Handover and settlement statement: checklist and example

The settlement statement (refusionsopgørelse) usually comes afterwards. It divides the running costs that one party has paid but that relate wholly or partly to the other party's period.

It is not a new purchase price. It is the final calculation between buyer and seller.

In brief

• Handover day is normally the cut-off date for running costs between buyer and seller.
• The time of the key handover is set out in the purchase agreement or agreed separately.
• The settlement statement divides prepaid and outstanding costs between the parties.^[1]
• Electricity, water and heating are normally read on handover, but are often settled directly by the utility companies and so are not automatically included in the settlement statement.
• Who prepares the statement is set out in the purchase agreement.
• The deadline follows the agreement. The settlement statement is often prepared 7 to 30 days after handover.^[1]
• An approved settlement statement does not automatically close every possible claim about defects in the home.

What happens on handover day?

Handover day is the date the buyer and seller have written into the purchase agreement.

Several things usually happen on the day:

• The keys are handed over
• The home is inspected
• Meter readings are taken
• The buyer takes over consumption and running costs as agreed
• Insurance must match the risk the buyer takes over
• The bank guarantee is normally replaced by a cash deposit
• Handover day becomes the cut-off date in the settlement statement

The exact time may be stated in the purchase agreement. 12 noon is often used, but it is not a rule that applies to every sale.

The deed (skøde), land registration (tinglysning) and release of the purchase price can run in parallel. So not every part of the transaction necessarily happens on the same day.

Read more in the guide to completion, the deed and land registration.

Access date and handover day are different

If the buyer gets the keys before the official handover day, this is known as the right of disposal (dispositionsret).

An early access agreement can move:

• Access to the home
• Payment for electricity, water and heating
• The duty to maintain the property
• The risk of damage
• Insurance needs

It does not necessarily move the official handover day or every item in the settlement statement.

If the access date is 15 June and handover day is 1 July, consumption can pass to the buyer on 15 June, while other costs are still divided with 1 July as the cut-off date.

It depends on the agreement.

Read more about the right of disposal and getting the keys before handover.

Checklist for the key handover

A systematic walk-through makes it easier to document the condition of the home on the day.

Keys and access

Check that everything agreed has been handed over:

• Keys to external doors
• Postbox key
• Keys or fobs for shared areas
• Remote control for the garage or gate
• Alarm codes
• Codes for electronic locks

Fixtures and fittings

Compare with the purchase agreement and the sales listing (salgsopstilling):

• White goods included in the sale
• Lamps, curtains or other agreed fittings
• Garden tools
• Cupboards and fixed installations
• Items that were supposed to be removed

Condition of the home

Look out for:

• New damage since the last viewing
• Water or damp
• Broken windows
• Damage from moving out
• Clearing or cleaning not done as agreed

Documentation

It can be useful to gather:

• Photos or video
• Date and time
• Meter readings
• Notes on defects
• Written communication with the estate agent or adviser

Also read the checklist for the first 14 days after handover.

Meter readings on handover

On handover day, the following are usually read:

• Electricity
• Water
• Heating
• Gas
• Heating oil in the tank, if relevant

Boligejer.dk explains that the readings are normally sent to the utility companies, which settle directly with the seller. The buyer is then registered as a new customer.^[1]

This means that electricity, water and heating are not automatically items to be settled between buyer and seller.

They can still be included if:

• The utility company does not issue a final bill directly
• There is shared or private metering
• On-account payments are made through an owners' association (ejerforening)
• Oil, gas or fuel is taken over as a stock
• The purchase agreement sets out a special settlement

Photos of the meters help document both the figures and the date.

What is a settlement statement?

The settlement statement is an account of the financial balance between buyer and seller, with handover day as the cut-off date.

The basic principle is:

• Costs before handover day normally belong to the seller.
• Costs from handover day normally belong to the buyer.

If the seller has already paid a cost that covers part of the buyer's period, the buyer refunds their share.

If the buyer has paid a cost that relates to the seller's period, the amount can go the other way.

The specific purchase agreement decides which items and cut-off principles are used.

Which items can be included?

The settlement statement can include, among other things:

• Homeowners' association (grundejerforening) membership fee
• Owners' association contributions
• Shared costs
• On-account heating or water paid through an association
• Waste collection or private shared schemes
• Oil or other fuel stock
• Rental income
• Deposit and prepaid rent when taking over a tenant
• Interest or fees under the purchase agreement
• Specific property tax items to be divided
• Other prepaid costs as agreed

Not every sale includes every item.

An owner-occupied flat (ejerlejlighed) can have several association items. A house can have a homeowners' association, an oil tank or private shared facilities. A rented-out home can require a settlement of the tenant's deposit and prepaid rent.

Property tax after 2024

Property tax consists of, among other things, property value tax (ejendomsværdiskat) and land tax (grundskyld).

Under the new property tax rules, both taxes are largely handled personally through the preliminary income assessment (forskudsopgørelse) and the annual tax statement (årsopgørelse). The Danish Tax Agency (Skattestyrelsen) explains that the seller must pay land tax up to the buyer's handover day, while property value tax follows the period in which the home is available as a residence.^[2]

So it is no longer accurate to say in general that the seller has always prepaid the whole year's property tax, which the buyer then refunds.

The settlement statement can still include:

• Older or special tax items
• Prepayments
• Subsequent adjustments
• Amounts that the purchase agreement expressly divides

The specific statement must match the type of tax and the period the item relates to.

Which items are not normally included?

The settlement statement is not a full list of all the costs of the purchase.

It does not normally include automatically:

• The buyer's land registration fees
• The bank's and mortgage credit institution's (realkreditinstitut) loan costs
• The buyer's lawyer or adviser
• The buyer's home insurance and change-of-ownership insurance (ejerskifteforsikring)
• Ordinary moving costs
• Consumption that the utility companies settle directly
• Renovation costs
• A general price reduction for defects

These costs can be relevant to buying a home, but they are not necessarily a financial balance between buyer and seller.

Who prepares the settlement statement?

It is set out in the purchase agreement.

The task can lie with:

• The buyer's adviser
• The seller's estate agent (ejendomsmægler)
• The seller's adviser
• Another party handling completion (berigtigelse)

Boligejer.dk explains that in some sales the task lies with the buyer's adviser and in others with the seller's estate agent.^[1]

Whoever prepares the statement uses supporting documents such as:

• Receipts
• Bills
• Association information
• Meter readings
• The purchase agreement
• Information about handover day

Both parties are normally given the chance to review the statement.

When does the settlement statement arrive?

The deadline for the settlement statement is set out in the purchase agreement.

Boligejer.dk explains that the settlement statement should normally be prepared 7 to 30 days after handover day. Elsewhere, an agreed deadline of 15 to 30 days is described.^[1][3]

So look at the date and wording in your specific purchase agreement rather than a general standard figure.

Late bills or later adjustments can mean that some items cannot be finalised until later.

Example of a settlement statement

The buyer takes over the home on 1 October.

The seller has paid 6.000 kr. in homeowners' association fees for the whole year. In this simplified example, three months of the amount are allocated to the buyer.

The buyer's share is:

6.000 kr. × 3/12 = 1.500 kr.

The buyer must therefore refund 1.500 kr. to the seller.

In addition, the buyer has paid a private shared cost of 800 kr. by mistake, which relates to September and so to the seller's period.

The total balance is 700 kr. in the seller's favour.

The example uses whole months to show the principle. In an actual statement, the amount may be divided by days and according to the method in the purchase agreement.

What does the balance mean?

Balance in the seller's favour

The buyer owes the seller money. The amount is normally paid according to the procedure set out in the statement or the purchase agreement.

Balance in the buyer's favour

The seller owes the buyer money. The amount can be offset against the deposited funds if the conditions are met, or paid in another agreed way.^[4]

The balance says nothing about whether the home has defects. It only shows the calculated financial balance.

How to review the statement

For each item, you can look at:

1. What is the cost?
2. What period does it cover?
3. Who has paid?
4. Which date is the cut-off date?
5. Has the amount been divided using the agreed method?
6. Is there documentation?
7. Is the amount in the right party's favour?

Also check:

• Name and address
• Handover date
• Number of days or months
• Plus and minus signs and the balance
• Bank details
• Any interest
• References to the purchase agreement

An item can have the right amount but the wrong period.

If you disagree with an item

Disagreement can be due to, among other things:

• The wrong handover date
• Missing supporting documents
• A cost that does not follow the purchase agreement
• The wrong period
• The wrong sign (plus or minus)
• Double counting
• A later adjustment

Objections are handled according to the purchase agreement and the specific process. A written explanation with supporting documents makes it easier to see where the parties' calculations differ.

An approved statement does not automatically shut out every objection. The deadlines, the agreement and the type of claim decide what you can still raise.

Defects, missing items and cleaning

The settlement statement is not automatically where every problem found on handover gets deducted.

If, for example, the home:

• Has not been cleared as agreed
• Is missing agreed fittings
• Has new damage
• Has not been cleaned to the standard required by the purchase agreement

the matter must be documented and handled according to the purchase agreement.

An amount can only be offset if there is a contractual basis or an agreement between the parties. Whoever prepares the settlement statement cannot automatically set an arbitrary price reduction.

Defects in the home can also be subject to other rules and deadlines than the settlement statement.

Read the guide to the first 14 days after handover.

House, owner-occupied flat and rented-out home

House

Typical items can be the homeowners' association, private shared facilities, waste collection and oil stock.

Owner-occupied flat

Here there can be shared costs, on-account heating, shared loans, extraordinary contributions and adjustments from the owners' association.

Rented-out home

If the buyer takes over a tenant, the statement can include, among other things:

• Deposit
• Prepaid rent
• On-account heating and water
• Rent for periods around handover

Boligejer.dk highlights deposit and prepaid rent as items when taking over a tenant.^[1]

Common misunderstandings

The settlement statement is the same as the utility companies' final bill

No. The utility companies normally settle consumption directly based on the meter reading. The settlement statement is an account between buyer and seller.

The seller has always prepaid the whole year's property tax

No. Property tax is handled under the applicable tax rules and personal tax information. Only specific items that need to be divided belong in the statement.

Every sale must have a settlement statement within 30 days

The deadline follows the purchase agreement. 7 to 30 days is common, but it is not a universal statutory deadline.

Missing cleaning is deducted automatically

No. The claim must follow the agreement and be handled between the parties.

Once the statement is signed, no claims can be raised later

No. The settlement statement closes the financial items it includes. Other claims can follow other rules, agreements and deadlines.

Handover day and access date are the same

Not necessarily. The buyer can get access before the official handover day under a separate agreement.

In summary

Handover day is the dividing line between the seller's and the buyer's periods. The settlement statement divides the costs that cross this date.

The most important thing is to keep three accounts separate:

1. The utility companies' settlement of actual consumption.
2. The settlement statement between buyer and seller.
3. Any claims about defects or failure to fulfil the purchase agreement.

They can arise at the same time, but do not necessarily follow the same rules.

Once you get the keys, you can calculate and gather the costs of moving and your first projects in the Moving-in Calculator.

BoligKlar gives you a second pair of eyes and an overview. The settlement statement and any claims are handled according to the specific purchase agreement.

Frequently asked questions