The Residential and Commercial Property Information System is a register maintained by the National Land Survey of Finland (NLS) that collects data about housing companies, apartment ownership, pledges and restrictions, and administrative information about housing companies. These include renovation and financial information.
The Residential and Commercial Property Information System facilitates the increase of electronic housing transactions and promotes the digitalisation of the housing market in many ways.
Data stored in the Residential and Commercial Property Information System by data providers
- Housing companies and property managers submit the following data to the Residential and Commercial Property Information System: lists of shares; company loans; maintenance and modifications; modifications by shareholders; and shareholders’ loan shares and charge information.
- Housing companies submit their articles of association data to the Finnish Patent and Registration Office’s Trade Register, and this information is automatically transferred to the NLS Residential and Commercial Property Information System.
- Shareholders apply to the NLS to register their property such as an apartment or a parking space.
- Banks and creditors report data concerning housing company loans and pledges and may apply to register an apartment’s ownership with the NLS on behalf of their customers.
- The NLS enters the restriction entries reported by the National Enforcement Authority Finland, Finnish Customs and the Police of Finland into the Residential and Commercial Property Information System.
Data users and purposes
The unified Residential and Commercial Property Information System makes housing company information more easily available and comparable.
- Shareholders can verify their ownership and any pledges and restrictions on them, as well as the details of apartment alterations. They can also view their housing company’s renovation and loan information.
- Property managers and housing company boards use the data in the administration and decision-making of housing companies.
- Real estate agents use the data to handle property transactions on behalf of the buyer and seller.
- Banks use the information when they grant mortgages or determine apartments’ collateral value.
- The Tax Administration uses the data for tax control.
- The National Enforcement Authority Finland, Finnish Customs and the Police of Finland use the data to determine individuals’ or companies’ assets. Finnish Customs may use information about ownership, restrictions and pledges for customs supervision and the prevention or detection of customs offences.
- Researchers and the media increasingly use data contained in the Residential and Commercial Property Information System. They can obtain information about housing companies from the customer service.
- The Positive credit Register receives information about individuals’ housing company loan liabilities from the Residential and Commercial Property Information System.
Residential and Commercial Property Information System in figures
- There are approximately 90,000 housing companies in Finland.
- Approximately 94% of these companies maintain their lists of shares in the Residential and Commercial Property Information System.
- There are approximately 1.8 million housing company shares in Finland.
- More than 30% of housing company shares (about 580,000) have already been converted to electronic format.
- In addition to residential apartments, apartments include commercial premises, parking spaces and storage rooms.
The maintenance of the Residential and Commercial Property Information System is financed by the income from registrations of ownership and information services, as well as government funding. EU project funding was also received for the construction and development of the system.
Housing companies can access their own information contained in the system free of charge.
More information
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