An Electronic Deed of Sale

About the implementation of an electronic real estate trading system, see [The Form of the Deed of Sale].

An electronic deed of sale may be drafted by the owner of the real estate who last has been granted the registration of title to a property. The deed is drafted by the person who according to the land register is the owner of the real estate or an authority administering the real estate.

In the electronic commerce system the seller types the requisite information and other terms into the draft of the deed and submits the draft to the buyer. If the buyer wishes to make changes to the draft, the buyer must submit the changed draft to the seller. The sale is concluded when both parties have approved the deed of sale with the same content. Until that the seller and the buyer are not bound to the draft of the deed of sale or to the changes made to it.

The location of the parcel of land that is for sale may be shown in a drawing that is drafted on a real estate register map template. Also other electronic documents may be attached to the deed of sale.

The seller or the buyer may at any time change the draft of the deed of sale or cancel it, unless the other party is handling with the draft at the same time. The draft of the deed is regarded as cancelled, when it’s been a month from the last handling.

Also an agreement of assignment may be concluded electronically.