Before the transaction
A DIAS property transaction always requires a real estate agent who sends the transaction information to DIAS from their own agency system. The real estate agent drafts the deed of sale and has the draft approved by the parties to the transaction. Once the parties to the transaction have approved the draft deed of sale, the real estate agent can send the transaction to the banks’ work queue in DIAS.
You should contact your bank immediately after accepting the offer to agree on the details of a possible mortgage for the property to be purchased. Once you have received the loan promise, you must agree on the necessary matters with the bank and sign the financing documents so that your loan is ready for withdrawal for the transaction. Even if you do not take out a loan from the bank, your bank will take care of matters related to the verification of the deed of sale, transfer of payments and transfer of any mortgage certificates, among other things. If you do not take out financing, your own bank and the seller’s bank may contact you regarding the proof of origin of the funds as part of the preparation of the transaction.
Preparation of banking matters
When the banks receive information about the new DIAS property transaction via DIAS, the banks will start the preparations related to the transaction. During the preparations, your bank will contact you so that you can agree, for example, on details related to the transaction and its financing.
As part of the preparation of the transaction in cases where the buyer does not take out a loan, the buyer’s and the seller’s banks may contact the buyer regarding the proof of origin of the funds used for the transaction.
The bank will also discuss matters related to transfer tax with you during preparation: your bank will pay any tax on your behalf in the DIAS property transaction, but please note that you must submit a transfer tax return yourself for the DIAS property transaction. Each buyer must submit a transfer tax return for their own part.
As a rule, the DIAS property transaction is ready to be signed approximately five banking days after the banks have received the new transaction in their work queue. However, the duration of preparation at the bank is always transaction-specific: the duration of preparation can be longer due to, for example, incomplete loan negotiations with your bank, the need for other collateral in addition to the object to be purchased, or last-minute changes to loans.
Progress of the transaction
- The real estate agent initiates the transaction in DIAS when the deed of sale is completed. You will receive a notification by email.
- Your bank will advance the transaction once you have agreed on all the necessary matters together. Both the seller’s and the buyer’s bank must advance the transaction before the signing phase can be initiated. If the preparations for the transaction at the bank are not completed within the target schedule (5 banking days), the real estate agent will receive an updated schedule estimate sent by the bank by email.
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The real estate agent will initiate the signing phase of the transaction. The signing phase of the DIAS property transaction has two parts: first, the parties give the authorizations to the banks required for the transaction in the DIAS online service, and then, the deed of sale is signed in National Land Survey of Finland's Property Transaction Service.
- First, please sign the bank authorizations related to the transaction within 24 hours at e-service.dias.fi. If you have not received the invitation to sign in your email, you can log in to the signing service using your online banking credentials, mobile certificate, or the Hightrust.id application at e-service.dias.fi. An email invitation is not required to log in.
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Once all the parties have signed the authorizations, the transaction proceeds to the signing phase of the deed of sale in the National Land Survey of Finland's Property Transaction Service. First, the seller appointed by the real estate agent receives the deed of sale in the service and signs it. After this, any other sellers can sign the deed of sale. Once all sellers have signed the deed of sale, each buyer can sign it. If you have not received the invitation to sign in your email, you can log in to the Property Transaction Service using your online banking credentials, mobile certificate, or the Hightrust.id app at kiinteistoasiat.fi. An email invitation is not required to log in. You can find the visual instructions here.
Due to the more precise practice of the Tax Administration, late payment interest will be payable by the buyer for a transaction signed electronically in the National Land Survey of Finland's Property Transaction service if the transfer tax is not paid on the same business day as the day on which the last buyer signs the deed of sale. The transfer tax must be paid at the latest when applying for registration of title or special right. An application for registration of title or registration is automatically filed for a signed transaction in the Property Transaction Service, so the transfer tax is due on the same day as the deed of sale is signed.
DIAS recommends that the last signature of the deed of sale be made by 2 p.m. on a business day so that the buyer’s bank has the opportunity to pay the transfer tax on the same day. During the weekend (Saturday-Sunday) and on mid-week holidays, the deed of sale can be signed at any time, as the due date for tax payment will be the first weekday following the weekend.
According to the Tax Administration, if the transfer tax is paid only on the banking day following the signing of the deed of sale, interest on arrears must be calculated on the tax in accordance with the law, and the interest on arrears must be added to the amount of transfer tax payable. In a DIAS property transaction, the transfer tax is paid by the buyer’s bank and the buyer submits the transfer tax return themselves.
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The transaction is concluded when all parties have signed the deed of sale. The registration of title begins automatically after the signatures, and no separate application is required for it.
The signed deed of sale is available for download from the Property Transaction service for 12 months. The other DIAS transaction documents are available for download from the service for three months after completion of the transaction. - Next, you must submit a transfer tax return to the Tax Administration. In connection with this, you will receive an email from DIAS with the subject line “DIAS-kaupan varainsiirtoveroilmoitus” (“Transfer tax return for a DIAS transaction”). In the email, we remind you that you must submit the transfer tax return, and provide more detailed instructions on how to submit the return.
- After the signatures have been completed, the banks take care of the payments: your own bank pays the purchase price to the seller’s bank and any transfer tax on your behalf. Payments are made on the banking day on which the signing of the deed of sale is completed (see here for more information on processing times). If necessary, you can get more information about the progress of payments from your real estate agent.
- The banks complete the transfers of electronic mortgage certificates, and the National Land Survey of Finland decides on the registration of ownership. DIAS will inform the buyer’s and seller’s banks and the real estate agent of this. You can check the current owner information from the National Land Survey of Finland’s online service.
- You can agree on any matters following the transaction, such as handing over keys, directly with your real estate agent.