The RS procedure is a part of the apartment buyer’s safekeeping system that is based on the Housing Transactions Act. The RS procedure must be applied when new housing company shares are marketed and sold while the housing company is being set up, that is before the building has been completed and taken into use.
In the RS procedure, the founding shareholder, that is the future proprietor, hands the safekeeping documents pertaining to the building that will be constructed to the custodian of safekeeping documents, that is either a bank or the Regional State Agency. The custodian of safekeeping documents notifies the National Land Survey’s Residential and Commercial Property Information System that the RS procedure has been initiated.
Based on the notification by the bank or the Regional State Agency, the National Land Survey adds the restriction “Notification by the custodian of safekeeping documents” to the apartments to which the RS procedure applies. The restricition means that only the bank or the Regional State Agency can notify the new owners of the apartments, as well as pledges and possible restrictions, for registration in the Residential and Commercial Property Information System. The restriction is shown on the apartment printout.
The National Land Survey can only set the restriction on apartments intended for accommodation, not parking spaces and commercial premises whose ownership is based on housing company shares.
The RS procedure ends when the building has been constructed and taken into use
When the building has been constructed and taken into use, the RS procedure ends. The bank or Regional State Agency notifies the National Land Survey of the new owners, pledges and restrictions that apply to apartments that have been sold while the building is still being constructed. The apartment buyer does not have to apply for registration of ownership of an apartment if the RS procedure applies.
New owners: apply for registration of ownership to parking spaces and business premises
As the new owner you must apply for registration of ownership to parking spaces and commercial premises and other apartments that are not intended for accommodation but whose ownership is based on housing company shares.