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Finnish Housing Transaction Act

In Finland, the buyer of a new home is always protected by the law. The protection applies both to the building time as well as up to ten years after moving in.

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When selling apartments during the construction stage, the buyer’s interests shall be protected as stipulated in the Finnish Housing Transaction Act, Chapter 2. The key protection requirements are the following: 

  • A sale during the construction stage must be made in  writing
  • The seller must deposit the safekeeping documents required by the Housing Transaction Act with a bank or a Regional State Administrative Agency. The safekeeping documents constitute the framework for the implementation of the project. These include guarantee certificates, economic plan, real-estate property details, building permit and permit drawings, building method description and special works descriptions and building contract. 

  • The seller must place guarantees required by the Housing Transaction Act for the benefit of the housing company and shareholders. 
  • Buyers are jointly entitled to select an observer of construction works and an auditor as their representatives. 

In housing advertisements an apartment building under this protection system is called "RS project" (RS stands for “recommended by the Financial Institutions Advisory Board”).

 

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Developer's responsibility 

Although a new apartment is carefully built and inspected several times troughout the building period by our professional Construction Managers, small defects that were not visible can arise in the apartment after moving in. For this reason, housing companies arrange annual inspections 12 to 15 months after the completion of construction works and the buyer’s responsibility is to declare and record all defects detected. In new-built projects, the seller bears the overall responsibility for building defects during a period of ten years. Residents and the housing company are responsible for repair needs due to tear and wear, usage and age. 

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