Specific registrations

REGISTRATION OF SALES

1. Documents for sales. What type of documents does your LR system envisage for sales and carrying out their registration ?

A sale of real estate shall be concluded in a form as prescribed by the Finnish Code of Real Estate Chapter 2 Section1 (540/1995). The seller and the buyer or their attorneys shall sign the deed of sale. A public purchase witness shall attest the sale in the presence of all the signatories of the deed of sale. The deed of sale shall indicate the intent to convey, the real estate to be conveyed, the seller and the buyer and the price or other consideration.

The sale is not binding unless it is concluded as provided above.
A new owner of the real estate shall apply for the registration of title within six months of the signing the deed of conveyance. The applicant for registration of title shall present proof of the legality of his acquisition. The document on which the acquisition is based shall be attached to the application in the original or as a copy authenticated by a public purchase witness or a land register authority.

2. Method of registration. Please, indicate which of these circumstances or data form part of the content of the registration annotated in the registration books or land books for sake of a sale or conveyance.

Title and mortgage register contains the following information:

– Object of title (real estate, specified share of the real estate or parcel)
– Owner: Name, share of title, identity code
– Acquisition
– From whom title is acquired

A copy of the deed is also collected.

REGISTRATION OF MORTGAGES

1. Please, indicate what main legislation governs mortgages in your system.

Finnish Code of Real Estate (Chapters 15-20).

2. In your LR system, is the registration of a mortgage constitutive?

Registration of a mortgage creates only an instrument -a mortgage bond – to be used as a security for a dept.

A real estate lien shall be raised by LR registration of a mortgage over the real estate, by making a lien commitment and by handing the mortgage bond to the creditor as security for a debt (Chapter15 section 2).

If the mortgage bond has been handed over as security of an eventual debt,
the lien shall be raised when the debt becomes active (Chapter 17 section 2).

If the mortgage bond has been handed over to a third party, the lien or second lien shall be raised by the titleholder notifying the same to the third party, or by the lien holder presenting the titleholder’s written certificate of the same to the third party (Chapter 17 section 2).

If instructions have been given in the mortgage application to the effect
that the mortgage instrument is to be handed over to a named creditor as security for a debt, the lien shall be raised by creating the mortgage (Chapter 17 section 2).

3. Documents. What type of documents your LR system admits for establishing mortgages and carrying out their registration ?

The mortgage is not established in the basis of any loan or other kind of document. A titleholder has right to apply for a mortgage over his real estate. The application shall indicate the property to be mortgaged and the amount of the mortgage. As soon as the mortgage has been registered the applicant is issued a mortgage bond as a certificate of the mortgage. The mortgage bond can be used as a security for a dept.

4. Method of registration. Please, indicate which of these circumstances or data form part of the content of the registration annotated in the registration books or land books. (In case of not making any annotation but simply recording or collecting a copy of the deed, please indicate so.)

Basis of the obligation is not entered in the LR, nor the amount of the guaranteed debt. Only the capital amount of the mortgage is entered in the LR, without relation to the actual loan secured by the mortgage. There are no deadlines concerning mortgages.

5. Types of mortgages. If you believe it appropriate, indicate the kinds of mortgages which are relevant in your LR system.

Normal mortgages over one object (real estate, a share in jointly held real estate or a parcel not belonging to the titleholder of the real estate).
Joint mortgage over two or more real estates.
Mortgages over usufruct and buildings.

6. Modifications. What does your legal system envisage about modifying mortgages? Do debtors have any legal possibility of negotiating newly the terms of the contract or any part of them?

With certain preconditions it is possible to:

  • Change the priority of mortgages
  • Extend mortgages
  • Combine mortgages
  • Split mortgages
  • Cancel mortgages
  • Dissolute the joint mortgages

REGISTRATION OF JUDICIARY CHARGES

1. What kind of orders or judgments can create, modify or cancel an entry in your LR system ?

The answer to this question has been given in earlier ELRA questionnaire.

2. What’s the kind of registrations or entries caused in registration books or land books by these judiciary orders or decisions?

  • Caveats or annotations indefinitely in force until a new decision.
  • Common registrations whose content and duration depend on the decision of the Court.

3. In particular, are creditors-plaintiffs who demand payments of sums or money entitled to rely on the Courts and apply for annotations (caveats) or judiciary mortgages in order to attach debtors’ assets?

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