A sale of real estate is usually ready to be signed approximately five full banking days after the transaction has been sent to DIAS. This schedule requires that both the seller and the buyer have agreed with their banks on all financing and security arrangements related to the transaction.
The banks cannot advance the transaction to the signing phase until the seller’s bank can commit to the transfer of ownership and the buyer’s bank has the funds necessary for the payment of the purchase price ready for withdrawal.
There is no target processing time by the banks for buyer-without-a-loan transactions. Individual cases vary greatly and often require a more extensive review by the bank and meeting the know your customer obligation before a transaction is approved.
Phases and target processing times of the sale of real estate
| Phase | Handling (in brief) | Processing time |
|---|---|---|
| 1. The real estate agent drafts the deed of sale in their agency system | The real estate agent prepares a draft deed of sale in the agency system and checks the transaction information together with the parties before sending the transaction to DIAS. | Decided by the real estate agent |
| 2. The real estate agent sends the transaction to DIAS | DIAS receives the transaction and sends preparation requests to the banks, and the Property Transaction Service checks the title, encumbrance and transferor information before the transaction is initiated. | Automatic |
| 3. Start of preparation | The banks are informed of the transaction and start the reviews. The banks confirm in the DIAS system that the preparation phase has started. | Same day or next banking day |
| 4. Preparation by the banks | The banks check the prerequisites and prepare the payments and securities with their clients. | Approx. 5 banking days |
| 5. Initiation of the signing phase | The real estate agent initiates the signing phase after approval by the banks. DIAS sends the phase 1 signature invitations to the parties to the transaction. | When the parties are ready |
| 6. Signing the authorizations | The parties first sign the authorizations for the transaction in the DIAS online service, e-service.dias.fi. | 24 hours |
| 7. Signing the deed of sale (Property Transaction Service) | When all parties have signed the authorizations, the transaction automatically moves to the signing phase of the deed of sale, where the parties are invited in turn to sign the deed of sale in the Property Transaction Service (KVP), kiinteistoasiat.fi. | 30 days |
| 8. Payments by the buyer’s bank | The buyer’s bank pays the purchase price to the seller’s bank and handles the payment of transfer tax according to the instructions. | Same or next banking day |
| 9. Transfer tax return | The buyer submits the transfer tax return to the Tax Administration before the application for title. | No later than the third day. |
| 10. Payments by the seller’s bank | The seller’s bank takes care of the agreed repayments of loans and settles the assets belonging to the seller. | Same or next banking day |
| 11. Ownership registration | After the deed of sale has been signed, the necessary applications are filed automatically. The National Land Survey of Finland processes the applications and resolves applications for registration of properties in accordance with its own processing times. You can check the processing times here. | According to the NLS processing times |
| 12. Finishing off | DIAS receives the registration data from the NLS as well as confirmations by the banks, and the transaction status changes to completed. | – |
Step-by-step information
Below you will find more detailed descriptions of each step. DIAS communicates with the parties to the transaction in phases 2, 5 and 6. The additional information for these steps briefly describes the contents of the messages.
The real estate agent prepares a draft deed of sale in their agency system by entering the requested information about the transaction in the system. Based on the information provided, DIAS creates a draft deed of sale by sending the transaction information to the National Land Survey of Finland’s Property Transaction Service (KVP).
In this connection, the National Land Survey of Finland checks that the seller information, property or facility ID and the codes of the listed mortgage deeds entered in the transaction information are correct. All mortgage certificates listed in the transaction information must be held by the bank entered as the seller’s bank for the transaction (excluding any mortgage certificates used as security for the payment of rent in a property leasehold transaction).
When the real estate agent receives a draft deed of sale in their agency system, they can download it and send it to the parties to the transaction for comments using the method they deem best. In the draft phase, the real estate agent can edit the deed of sale by creating a new draft deed of sale, i.e. by sending the updated information to DIAS.
Before sending the transaction to the banks, the real estate agent must add the mandatory attachments required for the transaction, which are dated on the date on which the transaction is initiated.
In the sale of real estate the mandatory attachments are the certificate of title and the certificate of mortgage and encumbrance.
In a transfer of a property leasehold mandatory attachments include the certificate of leasehold, the certificate of mortgages and encumbrances, the property’s certificate of title and certificate of mortgage and encumbrance, and a copy of the lease agreement.
In transactions involving designated shares a copy of the joint ownership agreement is always required as a mandatory attachment to the transaction information, in addition to the above.
The agency system sends a preparation request to the banks. Once the transaction has been sent to the banks for preparation, the transaction information or the deed of sale can no longer be modified.
Messages to be sent to the parties to the transaction at this stage
DIAS sends an email with the subject DIAS-kaupan aloitus (“DIAS transaction start”) when the transaction information has been sent to DIAS. The message states that the bank will contact the party to the transaction if necessary to prepare matters related to the sale of real estate.
The message also describes the DIAS e-service (e-service.dias.fi), through which the party to the transaction can monitor the progress of their transaction.
The message sent by DIAS is available in Finnish, Swedish and English.
The banks and the Property Transaction Service receive the transaction information and start their reviews. The banks confirm preparation as started when the processing of the transaction has started.
The banks check the securities, loans and other prerequisites for the transaction and agree with their customers on the necessary measures and payments.
As a rule, this phase takes approximately 5 banking days, but the duration of an individual transaction may vary from case to case.
Once the banks have confirmed their reviews, the transaction can proceed, and the real estate agent starts the signing phase in DIAS.
The signing phase of the sale of real estate consists of two phases: first, authorizations are collected from all the parties so that the banks can act as their agents in the future phases of the transaction. When all the parties have signed the authorizations, the transaction is automatically transferred to the Property Transaction Service where the parties sign the deed of sale each in their turn.
When the signing phase starts, DIAS sends signing invitations to the parties to the transaction.
Messages to be sent to the parties to the transaction at this stage
DIAS sends an email with the subject Allekirjoituskutsu (“Invitation to sign”) when the real estate agent has started the signing phase. The invitation to sign is valid for 24 hours, and the email contains a link to the online service where the deed of sale is signed.
The message sent by DIAS is available in Finnish, Swedish and English.
The signing of a sale of real estate takes place in two stages. When the real estate agent has started the signing phase, all the parties to the transaction are first invited to sign the necessary authorizations in the DIAS online service (e-service.dias.fi).
The authorizations must be signed within 24 hours of sending the invitation to sign.
When all the parties have signed the authorizations, the transaction is automatically transferred to the Property Transaction Service where the parties sign the deed of sale each in their turn. For more information, see section 7 below: Signing the deed of sale (Property Transaction Service).
Messages to be sent to the parties to the transaction at this stage
DIAS sends an email with the subject Allekirjoituskutsu (“Invitation to sign”) when the real estate agent has started the signing phase. The invitation to sign is valid for 24 hours, and the email contains a link to the online service where the deed of sale is signed.
The message sent by DIAS is available in Finnish, Swedish and English.
The deed of sale is signed in the National Land Survey of Finland’s Property Transaction Service (KVP) at kiinteistoasiat.fi. The National Land Survey of Finland sends invitation emails to the parties to the transaction in turn.
The deed of sale is signed hierarchically in the Property Transaction Service. First, the seller/one of the sellers (recipient of the draft) receives an invitation to receive the incoming deed of transfer. When the document has been received in the service, the sellers can sign the deed of sale.
The buyers can only sign the deed of sale once all seller(s) have signed it first. At the latest, the last signatory, who is always a buyer, must pay the service fee charged by the National Land Survey of Finland before signing.
Emails sent to the parties to the transaction.
The NLS sends invitations to sign to all the parties to the transaction when they are expected to act.
When all the parties to the transaction have signed the deed of sale, DIAS sends an email stating that the signed deed of sale can be downloaded from the online service.
The message sent by DIAS is available in Finnish, Swedish and English.
The buyer’s bank pays the purchase price to a bank account of the seller’s bank and pays the transfer tax on behalf of the buyer as agreed.
Payments are usually made on the same banking day if the signatures are completed before 2 p.m. on a banking day, and otherwise no later than on the following banking day.
The buyer must submit a transfer tax return to the Tax Administration within 3 days of signing the deed of sale. The return must also be submitted in situations where the buyer does not have to pay transfer tax.
If there is more than one buyer, each buyer must submit their own return.
Message sent to buyers.
DIAS will send the buyers instructions for submitting the transfer tax return by email once all parties to the transaction have signed the deed of sale in the Property Transaction Service.
The message sent by DIAS is available in Finnish, Swedish and English.
The seller’s bank pays the real estate agent’s commission, settles the seller’s share of the purchase price and takes care of the agreed actions, such as the repayments of loans.
After the deed of sale has been signed, the necessary applications for the registration of title are filed automatically. The National Land Survey of Finland processes the applications and resolves applications for registration of properties in accordance with its own processing times. You can check the processing times on the National Land Survey of Finland’s website.
Once the registration of ownership has been completed, the information is transferred to DIAS and the transaction is signed off by the buyer’s bank. The real estate agent can see the information about the completion of the transaction in their agency system.