In DIAS, you can conclude transactions for an entire property or a designated share of a property, leasehold or a designated share of a property.
You can check here whether DIAS transactions are supported in the agency system you use.
| DIAS real estate transaction format | Buenos | Helmi | Kipinä | Kivi | Linear | Ovipro | Vilpas |
|---|---|---|---|---|---|---|---|
| Sale of real estate | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| Sale of property leasehold | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| Sale of a designated share | ✔ | – | ✔ | ✔ | ✔ | ✔ | – |
| Seller without pledge liabilities | ✔ | – | ✔ | ✔ | ✔ | ✔ | – |
| Advance payment paid | ✔ | – | ✔ | ✔ | ✔ | ✔ | – |
| Company as a party to the transaction | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | – |
| Buyer without a loan | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
* If you do not have an agency system, please contact our customer service for more information on the Buenos transaction initiation service.
Different forms of DIAS real estate transactions
The sale of real estate is possible in DIAS when the object of the sale is one entire property. This means that the property to be sold cannot consist of several property IDs. Please check the prerequisites for the sale of real estate before starting the transaction. The signing phase of a real estate transaction consists of two parts. You can read more about it here.
Mandatory appendices must be added to the real estate transaction, which must always be dated on the start date of the sale. Mandatory appendices are:
- the certificate of title
- the certificate of mortgages and encumbrances
A real estate transaction can be made regardless of whether the object of transaction has mortgages. Any mortgages must be electronic and in the name of the seller's bank. If the mortgages are in the seller’s name, they must be cancelled before the initiation of the DIAS transaction.
In DIAS, property leasehold transactions, i.e. property leasehold transfers, can be carried out. New property leaseholds must be registered outside DIAS.
The prerequisites for the sale of real estate also apply to the sale of property leaseholds. For example, an estate cannot be a party to the transaction. A property leasehold transaction is similar to a real estate transaction to a large extent, and the signing phase of a property leasehold transaction also consists of two parts. Read more here.
Mandatory appendices for the sale of property leaseholds are:
- copy of the lease agreement
- the certificate of leasehold
- the certificate of mortgages and encumbrances
- the certificate of title of the property
- the certificate of mortgage and encumbrance of the property
- a copy of the joint ownership agreement (only in the sale of a designated share)
All appendices, except the copy of the lease agreement and the copy of the joint ownership agreement, must be dated on the day the transaction is sent for preparation by the banks.
A leasehold transaction can be made regardless of whether the object of the transaction has mortgages. Any mortgages must be electronic and in the name of the seller's bank. In addition to this, the property may include certificates of mortgage mortgaged by the lessor, which will not be transferred to the buyer's bank. These certificates are itemized separately in the agency system.
The seller's bank can provide the original documents related to the property leasehold, such as the original lease agreement, to the buyer's bank as part of the property leasehold transaction. For delivery purposes, the delivery address is collected from the buyer’s bank in connection with the sale of each property leasehold, and the seller’s bank can use DIAS to indicate that it will be sending the original documents.
Transactions involving designated shares of entire properties or leaseholds can be made in DIAS. Such a transaction requires that the object of the transaction has a joint ownership agreement approved and registered for the property by the National Land Survey of Finland, which is shown in the certificate of mortgage and encumbrance. In addition, the current conditions for the sale of real estate also apply to the sale of a designated share. For example, an estate cannot be a seller in the transaction.
In the sale of a designated share, the shares of the property/leasehold to be transferred are entered for the sellers in the agency system. The shares to be transferred are marked as fractional numbers, and the total number of shares to be transferred in the sale of a designated share must be less than 1/1. The shares to be transferred must correspond to the entry in the certificate of title or certificate of leasehold. As is always the case with the sale of real estate, the signing phase of the sale of a designated share also consists of two phases. Read more here.
A copy of the joint ownership agreement is a mandatory appendix in the sale of a designated share. In addition, the other instructions regarding the appendices to the deed of sale also apply to the sale of a designated share. Read more in the article Appendices to the deed of sale.
To be considered if a party to the transaction is:
In DIAS real estate transactions, a party to the transaction may be a company in the form of a limited liability company. Also situations where the buyer does not need financing from a bank or no mortgages are allocated to the object of the transaction are possible. In these situations, some things must be taken into account in the transaction information and appendices. Below you will find brief instructions for these situations and links to more detailed instructions.
DIAS can be used for a sale of a property and a housing share also when the buyer does not receive a new loan and the object of the transaction does not remain as security at the bank. These are called buyer-without-a-loan transactions. The transaction may concern a property, a designated share of it or a leasehold, and the parties may be natural persons or companies. Otherwise, the normal conditions for the sale of real estate are applied to the transactions.
Buyer-without-a-loan transactions do not have the five-day target time for the preparation by the banks, and using a “by” date in the terms of payment in the deed of sale is not recommended. When the real estate agent initiates the transaction, they indicate whether any buyers receive bank financing. If only one buyer takes out a loan, the transaction is treated as a transaction with a loan. Both banks may contact the buyer to obtain the proof of origin for the funds.
If the transaction is initiated as a loan transaction and it turns out during the preparation phase that the buyer will not take out a loan after all, the transaction must be restarted with the correct transaction type based on the bank's change request. On the other hand, a transaction that was started without a loan can become a loan transaction without the need to restart it. Any mortgage certificates are transferred from the seller's bank to the buyer's bank or directly to the buyer according to the instructions of the banks.
DIAS can be used for a sale of a property also when the seller has no pledged liabilities, i.e. no mortgage certificates are transferred in the transaction. The transaction can also be carried out if the mortgages are in the seller’s name, as long as the seller cancels the mortgages before the transaction is initiated. If necessary, the buyer's bank will apply for new mortgages to be used as the buyer’s security. In property leasehold transactions, the mortgage deeds remaining with the lessor do not prevent the DIAS transaction, and they will be reported during the initiation of the transaction.
The seller must take care of the cancellation of the mortgages at the National Land Survey of Finland before the real estate agent can start the DIAS transaction, and the certificate of mortgage and encumbrance must not show any mortgages in the seller’s name.
The mortgages are cancelled by the seller in the National Land Survey of Finland's services. The processing usually starts within about five working days, and the seller receives notifications of progress by email. Electronic mortgages can be cancelled in the Property Transaction service, and paper mortgage deeds can be cancelled by submitting the mortgage deed and an application to NLS. The cancellation of a lost or destroyed mortgage deed is handled by the District Court.
DIAS can be used in transactions of real estate in which a party to the transaction is a limited liability company. Buyers, sellers or both can be companies, and also private individuals may be parties to the transaction. Other forms of corporations, associations or foundations are not supported. The deed of sale can only be signed by persons with the company’s signatory rights registered in the Trade Register, and the DIAS transaction cannot be executed with a power of attorney.
The real estate agent must obtain the updated register information for the company in accordance with Hyvä välitystapa (good brokerage practice) and enter persons with the right to sign as signatories. Signing is done by using personal online banking credentials or a mobile certificate. A Trade Register extract dated a maximum of three months earlier is always added as an appendix to the transaction, showing the right to sign. In addition, the minutes or an extract from the minutes are mandatory if a party to the transaction is a housing or real estate company or a limited liability company whose category of activity does not include the sale or purchase of apartments. In other cases, the minutes are voluntary and only visible to the banks.
In the signing phase, the National Land Survey of Finland checks the role and the authority to sign of the company’s representative directly from the Trade Register information in the Property Transaction service. The company’s signatories can monitor the progress of the transaction in the DIAS online service by authenticating themselves with their online banking credentials or mobile certificate.