Part-ownership resident’s databank
SATO's part-ownership home is a flexible alternative that allows you to have access to a home of your own with a small investment. The apartment's total price is agreed upon at the time of purchase, so any price fluctuation during the part-ownership period will not affect the total price. You can increase your share of ownership or give up the apartment during the part-ownership period. Your residence during the part-ownership period is governed by a lease agreement.
SATO is not currently having new part-ownership homes constructed.
How to buy additional shares
You can increase your share of ownership during the residential period. For some of the apartments the times of purchase of additional shares are determined in the shareholders' agreement. For other part-ownership homes additional shares can be purchased once a year up to the rate of 49%. Once the interest subsidy loan period is over, you can purchase your home in full.
The purchase price is determined at the time your part-ownership begins and it will not change during the residential period.
Giving up your part-ownership home
If you wish to give up your part-ownership home before the end of the part-ownership period, you can sell your share at the maximum purchase price or you can notify SATO of your willingness to sell. SATO is obliged to buy your share back.
When a part-ownership share is sold to another person, a "reassignment transaction" takes place. The apartment's selling price is its original purchase price reviewed corresponding to changes in the construction cost index (original purchase price * final index / initial index).
- The buyer fills in the part-ownership home application, and encloses the required income and asset information. The specific address of the apartment purchased must also be given in the application.
- The application must be submitted to SATO. SATO sends the decision to authorise the reassignment to both the buyer and the seller and also specifies the purchase price in the document.
- The seller or buyer must then provide SATO with 3 signed copies of the completed contract of sale as well as the shareholders' and lease agreement, including the reassignment clause (to be provided by the seller).
- The contracts of sale and agreements are processed and confirmed by SATO. Both the buyer and the seller are provided with their own documents.
- A service fee as specified in the price list is payable by the seller.
When the part-ownership share is sold back to SATO, the sale is a "redemption transaction". Once a redemption assignment has been made, the partial owner can no longer personally sell their share to someone else.
- The partial owner completes the redemption assignment (in Finnish) and sends it to SATO.
- The building manager inspects the condition of the apartment at a pre-agreed time.
- Following the inspection, SATO sends the contracts of sale to the partial owner for signing.
- Once the contracts of sale have been confirmed and the apartment assigned to SATO, SATO pays the partial owner the original purchase price less
- any rent payments owed
- any repair/cleaning costs, etc.
- The rent liability and right to use the apartment remain in force until the end of the period of notice. After this the apartment must be vacated.
Temporary assignment of a part-ownership home
For justified reasons the partial owner has the right to assign their apartment temporarily to another resident for a maximum period of two years. Such reasons may include studies in another town.
A notification form about temporary assignment must be submitted to SATO no later than one month before the assignment. The notification is processed by SATO and the partial owner is contacted if the temporary assignment cannot be authorised.
SATO must be informed if the duration of a temporary assignment changes.