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Buying a tenant-owned association (bostadsrätt)

First of all – a mortgage commitment

Before signing a contract to buy a tenant-owned association, you need to make sure that your purchase can be financed. Contact one or more banks to secure a mortgage commitment and the best possible financing for your new home.

First contract – The booking agreement

The first contract is signed before construction begins and is called a booking agreement. This contract is non-binding. At the time of signing the booking agreement, you will pay a booking fee of SEK 25,000. The booking fee is part of the purchase price and is deducted from the advance payment in the next step.

Second contract – The preliminary agreement

The second contract you sign is a preliminary agreement, this agreement is binding. For this agreement to be valid, the person who has purchased the home must also be accepted as a member of the tenant-owned association. The information in the preliminary agreement is based on a cost estimate, which contains a calculation of the deposits and annual fees for the apartments based on the project’s estimated costs. At the time of signing the preliminary agreement, you will make an advance payment for your home in accordance with the payment plan for the project.

Third contract – The transfer agreement

A transfer agreement is signed once the financial plan has been registered with the Swedish Companies Registration Office and the association has subsequently received the permission to transfer the apartments with tenant-ownership rights. A transfer agreement will normally be entered into between the tenant-owned association and the buyer approximately 4–6 months before hand-over. The buyer thereby becomes a tenant-owner and a member of the tenant-owned association. In connection with the signing of the transfer agreement, you will make a partial payment in accordance to the project’s payment plan.

Have you found a home that is ready to move into?

Sometimes your dream home is all ready and waiting for you. In this case, Bonava will most likely have purchased the home from the tenant-owned association as part of our guarantee commitment. You will sign a transfer agreement with Bonava to purchase your new home. At the time of signing the agreement, you will make a down payment of 10% of the purchase price. 

Peace of mind included

When buying a new home from Bonava, you will receive additional guarantees and help in case your life should take an unexpected turn. Thanks to some of the best guarantees on the market, you can rest assured all the way.

Always insure your home

Bonava always makes sure that the association’s property is insured. The property insurance includes special supplementary collective insurance. However, you should always sign up for a home insurance from the date you move in, so that you are covered against theft, fire or water damage.

A tenant-owned association, or "bostadsrättsförening" in Swedish, is an economic association where members collectively own the buildings and common facilities in which they live. The association owns the property itself, while individual residents own shares in the association, granting them the right to occupy their respective apartments or houses. The association is governed by a board elected from its members, responsible for aspects such as finances and administration.

Living in a tenant-owned association means that you and your neighbours collectively own and manage the neighborhood's buildings and shared spaces. Membership in the association requires ownership of a share, allowing you to influence the association's activities. As a member, you have the right to participate and vote in the association's annual meeting. Ownership entails influence over and responsibility for the economic and managerial aspects of the association. For instance, decisions on renovations and associated costs are determined by the members.

Everyone Participates and Influences

A fundamental aspect of living in a tenant-owned association is the ability of all members to participate and influence their living environment. The elected board, chosen during the annual meeting, oversees the association's operations. During the annual meeting, members review the previous year's financial statements and activity report. Members also vote on approving the income statement and balance sheet and decide whether to grant the board discharge for their management. Members can submit motions for consideration at the meeting, providing an opportunity to propose ideas or initiatives, such as additional investments in communal areas.

The Economy of the Tenant-Owned Association

The economic affairs of the tenant-owned association are managed by its board. Members contribute with an annual annual fee, divided into monthly payments known as the monthly fee. This fee covers ongoing expenses such as operational costs, regular maintenance, and repairs. Additionally, it includes the association's capital costs for loans, with a portion reserved for future maintenance. Some associations separately bill for electricity and water consumption based on individual usage.

The annual fee is a part of your housing costs, but if you havve lent money to purchase your property, you will also incur costs for interest and pay for mortgage and interest.

While you do not own the property itself, the association formally owns the building and has granted you the right to use the apartment through a "bostadsrätt" (tenancy right). The right to use the property can be transferred to a new buyer, subject to the approval of the association's board.

Owning and living in a tenant-owned association comes with both rights and responsibilities. You have the freedom to paint, hang wallpaper, and make minor alterations within your residence. However, major changes require approval from the association's board. In essence, you are responsible for the maintenance of your home's interior, while the association manages the exterior, as outlined in the association's bylaws.

Under certain circumstances and for a limited period, you may be allowed to sublet your property with the approval of the board.