The Housing Information System is an electronic register, launched in 2019, which collects information on the ownership, mortgages and restrictions of condominiums, such as flats and parking spaces. All of Finland's approximately 90 000 housing companies and their 1.5 million condominiums will be included in the system.
Smoother housing trade, paper share certificates to be a thing of the past
The use of electronic owner registration in the housing information system replaces the use of paper share certificates in the exchange of share certificates and as collateral for loans. The system is provided for by law and is implemented and maintained by the Land Registry. This transition to a new digital system will improve the availability and reliability of information and ownership records for residential apartments.
Transition period for old housing companies
The migration of old housing companies established before 2019 to the housing information system will take place in two phases. In the first phase, housing companies will have to transfer their share register to the housing information system by the end of 2023. The Land Surveyor's Office will then be responsible for maintaining the list of shares, and the list of shares will be available in the housing information system if required. The transfer is mandatory for housing companies, but voluntary for mutual real estate companies.
Shareholders must apply for an ownership designation
In the second stage, each shareholder must apply for electronic ownership registration of their ownership from the Land Registry. At the same time, the paper share certificate will be cancelled. Registration must be applied for within 10 years of the transfer of the share register or the first change of ownership of the condominium after the transfer.
New approaches
The housing information system will bring changes to the housing market, banks and estate agents. The bank or estate agent will first have to find out whether the company is covered by the housing register and whether the seller of a condominium has a paper share certificate or an electronic ownership record. The registration of pledges and the recording of restrictions in the FIU will become part of the routine.The FIU is a step forward towards modern, efficient and reliable real estate transactions and ownership. It will enable Finnish housing associations and shareholders to reap the benefits of the digital age. KotiSome LKV's real estate lawyers will be happy to provide you with further information on all aspects of the housing information system and any other issues you may have in mind.
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