Proprietorship (Section B)

Main right / Primary real right : OWNERSHIP
Local nomen iuris: Omistusoikeus
The registration of ownership, i.e. the registration of title, is called “Lainhuuto” in the Finnish LR.
Definition: Ownership is the main right in the system of property rights in Finland. The object of ownership is a real estate as an independent cadastral unit (ID = cadastral number), or a share thereof or a parcel thereof. Every one of these three entities is treated as a folio of their own in the LR. The folio is identified by the real estate cadastral number, by the same added with the amount of the shares owned or by the same added with the parcel ID. The right of ownership consists of an exclusive right of possession, right of use and right of disposition with regard to the object of ownership.

Main right / Primary real right : LEASEHOLD
Local nomen iuris: Vuokraoiekus
The registration of leasehold is called “Erityinen oikeus” in the Finnish LR, supplemented with a designation “Vuokraoikues”.
Definition: This folio creating right, leasehold, confers the holder of the right an exclusive right of possession with regard to the object of the leasehold (a certain land area). It also provides the holder of the right with a right of use of the object according to the purpose of the leasehold, more precisely defined in the lease contract. The holder of the right is also entitled to transfer his / her right to a third party without a prior consent of the landlord. The object of this folio creating right can be identified in the LR by a specific ID number for this kind of objects; ID number consists of the cadastral number of the real estate added with a leasehold designation (e.g. 123-12-21-1-L1, L1 being the leasehold designation).

2.1 If owners are natural persons, information of the owner or proprietor or holder of the main right registered will usually comprise the following:

–          Name of the owner (first name, surname) in the way governed by national legislation.
–          ID of the owner.

However, normally there should not to be expected that information includes neither the person to whom the owner is married when acquisition is for the marriage or for matrimonial community of goods, nor the person to whom the owner is married in any case, nor civil status, nor date of birth.

2.2 In the event that the owner or proprietor is a company or legal person, information will usually include:

1. Name of the company.
2. ID of the company.

And it will not include other data such as registered office, date and place of registration or registration number.

Information of the Finnish land register system usually includes references to the:

1. Entitlement or substantial entitlement, act or contract which is basis of the acquisition for the proprietor.
2. Formal entitlement, deed of acquisition of the owner.

Information of the Finnish land register system usually includes the existence of restrictions on the person of the owner stemming from insolvency or affecting the authority of disposal when they have been registered.

With respect to the information on restrictions on the person of the owner, existence conditions antecedent or subsequent will be also included in Section B.

In Finland, there’re no trusts.

LR information includes the price of acquisition of the property upon request of any user.