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Residential and Commercial Property Information System

National Land Survey of Finland and PRH cooperated to create the residential and commercial property information system

Information to the residential and commercial property information system maintained by the National Land Survey of Finland is obtained from such sources as the Finnish Trade Register maintained by the PRH. The system was built with an open and honest mind, and close cooperation between the parties is continuing.

After years of planning, the online residential and commercial property information system was introduced at the start of 2019.

The implementation required close cooperation extending to information system level between the PRH, National Land Survey of Finland, Finnish Tax Administration and the Digital and Population Data Services Agency.

Following a preparatory project, the parties were able to start concrete work in summer 2017.

The PRH was tasked with changing the Trade Register so that the details of housing company shares submitted by housing companies to the Trade Register could be transferred to the new system. In this way, ownership data, pledges and restrictions can be entered for housing company shares in the residential and commercial property information system.

First, the parties specified the information content to be transferred between systems. The work continued with the planning, implementation and testing of the technical aspects.

Seeking common understanding

According to Minna Savioja, Application Specialist at the National Land Survey of Finland, close cooperation has been the key factor in ensuring project success.

“Still, one feels that we should have better knowledge and understanding of customers’ needs and different practices of government agencies in such matters as registration procedures."

Experts in government agencies have jointly considered such issues as legal matters and communications related to the residential and commercial property information system.

“We have also helped each other in the preparation of customer instructions. We have provided PRH customer service personnel with training and the PRH has also trained our staff members," explains Kristiina Virmajoki, Senior Adviser in the National Land Survey of Finland.

Senior Adviser Kristiina Virmajoki, Application Specialist Minna Savioja and Registration Specialist Oona Orkola, National Land Survey of Finland

Transfers of the lists of shares now under way

Last problems with functional properties were ironed out during 2019. The share list transfer service for housing companies was opened in spring 2020 and the interfaces of the housing company management systems became operational at the end of the year.
The share list transfer support provided by the National Land Survey of Finland helps customers in matters concerning share list transfers.

“It is not always clear to customers, which of the two government agencies they should contact in matters concerning housing companies. We are cooperating with the PRH to ensure that everyone gets answers to their questions from the right place without delay," says Oona Orkola, Registration Specialist.

Even though timetables have been tight, experts in the National Land Survey of Finland feel that cooperation has been on an open and honest basis with customers at the centre.

“Of course, there have also been risky situations as two registers must be made to work together. Everybody must work with utmost precision. At the same time, we will continue to develop the system in close cooperation with the PRH."

Residential and commercial property information system

Residential and commercial property information system is an online system containing all details of housing company shares and their ownership data, pledges and restrictions.

The system is maintained by the National Land Survey of Finland.

Housing companies and mutual real estate companies established after 1 January 2019 will be automatically entered in the system from the start.

Details of housing companies established before 2019 are transferred to the system in two stages. First, a housing company transfers its list of shares to the National Land Survey of Finland. This must be done by the end of 2023.

The shareholders must then apply for the registration of their ownership and the cancellation of their paper share certificates. This must be done when the ownership changes or no later than ten years after the housing company has transferred its list of shares to the residential and commercial property information system.

www.osakehuoneistorekisteri.fi

Finnish text: Päivi Helander

Photos: Nina Kaverinen, National Land Survey of Finland