Right-of-occupancy agreement

Right-of-occupancy agreement

The occupant of a right-of-occupancy housing facility and the owner of the property conclude a written right-of-occupancy agreement defining the housing facility, the amount of the right-of-occupancy fee, the charge for use, and other terms and conditions. The content of a tight-of-occupancy agreement are based on Finland's Asumisoikeuslaki (transl. Right-of-occupancy Act).

A right-of-occupancy agreement is signed after the applicant has provided Vaso with the required financial status report and the local council has confirmed the applicant as the holder of the right of occupancy on the basis of the applicant's running number. The place where right-of-occupancy agreements are signed is Vaso's office. Before signing the agreement the applicant is required to indicate whether or not he/she intends to use the right-of-occupancy agreement as a security for a loan.

On signing the agreement, the applicant receives from Vaso the bank transfer slips for making the right-of-occupancy payments and security payment deposit. The due date for the payments is two weeks before the agreed moving-in day. The signing of the agreement is also when the obligation-to-assign bond to the bank (if applicable) is signed.

The right-of-occupancy agreement needs to be carefully retained. The agreement needs to be returned to Vaso when renouncing one's right of occupancy.