Sikringsobligasjon
A sikringsobligasjon (a security mortgage deed used during a property sale) is a mortgage deed that the estate agent registers against the property during a sale, to make sure that the financial settlement between buyer and seller is completed safely. It gives the agent's settlement company a charge over the property and includes a non-disposal declaration that stops the seller from selling, letting out or mortgaging the property again while the transaction is in progress.
The document has two parts. One is a mortgage deed with priority over the property, usually issued for an amount above the purchase price to leave room for interest and costs. The other is the non-disposal declaration, in which the hjemmelshaver (the registered owner) gives up the right to dispose of the property in law without the agency's consent. The chargeholder is the agent's settlement company, but the interest being protected is first and foremost the buyer's. The sikringsobligasjon is registered early in the sales process, before the purchase price is paid out.
The background is the requirement in the Estate Agency Act section 6-10, third paragraph: an agent who handles the settlement must make sure that the buyer has obtained legal protection for the acquisition before the purchase price is used on the seller's behalf. The sikringsobligasjon is the industry's standard tool for meeting this requirement. Without it, the buyer risks paying without secure title, or discovering that the seller has created new encumbrances in the meantime.
The non-disposal declaration blocks Grunnboken for new voluntary dispositions by the seller: Kartverket refuses to register a new sale or mortgage deed against the property while the block is in place, unless the agency consents. This way the agent keeps control of the priority order until the settlement is complete. The sikringsobligasjon therefore establishes a security charge: a charge that secures a claim instead of providing credit.
A sikringsobligasjon is used in almost all ordinary sales settled by an agent, and Finanstilsynet (the Financial Supervisory Authority of Norway) supervises whether agencies follow the rules on settlement and the handling of client funds. If the seller becomes insolvent after the purchase price has been paid in, but before the buyer has had the deed registered, the registered charge gives the buyer a secured position in Grunnboken ahead of the seller's other creditors. The same tool is used for transfers through a shell company or with a blankoskjøte (blank deed), where the real owner lacks registered title and needs interim security.
Once the buyer has had the deed registered and the settlement is complete, the agency deletes the sikringsobligasjon from Grunnboken. It is therefore temporary, unlike a mortgage deed for a bank loan, which stays in place until the loan is repaid and deleted. In pro contra settlements and other adjustments between the parties, the sikringsobligasjon gives the agent a solid basis for holding back funds until everything is settled.
In Placepoint, a registered sikringsobligasjon is shown together with other encumbrances in the property panel, so you can see the chargeholder, the amount and the non-disposal block without ordering a charges certificate for every lookup.
How this looks in Placepoint
In Placepoint you find this in Property panel:
From Placepoint's dictionary: Sikringsobligasjon
More information: Lovdata: the Estate Agency Act section 6-10, Kartverket: Pantsette eiendom, Finanstilsynet
English: Security mortgage deed registered by the estate agent during a Norwegian property sale, including a non-disposal declaration (Norwegian-specific).
Common questions
What is a sikringsobligasjon?
A sikringsobligasjon is a mortgage deed with a non-disposal declaration that the estate agent registers against the property during a sale. It makes sure the settlement between buyer and seller is completed safely, with the agent's settlement company as chargeholder.
Why does the agent register a sikringsobligasjon?
Under the Estate Agency Act section 6-10, third paragraph, the agent must make sure the buyer has obtained legal protection before the purchase price is paid out to the seller. The sikringsobligasjon gives the agent control over Grunnboken in the interim period and protects the buyer.
What is the difference between a sikringsobligasjon and an ordinary mortgage deed?
An ordinary mortgage deed secures a bank loan and stays in place until the loan is repaid. A sikringsobligasjon secures the transaction itself and is deleted once the settlement is complete. Both establish a charge, but the purpose and the lifetime differ.
What is a non-disposal declaration?
A non-disposal declaration is a block in which the hjemmelshaver gives up the right to sell, let out or mortgage the property without the agency's consent. Kartverket refuses to register new dispositions while the block sits in Grunnboken.
When is the sikringsobligasjon deleted?
Once the buyer has had the deed registered and the settlement is complete, the agency deletes the sikringsobligasjon. It is temporary and should not remain as a lasting encumbrance after the sale.