On Apr. 18, FIN MoJ proposed changes to real estate ownership law.
FIN GVT, FIN MoJ proposed changes to the law re real estate ownership and exchange.
Proposed amendments make changes to the Land Code, the Act on trade confirmers and the Act on the residential and commercial property information system.
Follows FIN MoJ Jun. 2023 consulted on electronic real estate sales, see #175046.
Proposed Amendments
Clarify regulation, increase opportunities for action to facilitate real estate transactions.
Based on experience gained from application of the act and concern a preliminary agreement on real estate transactions, regulation of division of possession agreement.
The proposal does not affect access to information on transfers of real estate.
Promotes the smooth and expeditious processing of registration matters referred to in the Land Code and the Act on the residential and commercial property information system, taking into account the parties' need for legal protection.
Facilitates electronic services and takes into account the possibility of automated decision-making by the registration authority in simple registration matters.
Effectiveness
Amendments should enter into force as soon as possible, no later than Nov. 2024.
On Oct. 18, 2024, FIN MoJ published FIN PRL's response to FIN GVT's proposal to amend the land code, the law on sales confirmations and the law on the apartment information systems into laws, as previously set out in its announcement in Jun. 2024.
This update, which was previously included in #216199, has been moved for clarity.
FIN PRL confirmed agreement of the proposals and sent them to President of Republic.
President of Republic confirmed law on amending land code, the law on amending the law on trade confirmations and the law on amending § 10 of the law on apartment information system, and subsequently ordered laws to come in effect on Nov. 1, 2024.
