Housing

When you sell an apartment in a housing company on your own, you are not only selling the apartment, but also a share in the housing company. Because of this, you must acquire up-to-date information regarding the financial position of the housing company to be prepared for the sales situation.

Acquire a copy of

• the house manager's certificate with the required details of current repair needs. Check that the information on the certificate is up to date and accurate. The seller is liable for any incorrect information listed on the house manager's certificate
• the articles of association of the housing company, the minutes of the most recent general meeting of shareholders and any financial documents reviewed in the meeting such as financial statements, balance sheet and the financial plan

The seller must be familiar with what matters were discussed at the general meeting of shareholders, even if he did not personally attend it. Disputes between the parties to the transaction are often over whether the buyer was informed of upcoming renovation work, such as plumbing or roofing renovation, or even if the buyer was informed, was the information provided clearly enough.

Remember to disclose to the buyer

• information on renovation work that has already been decided on as well as any work that you know is being planned by the housing company
• information pertaining to the apartment, services in the residential area and its surrounding environment that may influence the transaction
• any defects or deficiencies regarding the apartment
• the zoning status of the residential area

If the building is several decades old and its plumbing has not been renovated, such work is generally to be expected. If the matter has not been discussed in the housing company's shareholder meetings or it has been only brought up on a general level without going into specifics, the buyer does not need to be informed. It is assumed that the buyer would understand the situation without being told.