Deed & Share Certificate
A deed is a legal document, which is used to prove property ownership.
When both parties have signed the purchase agreement and the deal has been sealed, it is normally the buyer’s task to complete the deed. The deed is completed and registered electronically – and contains basis purchase information: Names, addresses, price, information on the mortgage, easements, public valuation and take-over date.
It is important to know that the deed is only a receipt, proving that the ownership has gone from the seller to the buyer. There is no control of the terms of trade in connection with the deed registration. It is therefore very important that the buyer, together with his/her lawyer, makes sure that the terms of the deal – legally as well as practically – are acceptable, before the deal is finalized; and that is not until the lawyer restrictions / the right to withdraw has expired.
Share Certificate (cooperative)
The share certificate is the shareholders proof that he/she has the right to use the apartment. The share certificate is instead of a deed, as known from “normal” property deals.
The cooperative association is preparing the share certificate for the shareholder, when a cooperative share is sold.