Digital housing trading will revolutionise the way people in Finland buy their apartments—just like back in the day online banking revolutionised banking.
DIAS introduces a new, flexible way to buy an apartment. In other words, you can carry out the deal just when it suits you, even from the couch. While you previously had to fill out a massive amount of paperwork and visit many offices, now you can take care of things easily through a new digital service.
The goal is to make digital trading possible with also paper share certificates during 2019.
When using the DIAS platform, the buyer and the bank approve and sign the deeds of sale digitally. The parties identify themselves using their Mobile ID or TUPAS authentication (Finnish online banking credentials). The DIAS platform is based on blockchain technology, which makes it reliable, secure and easy.
Trading on the DIAS platform is as secure as online banking. DIAS also takes care of the asset transfer tax and other fees as well as changing the ownership details in the electronic register of housing company shares.
DIAS guarantees reliable trading and enables transferring information, payments and pledges related to each transaction securely to the appropriate parties. With digital trading, there is no need to hold a paper share certificate in the bank’s vault or send mortgage deeds from one bank to another anymore.
Using the DIAS platform does not incur direct costs to the buyer or seller.
In the future, housing transactions will not be confined by time, place or paper documents.
When the deed of sale has been finished and reviewed, the real estate agent or developer transfers it to the digital DIAS platform. Next, DIAS submits the approval requests to the seller, the bank and the buyer who all approve it digitally. After the approval, the seller and the buyer are invited to sign the deed of sale. The parties identify themselves using their Mobile ID or TUPAS authentication (Finnish online banking credentials).
DIAS also takes care of the asset transfer tax and other fees as well as changing the ownership details in the electronic register of housing company shares. After this, all parties receive a confirmation of the completed deal.
Coming in 2019
In order to transfer ownership digitally, the housing company's shares are in the electronic register of housing company shares. From the beginning of 2019, all new Finnish housing companies will be established digitally, when the law on the apartment information system will take effect.
For the share registers of old housing companies, the transition period will begin on 1 May 2019 and finish at the end of 2022. During this period, all housing companies must transfer their share register to the apartment information system. After this, the digitalisation of individual share certificates becomes possible.
The goal is to make digital trading possible also with paper share certificates during 2019.
Conducting housing transactions in the traditional way will remain possible, too. However, we believe that once people notice how fast and easy digital housing transactions are, they will become widespread.