By the beginning of April 2024, 93 per cent of all housing companies in Finland had transferred their list of shares to the Residential and Commercial Property Information System. The register now includes 250,000 owner apartments and parking spaces which means that almost 13 per cent of all apartments in Finland have an electronic registration of ownership.
Action required from new owners – long-term owners do not need to do anything at present
Those who have their share certificates in a bank as collateral for a loan or at home do not need to do any-thing at this stage other than participate in the shareholders’ meeting. In contrast, new shareholders need to apply for the registration of their ownership within two months of the change of ownership if the housing company’s list of shares is maintained in the Residential and Commercial Property Information System. New shareholders can participate in the shareholders’ meeting of their housing company with a power of attorney provided by the seller, even if they had not yet been registered as an apartment owner in the Residential and Commercial Property Information System. The deed of sale alone does not entitle the new owner to partici-pate.
While the National Land Survey of Finland’s (NLS) large customer service locations are still congested and processing times remain long, the registration of ownership can be requested to be expedited, if required. In this case, the NLS will process the application in only a few days. Such situations exist, for example, when a death estate is selling an apartment or a new shareholder needs to acquire the housing company’s permission for repairs.
‘During the summer, we will test a booking system in a few locations to reduce customers’ waiting times. Currently, the NLS is also investigating the mass transfer of share certificates to the electronic register with banks and legislators,’ says Janne Murtoniemi, Director of the Registration Process at the NLS.
Before coming to a customer service location, customers should check that they have all the documents they need: the original paper share certificate and a pre-completed application. If the share certificate was received from a death estate, the new owner also requires the decedent’s estate inventory and an extract of family relations.
If an apartment’s ownership has been registered in the Residential and Commercial Property Information System, the shareholder can check information related to their apartment’s ownership, mortgaging and re-strictions free of charge in the e-service. They can also purchase an owner apartment printout or a public list of shares. Organisational customers can also purchase an owner apartment printout not only for apartments they own but also for other owner apartments.
The electronic Residential and Commercial Property Information System enables paper-less apartment transactions
Information about 2.5 million Finnish apartment owners will be registered in the Residential and Commercial Property Information System. The electronic service will improve the availability, reliability and security of information.
The electronic registration of ownership will replace paper share certificates in apartment transactions and as collateral for loan, accelerating the process of apartment transactions. The Residential and Commercial Property Information System will become a new data register used by several parties in society. Real estate agents, building managers, lenders, researchers and statisticians will have access to administrative infor-mation about housing companies in a single place. The authorities and companies will also require the information registered in the Residential and Commercial Property Information System.
Additional information:
Janne Murtoniemi
Director, Registration Process
+358 40 710 8862
firstname.lastname@nls.fi