What happens when you are closing on a home?

Once you have found the home you were looking for and your offer has been accepted, it is time to set a date for the conclusion of the sale. This is usually done at the buyer’s bank within two weeks after the offer has been accepted. Today you can choose between a digital housing transaction and the conventional housing transaction meeting.

The conclusion of the sale in a nutshell:

  1. Credit documents are usually signed digitally before a housing transaction. However, if you have arranged with your bank to sign your housing loan agreements at the same time, you will have time to do this before the other parties arrive.
  2. Once everyone has arrived at the housing transaction meeting, it is time to sit down together to go through the paperwork. A conventional housing trade meeting is usually attended by the seller, the buyer, a real estate agent, if any, and in the case of property sale also a notary.
  3. At the meeting, the deed of sale is signed and the sale price is paid, together with any real estate agent's fee and the asset transfer tax. Please get the personal asset transfer reference from Tax Administration's MyTax service in advance. If you buy an apartment share without the real estate agent or buy a property, you will receive a transfer tax notice at the event to fill in.
  4. The funds will be  transferred once all documents have been signed.
  5. If the sale concerns a share in housing company, the new owner will be entered in the share certificate on paper. If the transaction involves a digital housing share or property sale, the bank will take care of the measures related to the registration of title and pledge to the National Land Survey of Finland.
  6. If the sale has been handled by an experienced estate agent, they will inform the property manager of the change in the ownership of the housing company shares. 

After the sale has been concluded, you can sit back and enjoy your new home. Congratulations!

What to do before the conclusion of the sale

  • Make sure your housing loan is in order.
  • Always ask to see the final deed of sale in good time before the conclusion of the sale. Read it carefully beforehand.
  • Make sure that all funds needed for the sale are in your Nordea account.
  • Remember to bring your valid ID.
  • Make sure that your home insurance is already valid at the time of the housing trade meeting.

Mover’s checklist

Your removal will be the smoother if you plan ahead for it. This checklist will make planning your removal easier.

Read more

How are you prepared for an increase in your monthly repayments?

Protect yourself against a rise in interest rates and unexpected changes to your loan in advance.

Read more about interest rate hedging

Home Insurance

If Home Insurance helps handle surprising situation in everyday life at home and at the cottage.

Read more about Home Insurance