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 can contact your bank immediately after accepting the offer and inform them that your property has been sold. This way, your bank can start preparing banking matters related to the sale of the apartment. Your bank will receive the specific information about the transaction once the real estate agent has initiated the transaction via the DIAS system, but the handling of matters is often streamlined if you inform your bank about the upcoming transaction in time.
If the sale of real estate includes mortgage certificates, they must be electronic and in your bank’s name in order for the DIAS transaction to be successful.
- If the mortgage certificates are in paper form and in your bank’s name, they must be annulled or transferred into electronic certificates before the DIAS transaction is initiated.
- If the mortgage certificates are paper or electronic and in your own name, they must be annulled before the DIAS transaction is initiated.
The annulment must be completed before the real estate agent can initiate the DIAS transaction. The certificate of mortgage and encumbrance may not include any mortgages in the seller’s name. The fees charged for the annulment of mortgages can be found in the National Land Survey of Finland's price list.
Once the matter has been resolved, the National Land Survey of Finland will notify you or the bank (depending on the case) by email, after which you should notify the real estate agent. You can check the current situation in the National Land Survey of Finland's online service, regardless of whether you have submitted your application to the authority in electronic or paper form.
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 if necessary so that you can agree, for example, on details related to the transaction and its financing.
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, arranging of collaterals for the transaction, the buyer's incomplete loan negotiations, 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, 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 by e-mail, you can log in to the signature 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.
- Once all the parties have given the necessary authorizations, you will receive an email invitation to sign 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 illustrated instructions here.
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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. - After the signatures, the buyer’s bank pays the purchase price to your bank, after which your bank transfers the money received from the transaction to you and pays any real estate agent's fee and handles the repayment of any loans as agreed. 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 agree on any matters following the transaction, such as handing over keys, directly with your real estate agent.