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A digital closing

A digital closing is a safe and easy alternative to a traditional closing for both apartments and houses. On this page you can find more information on the digital closing process and a list of things you should take into consideration when closing a home deal digitally.

How to complete a digital closing successfully

  • Let both the real estate agent and the bank know well in advance that you want to close the deal digitally. When closing the deal digitally, it’s not necessary to book a meeting in branch.
  • Digital closings are handled in different services, depending on whether the deal concerns an apartment or a house.
  • Loan agreements and other issues related to preparing the deal need to be finalised with the bank before the deed of sale can be signed.
  • The loan agreements are signed in Nordea Netbank or Mobile, and the deed of sale is signed in the digital closing service.
  • Also contact the bank well in advance when you are the seller, as you may need to renegotiate your loans, for example.
  • A successful closing requires that both the buyer and the seller and any guarantors have finalised all their business with their banks and signed the necessary documents before signing the deed of sale. The entire closing process, including preparation, will take about 5 - 10 days on average, so you should reserve enough time for it.

Steps of the digital closing process for apartments

  1. Drafting the deed of sale
    When the seller has accepted your offer, contact us through the “I have found my new home” form. Let both the real estate agent and the bank know that you want to close the deal digitally. If you are the seller, you should also contact your bank. The real estate agent will draft the deed of sale. Check the deed of sale carefully as soon as possible. After you approve the deed, the real estate agent will send the final version to the digital closing service where the buyer’s and seller’s banks can see it.
  2. Preparations with the bank
    Before signing the deed of sale, check with your bank that all the documents related to the home loan are in order and have been signed. This is the most important step in the closing process, and it depends on your situation how long it takes. The real estate agent can’t open the signing phase of the deed of sale until both the seller and the buyer have finalised their home loan business with their banks and the banks have confirmed this to the agent. Click here to read the instructions for signing the documents and agreements sent by Nordea digitally (pdf, 136 KB).
  3. Signing the deed of sale
    When everything about the transaction has been agreed and finalised with the banks, the real estate agent will open the signing phase of the deed of sale. You will have 24 hours to sign the deed. The deed will need to be signed digitally in the digital closing service (not in Nordea Netbank or Mobile). 
  4. Finalising the deal
    Banks will handle all the rest: draw down the loan and transfer the purchase price, the real estate agent’s commission and the asset transfer tax as well as the title. These transactions will be processed within 2 - 3 days from the signing of the deed of sale.

Steps of the digital closing process for houses

  1. Drafting the deed of sale
    When the seller has accepted your offer, contact us through the “I have found my new home” form. Let both the real estate agent and the bank know that you want to close the deal digitally. If you are the seller, you should also contact your bank. The deed of sale will be drafted in the Property Transaction Service offered by the National Land Survey either by the real estate agent or the seller. Check the deed of sale carefully as soon as possible.
    - Remember to authorise the bank to view the deed of sale in the service.
    - If you are the buyer, add Nordea as an agent to the application for the registration of title.
    - If the home you are buying serves as collateral for your home loan, you can apply for new mortgage deeds in the service, if necessary.
  2. Preparations with the bank
    Before signing the deed of sale, check with your bank that all the documents related to the home loan are in order and have been signed. This is the most important step in the closing process, and it depends on your situation how long it takes. Click here to read the instructions for signing the documents and agreements sent by Nordea digitally (pdf, 136 KB). 
  3. Signing the deed of sale
    When you have agreed and finalised all the necessary business with your bank, you can sign the deed of sale. Also let your real estate agent know that you are ready to sign. The deed of sale will be signed in the Property Transaction Service offered by the National Land Survey.
    - The registration of title into the buyer’s name will be initiated after the deed of sale has been signed through supplementing the application for the registration of title.
    - If the mortgage deeds are in the seller’s bank’s custody, the seller’s bank accepts the undertaking to transfer the mortgage deeds electronically as part of the deed of sale in connection with the signing of the deed of sale. The undertaking is required for transferring the mortgage deeds to the buyer or their bank.
  4. Finalising the deal
    We will handle all the rest with you, such as draw down the loan and transfer the purchase price, the real estate agent’s commission and the asset transfer tax. 

Frequently asked questions about a digital closing

Digital closing glossary

Digital closing service = service in which the deed of sale is signed by both the seller and the buyer. There are different digital closing services available, and the one used depends on the home you are buying and on your agent.

Electronic identification = electronic identification refers to strong authentication provided by banks and other parties through which your identity can be verified in various digital channels. Forms of strong authentication include online banking codes offered by banks and mobile ID offered by mobile phone operators. Read more about Nordea's access codes and identification options. 

Digital signing = a signature in loan agreements or deeds of sale, for instance, made using a means of electronic identification (online banking codes or mobile ID). Digital signing entails that you accept a document sent to you using a form of strong authentication, and this acceptance equals a traditional signature. For digital signatures, you will need either online banking codes from a bank or a mobile ID from a mobile phone operator. 

Click here to read the instructions for signing the documents and agreements sent by Nordea digitally (pdf, 136 KB)

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