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District Commissioners: Purchase of residential buildings in Grindavík

What is a purchase right?

A purchase right gives you the right to buy back the property in full at any time during the validity period.

The purchase price amounts to 95% of the property’s fire insurance value when the purchase option is exercised, unless there are special reasons for a reduction.

This means that if the real estate company receives and accepts a purchase offer for the property during the validity period, you will be notified and invited to exercise the purchase option. You must respond to an offer within 15 days.

If you choose not to exercise the purchase option, the priority rights are thereby cancelled.

More information on priority rights.

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