Can you give me some additional advice on buying property in Iceland

Keep in mind that you are entitled to the assistance of a licensed real estate agent throughout the process of the real estate purchase, but they have the training and experience needed.

Most loans can be assumed between properties. The requirements for the assumption of loans must be checked specifically with each credit institution. Ten to fifteen days should be allocated for the transferl of lien to take place. It is important to solicit advice from your real estate agent concerning transfer of lien and right of pledge.

Bear in mind that the buyer does not become the uncontested legal owner of the property until he or she has had the transfer of ownership registered. Therefore it is necessary to complete the registration of the transfer of ownership even if the purchase agreement has been registered beforehand, up to that point, the real estate is the communal property of buyer and seller.

Preserve all records in reference to the real estate transaction
Preserve carefully all records in reference to the real estate transaction, i.e. purchase agreement, transfer of ownership, mortgage deed, all receipts, loan payments, payments of real estate fees, HOA fees, et cet. A meticulous keeping of records always pays in the long run.