Asuntoosakeyhtiössä

Asuntoosakeyhtiö is a Finnish term that translates to "housing company" or "apartment company." It is the legal form of a housing corporation in Finland, responsible for the ownership and management of a residential building or a group of buildings. When an individual purchases an apartment in Finland, they are not buying the physical property itself but rather a share in the asuntoosakeyhtiö, which grants them the right to exclusive use of a specific apartment unit.

The asuntoosakeyhtiö is governed by a board of directors elected by the shareholders, who are the apartment owners. This board is responsible for the day-to-day operations of the company, including maintenance, repairs, financial management, and enforcing the company's bylaws. Shareholders typically hold general meetings at least once a year to discuss important matters, approve financial statements, and elect board members.

The primary responsibilities of an asuntoosakeyhtiö include maintaining common areas like stairwells, elevators, laundry rooms, and outdoor spaces. They are also responsible for the upkeep of the building's structure, such as the roof, facade, and plumbing. The costs associated with these responsibilities are shared among the shareholders, usually based on the proportion of ownership each shareholder holds. This shared cost structure is known as the "hoitovastike" or maintenance charge. In addition to maintenance charges, owners may also be responsible for "rahoitusvastike" or financing charges, which cover loans taken by the housing company for major renovations or improvements.