A DIAS transaction always progresses through the same process, one step at a time. The real estate agent can monitor the progress of the transaction in their own agency system, which shows the current stage of the transaction. The parties to the transaction can monitor the progress of their own transaction in the DIAS online service at e-service.dias.fi.
- When will the transaction be sent to DIAS?
- Target processing time of the preparation phase
- Progress of the sale of housing company shares
- Progress of the sale of real estate
When will the transaction be sent to DIAS?
The DIAS transaction can be initiated as soon as the terms and conditions of the transaction have been agreed with the buyer and seller and the deed of sale is in its final form. The deed of sale is not sent to the bank in advance by e-mail. Instead, the bank takes care of the preparation and inspection of the transaction as part of the DIAS process.
It is recommended to send the transaction to DIAS as early as possible, as banks usually process transactions sent to DIAS in the order of arrival. Especially at the turn of the month, it is recommended to send the transactions in good time, e.g. seven banking days before the desired signature date.
It should be noted that after the transaction has been initiated, no information can be changed in DIAS, so it is good to be careful with regard to the correctness of the information entered and the deed of sale. If it is necessary to make changes to the details of the transaction or the deed of sale after the transaction has been initiated, the transaction must be suspended and initiated again from the start
Target processing time of the preparation phase
As a rule, a DIAS transaction is ready to be signed approximately five banking days after the transaction has been sent to DIAS. However, the duration of the preparation of an individual transaction always varies depending on the customer and the bank. Please note that the bank will start preparing the transaction on the full banking day following the initiation of the transaction. This means that if the transaction is initiated on Monday, for example, the first preparation day will be Tuesday.
The banks are in contact with their customers during the preparation phase. If the bank’s preparation cannot be completed within the target schedule (5 banking days), the real estate agent will receive a new estimated schedule sent by the bank in question via email. The information is also displayed in the agency system. The bank can acknowledge the transaction as inspected when all documents are in order and have been signed. Among other things, the buyer’s financing must be ready and the loan can be withdrawn.
Pay special attention to these
The target time for the preparation of the transaction is different from the payment term of the transaction price. If you specify a date for the payment of the purchase price in the deed of sale, please ensure that it is at least seven banking days after the initiation of the transaction so that there is sufficient time for both the bank’s preparation phase and the signature phase. Banking days are counted starting from the day following the initiation.
Please also note that there are no target times for the preparation phase in estate transactions and transactions where the buyer does not take out a loan, as there is a lot of variation between different cases.
Progress of the sale of housing company shares
The real estate agent can send the transaction to DIAS via their agency system once the deed of sale has been completed and approved by the buyer and seller. The information and appendices required for preparing the transaction will be sent with the transaction.
The banks prepare and check the transaction. The duration of the preparation of an individual transaction varies depending on the customer and the bank. As a rule, a DIAS transaction is ready to be signed approximately five full banking days after the transaction has been sent to DIAS. The duration of the preparation phase may be extended, for example, by the reorganization of the seller’s loans, the buyer’s incomplete loan negotiations, the buyer’s need for other collateral in addition to the object to be purchased, or last-minute changes to loans.
The real estate agent initiates the signature phase from their agency system. The parties to the transaction will receive an email invitation to sign the transaction documents. The parties to the transaction have 24 hours to sign the transaction. The parties to the transaction can also sign the deed of sale directly by entering the address e-service.dias.fi their internet browser. Personal bank credentials, a mobile certificate or the Hightrust.id application is used to authenticate oneself in the online service.
The buyer and seller sign the transaction documents and grant the necessary authorizations to the banks for the processing of payments and registration of ownership. Personal online bank credentials, a mobile certificate or the Hightrust.id application is used to authenticate oneself in the online service.
The banks take care of the payment of the purchase price, transfer tax and the real estate agent's fee. The banks also carry out measures related to the registration of ownership according to the type of transaction.
The real estate agent submits a transfer tax return when the purchase price and any transfer tax have been paid at the buyer’s bank. The real estate agent can download the DIAS transaction documents from their agency system and send them to the property manager, if necessary.
More detailed descriptions of the phases of the sale of housing company shares and their processing times can be found here.
Progress of the sale of real estate
The real estate agent drafts the deed of sale and sends it to the parties to the transaction for approval. Once the parties have approved the contents of the deed of sale, the real estate agent sends the transaction information in DIAS for processing by the banks.
Both the buyer’s and the seller’s bank will arrange the necessary preparations for the transaction with their customer. The banks sign off the preparations as completed when the necessary matters have been agreed with the parties to the transaction and when the transaction can proceed to the trading phase from the bank's perspective.
The real estate agent can initiate the signatures for the transaction once both banks have signed off the preparations for the transaction in DIAS.
When the object of a DIAS transaction is a property or a property leasehold, the signatures are made in two parts. First, the parties to the transaction receive an invitation to sign the authorizations for the transaction in the online service (e-service.dias.fi).
Once all parties to the transaction have signed the authorizations, each party to the transaction will be invited to sign the deed of sale in turn in the National Land Survey of Finland's Property Transaction service on the kiinteistoasiat.fi website (KVP). Personal bank credentials, a mobile certificate or the Hightrust.id application is used to authenticate oneself in both online services.
Once the deed of sale has been signed in KVP, the information on the completion of the transaction is transferred to the banks via DIAS. After this, the banks handle the transaction payments in accordance with the authorizations given by the parties to the transaction.
If there are transferable mortgage deeds related to the transaction, DIAS automatically sends the transfer application to KVP to wait for the seller’s bank’s approval. The seller’s bank will approve the transfer of the mortgage deeds in KVP when the bank has received the purchase price from the buyer’s bank.
In a DIAS sale of real estate, the buyer must submit a transfer tax return to the tax authorities themselves. The buyer must submit a return even if they do not have to pay transfer tax. If there is more than one buyer, each buyer must submit their own return. A transfer tax return must be submitted in order for the ownership registration application to be processed.
The buyer’s bank uploads the receipt for the payment of the purchase price to DIAS, which forwards it to the National Land Survey of Finland for the purpose of registration of ownership. When the buyer has submitted a transfer tax return to the Tax Administration, the Tax Administration confirms to the National Land Survey of Finland that the return has been received. After this, the National Land Survey of Finland decides on the registration of ownership. DIAS will inform the banks of the transaction about the final registration of title or transfer of property leasehold and the transaction will be signed off in DIAS. The real estate agent can see the information about the completion of the transaction in their agency system.
More detailed descriptions of the DIAS property transaction phases and their processing times can be found here.