Purchase of residential property in Grindavík

During the application process, you can request a priority right to buy or lease the premises back from the real estate company Þórkatla ehf. The priority right is valid until March 1, 2027.

Priority right

Priority rights are of three types. You can decline the right or choose one, two or all options.

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.

Pre-emption right

A pre-emption right allows you to intervene in the purchase of the property by another party.

This means that if the company receives and accepts a purchase offer for the property during the validity period, you will be invited to buy the property in full at that price and under the terms in question. You must respond to an offer within 15 days.

If you choose not to buy, the priority rights will be cancelled.

Pre-lease right

A pre-lease right means that you have priority in renting the premises if the company chooses to rent it out.

The real estate company will then offer you to use the right and rent the premises at the rental price and with the rental terms specified in the offer. You must respond to an offer within 15 days.

If an offer is refused or ignored, the company is allowed to rent the premises to another party.

Even if you choose not to use the right when first offered, you can use it if the premises are rented out later in the validity period.

When the property is sold, the pre-lease right is cancelled.

Conditions

• The priority right is valid until March 1, 2027. A decision on the extension of the priority right will be made before March 1, 2026.

• The priority right is not transferable to others. Obligatory heirs will, however, inherit the right upon the seller's death.