DIAS Transaction for a Property

Summary of the DIAS Property Transaction Process

The stages shown above take place in the system as follows:
1. The offer to purchase (optional) and the sales settlement are completed in Linear.
2. a. The agent fills in the DIAS Property Form (Fill in the property trade information).

b. The agent submits the completed form to the Property Transfer Service (KVP) (Confirm the information in KVP).

c. The Property Transfer Service immediately returns the draft deed of sale to the agent.

d. The agent sends the draft deed of sale and its attachments to the inspector (if inspection is enabled).

e. The inspector returns the inspected deed of sale as approved.

f. The agent sends the deed of sale and its attachments via Linear by email to the sellers and buyers (Send for review to buyers and sellers).

Steps a–f can be repeated as many times as needed.

g. The agent sends the information to the banks for preparation (Send the deal for bank preparation).

3–4. During the preparation phase, the banks prepare the transaction on their respective ends.
5–6. In the trading/signing phase, the agent initiates the signing process (Start the signing phase):

- Authorisation-stage signatures: must be completed within 24 hours of initiation.

- Deed of sale signatures: must be completed within 30 days of initiation.

- The agent can track the progress of signatures in Linear.

General Information About DIAS Property Transactions and Requirements

In a DIAS property transaction, the draft deed of sale is not downloaded from Linear as in a traditional transaction. Instead, the Property Transfer Service (KVP) generates the deed of sale. The DIAS process is started by completing the DIAS form with the transaction details. However, the sales settlement must be completed first, as this is where the DIAS selection is made. If an accepted offer has been created in Linear, much of the information is automatically transferred to the DIAS property form.

Linear fully supports DIAS, so a DIAS transaction can be initiated from Linear as long as all DIAS requirements are met. DIAS and Linear are developed continuously, so the current requirements and limitations can also be checked either on the offer or the sales settlement using the info button located above the DIAS field.

A DIAS transaction is not possible if the sale concerns an unpartitioned part of a property (määräala). For a fractional property sale (määräosa), a registered and approved deed of division of possession (hallinnanjakosopimus) must exist and be recorded in the title and mortgage register. If the property has joint mortgages, the transaction cannot be completed in DIAS. An incomplete title registration may also prevent a fractional property sale.

Currently, DIAS transactions can be completed in Linear when:

• The listing of sale is one complete property or a fractional share.
• If the property or leasehold is mortgaged, the mortgages must be electronic and all must be held by the seller’s bank participating in the DIAS process (excluding mortgages used solely as security for rent payments).
• Transactions are also possible if the mortgages are in the seller’s name, provided the seller cancels these mortgages before the agent initiates the transaction.
• The property’s title and mortgage register must not contain any restrictions on disposal or other annotations (e.g. seizure, bankruptcy, disputes over ownership, surviving spouse’s right of possession, or testamentary rights of use).
• All sellers use the same bank (not applicable to corporate signatories).
• All buyers use the same bank (not applicable to corporate signatories).
• Buyers and sellers must be legally competent private individuals or limited liability companies (i.e. not under guardianship, not subject to enforcement, not represented by authorised persons, and not estates of deceased persons).
• All signatories must have personal online banking credentials or mobile ID.
• The transaction must be completed with a single deed of sale.
• The transaction must include one payment instalment, to which the transfer of ownership is tied.
• The property is not a new-build.

Note: The parties to the transaction may use different banks. For example, DIAS can be used if all buyers use Nordea and all sellers use Aktia.

Note: A single DIAS transaction/deed of sale cannot cover multiple properties or property identifiers.

You can find more detailed information about the requirements in the DIAS support portal.

Drafting Phase

The draft phase for a DIAS property transaction can be started at any time after the listing has been marked as Reserved and the Sales settlement has been completed, as the form can be saved as a draft and continued later.

The DIAS Property section can be found on the Trading tab, where the deed of sale drafting begins under Fill in the property trade information (step 2a).

Basic information

The basic details of the sale are automatically populated from the specification appendix, including the property identifier, the codes of the mortgage deeds, and the purchase price from the offer to purchase / closing statement. These fields can still be edited on the form if necessary.

If no contractual penalty is intended to be used, enter 0 in this field. If, however, a contractual penalty has been defined and the purchase price is not paid on the due date, the seller has the right to cancel the sale and claim the contractual penalty arising from the cancellation.

NOTE: Cancelling the sale requires either a cancellation agreement confirmed by a certified conveyancer or a legally binding court decision.

The seller’s and buyer’s bank details are selected from the bank list, which can also be searched by typing the bank’s name.

Seller information

The seller’s details are populated based on the information entered in the customer register (CRM), but they can be updated in the draft deed of sale (KVP) if needed.

NOTE: If the seller is a company requiring signatures from one or more authorised signatories, follow these steps: In addition to the company, add all signing individuals to the customer register (CRM) with their contact information and personal identity codes (if not already added). They must then be added on the DIAS form to the Sellers field as well as the Company signatories field. This creates a separate section for the signatories, showing their contact details. After this, set the field The person is not a party to the transaction but acts as an authorised signatory for the company to Yes.

Select whether the seller pays the commission invoice (e.g., brokerage fee) and define the seller’s share of the invoice total either as a percentage or as a euro amount. If there are multiple sellers, you can specify who pays the commission and divide the commission between the payers according to the client’s wishes.

NOTE: The amount automatically filled into the Total amount of the commission invoice field includes all accepted invoices addressed to the sellers under the listing (including brokerage fees and other costs). Please ensure that all costs are itemised on the invoice, no invoices have been paid in advance, and the shares are allocated correctly. If no accepted invoices are found for the listing, the Total amount of the commission invoice field will contain the brokerage fee (incl. VAT) from the closing statement.

NOTE: The invoice reference number is also automatically filled on the DIAS form from the accepted invoice. Alternatively, you can choose Message as the reference type, in which case the system will list all invoice numbers of the accepted invoices as the Message for the commission invoice.

NOTE: You do not need to attach the brokerage commission invoice to the DIAS form, but you may send it in advance to the sellers and explain that the bank will make the payment on their behalf during the DIAS process.

Persons granting consent can be added under the seller if necessary. Please note that in a DIAS transaction for a property, the spouse must give their consent in the KVP service before the parties can sign the deed of sale.

If there are multiple sellers, you must select on the DIAS form which seller is to receive the draft deed of sale first in the KVP once the deed approved by the parties has been sent to the banks for preparation. This selection can be found below all sellers.

Shares being transferred

Due to the Finnish National Land Survey’s (NLS) old registration practices, the title deed may show multiple owners registered under the same share. For example, according to the following example, half of the property is owned solely by Petteri Punakuono, and the other half jointly by Hillevi Hiiren Yritys and Petteri Punakuono, but without defined shares.

When a DIAS transaction involves selling an entire property, the total sum of the transferred shares must always be 1/1. A DIAS transaction can also be made for a fractional share of a property, in which case the ownership share is smaller and recorded as a fraction representing the seller’s share of the whole property.

Buyer information

The buyer’s details are also pulled automatically from the customer register, but they can still be edited on the DIAS form. Otherwise, the fields behave the same as in the seller section.

Terms of transfer

Property transactions currently include four standardised terms, which KVP automatically generates into the deed of sale:

• General information about DIAS property transactions
• Transfer of ownership
• Payment of the purchase price
• Condition for the transfer of mortgage deeds

Other terms can be selected by the agent from the preset templates or written manually word for word.

For certain terms, the templates may offer multiple options. Terms found in the accepted offer (e.g. date of transfer of possession, value of movable property included in the purchase price, etc.) will automatically appear in the template options.

Once the terms have been selected, they can still be freely edited on the form. You can review the deed draft generated by KVP with your selected terms and, if necessary, return to edit the draft at any time.

The image below shows a few examples of how terms can also be added to a separate document attached to the KVP draft:

Attachments for the DIAS transaction

Attachments for the DIAS transaction may include, for example, terms referenced in the Sales conditions section described below. However, the certificate of title and encumbrance certificate must not be attached here—they must be added later.

Additional information for the transfer notification

The fields Intended use, Building information, and Plan information must be selected from dropdown menus, whose values differ slightly from those used in the property information appendix. For this reason, these fields cannot be auto-filled.

Commission information

The commission information is pulled automatically from the company and user settings. However, it can still be edited here.

NOTE: Commission information does not come from the invoice, but from the company details.

Once the form has been completed, click Mark as complete in the lower right corner.

After this, the information entered by the agent is sent to the Property Transaction Service (step 2b) by clicking Confirm the information in KVP. If the details (e.g. seller(s), property identifier, and mortgage deed) match the National Land Survey’s records exactly, the deed draft will be returned immediately. If the details do not match NLS data, an error message will appear.

The draft deed of sale (and attachments) can then be downloaded using the “Deed of Sale and Attachments” button (step 2c).

If the brokerage has an internal review process in use and activated, the documents must be sent for internal review at this stage (steps 2d–e).

Next, the documents are sent to the sellers and buyers for review (step 2f). The parties will receive the documents by email either as attachments or as a link to the attachments, depending on how the agents choose to send them.

Finally, the transaction is sent to the banks for preparation (step g).

At this stage, you must attach the certificate of title and certificate of encumbrances, both dated on the same day the property is being sent to the banks for preparation. When naming the files (before adding them to the system), please note that the file name cannot contain Scandinavian characters (ä, ö) or special characters.

NOTE! Before the transaction is sent, DIAS automatically checks that the mandatory attachments for a property sale or leasehold transfer added to the bank preparation phase are correct.
This change applies to the following attachments:
- Certificate of title
- Certificate of encumbrances
- Certificate of leasehold
- Certificate of leasehold encumbrances

After sending, the agent can follow the progress of the DIAS process in Linear. The parties will also receive automatic email notifications about the progress. The agent can interrupt the process at any stage and start over.

If you interrupt the DIAS transaction, you must record the reason for the interruption. When interrupted, the process returns to the beginning. Please note that the agent can no longer interrupt or cancel the transaction from Linear once the signing phase has begun.

Preparation Phase

During the preparation phase, the seller’s and buyer’s banks contact their respective clients and agree on the necessary transaction-related procedures. The seller’s bank agrees with its client on matters such as loan repayments, reorganisation of securities, and transaction-related money transfers. In addition, during the preparation phase, the seller’s bank provides in DIAS a commitment for transferring the mortgage deeds listed by the agent. The buyer’s bank agrees with its client on the required matters and ensures that the loan is ready to be drawn. The buyer’s bank also reviews with its client the details related to the transfer tax, as transfer tax information for property or leasehold transactions does not come from the agent. The buyer’s bank also checks the codes of the existing mortgage deeds listed by the agent and that all deeds have been listed for the transaction. Any new mortgage deeds needed will be applied for by the buyer’s bank outside DIAS. The banks will confirm the preparation phase complete when the transaction can proceed to signing from their side.

Transaction Signing

The agent will receive an email (and sees in Linear) when the signing phase can be started.

Once the agent has started the signing phase, DIAS immediately sends signing requests for the bank authorizations to the parties. Before signing the actual deed of sale, the parties in a DIAS property sale must always first sign the necessary authorizations for the banks.

After the agent starts the signing phase, the parties have 24 hours to sign the authorizations at asiointi.dias.fi. When all parties have signed the bank authorizations, the signing process moves from DIAS to KVP, where the parties sign the deed of sale one at a time. The parties will receive an email invitation to sign the deed. The parties have 30 days to sign the deed at kiinteistoasiat.fi. In KVP, the seller always signs first and then the buyer. The final signer is responsible for paying KVP’s service fee unless an earlier signer has already paid it.

The agent can follow the stages and status of the DIAS property transaction in Linear by clicking the Events button. More information about DIAS, including the phases of a property sale and processing times, can be found in DIAS’s customer support portal: https://asiakaspalvelu.dias.fi/hc/fi

Webinar Recordings

We have organised webinars together with DIAS about DIAS transactions. You can watch the recordings of these training sessions via the links below:

Getting to Know DIAS Transactions (Property):
https://vimeo.com/1117721066/ab0e1bcc24

Leasehold Transfer and Property Fraction as a DIAS Transaction:
https://vimeo.com/1006119539/64b0fe057c