,880
That’s the only thing they will think about.

1978
02:05:57,880 –> 02:05:59,720
will think about. They will

1979
02:05:59,720 –> 02:06:01,800
tell you whatever you want to hear

1980
02:06:02,199 –> 02:06:05,239
to close the deal. That’s the only objective.

1981
02:06:06,279 –> 02:06:07,880
The only goal of the real estate

1982
02:06:07,880 –> 02:06:09,840
agent is to close the damn deal.

1983
02:06:10,239 –> 02:06:12,039
That’s it. Whatever it takes.

1984
02:06:12,039 –> 02:06:13,279
I know them. I know all these guys.

1985
02:06:13,279 –> 02:06:13,399
I know them. I know all these guys,

1986
02:06:13,399 –> 02:06:14,680
you know, I’m not going to, you know,

1987
02:06:14,680 –> 02:06:16,319
I’m not gonna spit on all

1988
02:06:16,319 –> 02:06:17,800
my colleagues over there but

1989
02:06:17,800 –> 02:06:18,039
spit on all my colleagues over there, but a lot

1990
02:06:18,039 –> 02:06:21,079
a lot of these agencies are perfectly fine.

1991
02:06:21,479 –> 02:06:22,840
We take the big names of the

1992
02:06:22,840 –> 02:06:25,960
agencies. I’m gonna name a few here.

1993
02:06:25,960 –> 02:06:26,079
OK, I’m going to name a few here.

1994
02:06:26,279 –> 02:06:26,319
Kibera, Bayo Bimo, Propethya,

1995
02:06:26,319 –> 02:06:29,520
Kibarer, Balimmo, Propertia

1996
02:06:30,199 –> 02:06:32,600
Luxindo of course, my good friend

1997
02:06:32,600 –> 02:06:36,079
Teito. There’s a few more I forget.

1998
02:06:36,600 –> 02:06:39,119
But all these agencies you can trust.

1999
02:06:41,760 –> 02:06:44,920
Never ever ever trust some

2000
02:06:44,920 –> 02:06:46,800
freelance real estate agents

2001
02:06:47,239 –> 02:06:49,159
you find on marketplace.

2002
02:06:49,840 –> 02:06:51,880
Marketplace from Facebook usually

2003
02:06:52,439 –> 02:06:57,920
is where all the BS land happens.

2004
02:06:59,279 –> 02:07:00,960
A lot of them are advertising

2005
02:07:02,359 –> 02:07:06,439
land that actually are not for sale. Just to

2006
02:07:06,439 –> 02:07:08,880
as a bait. It’s cheaper

2007
02:07:08,880 –> 02:07:10,359
than the other agencies land.

2008
02:07:10,640 –> 02:07:14,199
So they get the clients in and then they smooth

2009
02:07:14,680 –> 02:07:16,960
talk them into buying something else because

2010
02:07:16,960 –> 02:07:18,119
actually this is his line of work.

2011
02:07:19,520 –> 02:07:22,840
I’ve seen so many crazy stories. Some land

2012
02:07:22,840 –> 02:07:23,279
Some land you go there, you see

2013
02:07:23,279 –> 02:07:25,159
you go there you see the

2014
02:07:25,159 –> 02:07:26,479
owner blah blah blah blah

2015
02:07:26,479 –> 02:07:26,640
the owner, blah, blah, blah, blah.

2016
02:07:27,319 –> 02:07:30,399
only to find out two three weeks later than

2017
02:07:30,399 –> 02:07:30,600
the brother of the owner

2018
02:07:30,600 –> 02:07:31,960
the brother of the owner

2019
02:07:31,960 –> 02:07:34,840
had no intention to sell.

2020
02:07:38,000 –> 02:07:39,960
There are so many stories out there.

2021
02:07:40,279 –> 02:07:43,600
I would say so I’m an investor as well so I

2022
02:07:43,600 –> 02:07:45,720
So I, as you know, I buy a lot of land.

2023
02:07:45,720 –> 02:07:47,640
I would say

2024
02:07:48,840 –> 02:07:50,079
And I would say 80 percent,

2025
02:07:50,079 –> 02:07:51,640
70 to 80 percent of those deals

2026
02:07:51,640 –> 02:07:51,680
70 to 80 percent of those deals

2027
02:07:52,279 –> 02:07:57,399
go well and 20 to 30 percent when we buy your

2028
02:07:57,399 –> 02:07:58,560
land from someone there’s

2029
02:07:58,560 –> 02:07:58,840
something wrong that makes the deal go south

2030
02:07:58,840 –> 02:08:03,319
something wrong that makes the deal go south

2031
02:08:04,800 –> 02:08:07,279
south. I’m an experienced buyer.

2032
02:08:07,279 –> 02:08:08,520
experienced buyer, experienced investor.

2033
02:08:08,520 –> 02:08:10,359
Imagine those guys out

2034
02:08:10,359 –> 02:08:11,640
there that just arrived in Bali

2035
02:08:12,039 –> 02:08:13,520
and their driver tell them

2036
02:08:13,520 –> 02:08:16,159
hey my brother-in-law has a

2037
02:08:16,279 –> 02:08:17,439
beautiful villa.

2038
02:08:17,439 –> 02:08:17,920
can I show you?

2039
02:08:18,880 –> 02:08:20,279
Yeah, even the words, one of

2040
02:08:20,279 –> 02:08:22,880
One of my clients

2041
02:08:24,479 –> 02:08:27,560
it’s not a long-term lease it’s just

2042
02:08:27,640 –> 02:08:31,600
two years rent out and they pay to

2043
02:08:31,600 –> 02:08:34,199
someone that is not the owner of the villa

2044
02:08:34,199 –> 02:08:36,079
That’s a good one too.

2045
02:08:38,039 –> 02:08:40,239
Every crazy story is out there

2046
02:08:40,239 –> 02:08:41,880
somewhere. Someone has experienced it.

2047
02:08:42,760 –> 02:08:46,199
I’ve heard so many experience crazy stuff.

2048
02:08:47,039 –> 02:08:50,319
I almost got killed once in in Sumba.

2049
02:08:51,119 –> 02:08:54,399
We said for not agreeing with the owner they

2050
02:08:54,399 –> 02:08:55,439
wanted to sell us a lot.

2051
02:08:55,439 –> 02:08:56,439
It’s a ridiculous price.

2052
02:08:56,439 –> 02:08:57,439
I was like sorry it’s too

2053
02:08:57,800 –> 02:08:59,279
it’s too expensive we’re gonna go.

2054
02:08:59,279 –> 02:09:01,760
He said no you’re not gonna go.

2055
02:09:01,800 –> 02:09:04,840
They had machetes and they

2056
02:09:04,840 –> 02:09:07,439
were like half drunk and doing

2057
02:09:09,720 –> 02:09:11,079
I was there. Yeah.

2058
02:09:11,079 –> 02:09:11,560
And that was very, it was very scary.

2059
02:09:11,560 –> 02:09:13,680
That was very scary.

2060
02:09:15,439 –> 02:09:18,279
Our driver Robertus I remember he was

2061
02:09:18,279 –> 02:09:19,119
whiter than me.

2062
02:09:19,119 –> 02:09:19,199
he was like, he was whiter than me.

2063
02:09:19,199 –> 02:09:19,840
You know, and I was

2064
02:09:21,479 –> 02:09:25,640
We managed to almost escape. Not running but

2065
02:09:25,880 –> 02:09:29,359
we weren’t very far.

2066
02:09:29,359 –> 02:09:31,079
That was a bit extreme of course but

2067
02:09:31,159 –> 02:09:33,479
there was an adventure

2068
02:09:35,159 –> 02:09:37,439
investing back in the day like 15 years ago.

2069
02:09:39,159 –> 02:09:41,880
Yeah. But yeah, so don’t trust anyone.

2070
02:09:41,880 –> 02:09:43,159
but your

2071
02:09:43,159 –> 02:09:45,640
common sense and the notary.

2072
02:09:46,039 –> 02:09:48,840
That’s basically it. right?

2073
02:09:48,840 –> 02:09:50,439
Lawyer of course. I mean some lawyers are very

2074
02:09:50,439 –> 02:09:53,279
very good. Also I know

2075
02:09:53,279 –> 02:09:55,640
some notaries and some lawyers

2076
02:09:55,640 –> 02:09:58,520
and some lawyers are corrupted by profits.

2077
02:09:59,319 –> 02:10:01,560
I won’t name names here but I have

2078
02:10:01,560 –> 02:10:06,359
a list that big of notary and lawyers that

2079
02:10:06,920 –> 02:10:09,159
you go to them and they

2080
02:10:09,159 –> 02:10:10,800
tell you no but okay that deal

2081
02:10:10,800 –> 02:10:11,159
but OK, that deal, not sure.

2082
02:10:11,159 –> 02:10:14,319
not sure but however I have that deal here

2083
02:10:14,319 –> 02:10:14,840
But however, I have that deal here from my

2084
02:10:14,840 –> 02:10:16,840
from my neighbor and I can

2085
02:10:16,840 –> 02:10:17,720
introduce you.

2086
02:10:17,720 –> 02:10:19,079
Happens all the time. Yeah.

2087
02:10:19,720 –> 02:10:21,800
Not to me because you know

2088
02:10:21,800 –> 02:10:23,840
I’m not born yesterday but

2089
02:10:23,840 –> 02:10:24,279
You know, I’m not born yesterday, but I have many

2090
02:10:24,279 –> 02:10:26,640
I have many a few months

2091
02:10:26,640 –> 02:10:28,119
ago someone came to me with

2092
02:10:28,119 –> 02:10:28,439
came to me with this story.

2093
02:10:28,439 –> 02:10:30,760
this story. Not even a

2094
02:10:30,760 –> 02:10:31,760
few months a few weeks ago.

2095
02:10:32,680 –> 02:10:35,680
Anyway so I think that’s it

2096
02:10:35,680 –> 02:10:38,520
for today. Thank you very much.

2097
02:10:39,159 –> 02:10:39,399
Yeah, it was great to have you with us.

2098
02:10:39,399 –> 02:10:40,920
It was great to have you

2099
02:10:40,920 –> 02:10:42,960
with us. I hope you come back.

2100
02:10:43,199 –> 02:10:43,399
I’m sure because we

2101
02:10:43,399 –> 02:10:44,279
I’m sure because we

2102
02:10:44,279 –> 02:10:47,840
haven’t talked for many things.

2103
02:10:48,119 –> 02:10:51,159
We haven’t talked about many other

2104
02:10:51,159 –> 02:10:53,199
things and I’d love to do another

2105
02:10:53,199 –> 02:10:54,199
podcast with you, namely companies.

2106
02:10:54,199 –> 02:10:56,359
podcast with you. Namely

2107
02:10:56,359 –> 02:11:00,239
companies. It was on my list here but

2108
02:11:00,239 –> 02:11:00,279
So it was on my list here, but

2109
02:11:00,279 –> 02:11:00,439
it’s becoming a bit too long.

2110
02:11:00,439 –> 02:11:01,640
it’s becoming a bit too long.

2111
02:11:01,640 –> 02:11:01,800
it’s becoming a bit too long.

2112
02:11:01,800 –> 02:11:02,640
So like, you know, the

2113
02:11:02,640 –> 02:11:04,920
The process of incorporation of a

2114
02:11:04,920 –> 02:11:10,640
PMA. The Inbreng. Okay Inbreng is a big mystery.

2115
02:11:11,520 –> 02:11:13,760
We won’t talk about it now. It’s called Inbreng.

2116
02:11:13,760 –> 02:11:16,600
It’s called in-breng. I-N-B-R-E-N-G.

2117
02:11:16,600 –> 02:11:19,039
It’s a it’s a new colonial

2118
02:11:19,039 –> 02:11:20,840
Dutch law that has stayed

2119
02:11:21,560 –> 02:11:23,920
and I like you to google it. Hey

2120
02:11:23,920 –> 02:11:25,560
if someone can explain what

2121
02:11:25,640 –> 02:11:27,319
Inbreng is and put it in

2122
02:11:27,319 –> 02:11:29,119
the comments I will buy them

2123
02:11:30,600 –> 02:11:33,279
five beers. Boom.

2124
02:11:34,159 –> 02:11:36,319
It’s sad. Five beers to whoever

2125
02:11:36,319 –> 02:11:38,279
can explain Inbrang to me.

2126
02:11:39,760 –> 02:11:43,399
I want to hear about crazy stories also. Please

2127
02:11:43,399 –> 02:11:45,000
put in the comments the best

2128
02:11:45,000 –> 02:11:48,880
story and the best crazy story I will buy.

2129
02:11:48,880 –> 02:11:50,319
I will buy a pizza and beer.

2130
02:11:50,960 –> 02:11:52,199
There we go.

2131
02:11:53,239 –> 02:11:55,239
Crazy story about real estate here

2132
02:11:55,239 –> 02:11:56,439
of course.

2133
02:11:56,439 –> 02:11:58,119
So thank you very much.

2134
02:11:58,199 –> 02:11:59,680
You Welcome.

2135
02:11:59,680 –> 02:12:02,600
Everyone camera here.

2136
02:12:02,600 –> 02:12:04,159
Or here

2137
02:12:04,159 –> 02:12:04,920
Or both

2138
02:12:05,560 –> 02:12:07,640
So thank you guys for

2139
02:12:07,640 –> 02:12:09,880
following this podcast with us. You can

2140
02:12:09,880 –> 02:12:10,840
You can see the in the description below.

2141
02:12:10,840 –> 02:12:13,000
see the in the description

2142
02:12:13,000 –> 02:12:14,800
below. You will see the link to

2143
02:12:14,800 –> 02:12:15,000
You will see the link to the

2144
02:12:15,000 –> 02:12:18,520
the different podcast platforms. So you are on

2145
02:12:18,920 –> 02:12:21,560
one of them now and you will see the other

2146
02:12:21,560 –> 02:12:22,960
podcast platforms. We are on

2147
02:12:23,000 –> 02:12:28,600
YouTube. We are on Spotify. We are on Apple.

2148
02:12:28,600 –> 02:12:29,760
Apple. Go in.

2149
02:12:29,760 –> 02:12:33,279
Go ahead. Go ahead. Go ahead. And

2150
02:12:33,279 –> 02:12:35,039
we’re going to upload also to Facebook

2151
02:12:35,039 –> 02:12:35,239
And we’re going to upload also to Facebook and

2152
02:12:35,239 –> 02:12:37,960
and some of them when it’s

2153
02:12:37,960 –> 02:12:38,920
not too long and not too heavy.

2154
02:12:38,920 –> 02:12:39,640
long or not too heavy to Facebook

2155
02:12:39,640 –> 02:12:40,800
To Facebook and Instagram

2156
02:12:40,800 –> 02:12:41,840
is too long and too heavy. So

2157
02:12:41,840 –> 02:12:42,439
So Facebook only.

2158
02:12:42,439 –> 02:12:45,800
Facebook only. Maybe we’ll do a website one day.

2159
02:12:46,640 –> 02:12:47,920
It’s been done right now. It’s

2160
02:12:47,920 –> 02:12:49,600
been done right now. Oh surprises

2161
02:12:49,600 –> 02:12:50,159
Oh, surprises every day.

2162
02:12:50,159 –> 02:12:52,600
every day. Thank you sir.

2163
02:12:52,600 –> 02:12:53,840
Allright thank you very much everyone

2164
02:12:54,039 –> 02:12:58,119
and see you on the next podcast soon. Well we

2165
02:12:58,119 –> 02:12:59,760
won’t tell what it is. Thank you.

2166
02:12:59,760 –> 02:13:00,640
Thank you. Bye bye. Thank you.

2167
02:13:00,640 –> 02:13:01,479
Bye bye. Thank you. Thank you.

2168
02:13:01,479 –> 02:13:02,600
Thank you. Thank you.

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