The amount will be 95% of the fire insurance value of the property on the date of purchase. For properties under construction, the selling price is 95% of the estimated rebuild cost based on the construction stage.

The following items are deducted before the payment:

• Loans for the acquisition or renovation of a building
  If the seller wishes to have the property company Þórkatla take over the loans of a credit institution that is owed on the building, it is deducted from payment. If the obligation loans are for other reasons than the building, the property company Þórkatla does not take them over.

• Refunds paid from NTÍ
  If the Icelandic Natural Disasters Insurance has already paid insurance benefits for the housing, they are deducted from the payment.

• Debt due
  Debt that is due at the time of purchase and related to the ownership of the residential property, such as housing association fees, electricity, heating etc., shall be settled by the seller.

• The value of an asset has decreased
  The determination of the amount of payment is taken into account if the value of an asset has decreased due to measures taken by the seller before the agreement was concluded. The decrease can be for example that the owner has removed the so-called accompanying funds of the property, items that are generally included in the sale. Examples of this are furnishings, stove, oven and other in-store appliances, light conductors and other such items in accordance with the usual practices in real estate transactions.