What are the official fees for buying property in Iceland

At the signing of the purchase agreement the buyer pays the following fees:

1. Stamp tax - On the one hand, the buyer pays a stamp tax on the purchase agreement, on the other hand, a stamp tax on the mortgage. The stamp tax amounts to 1,5 per cent of the amount of the deed and 0,4 per cent of the appraisal value of the property. Please be aware of that first-time home buyers are exempt from the stamp tax of 1,5 per cent. These fees are allocated to the Icelandic Treasury.
2. The registration cost is kr. 1.350 - for every registered document.
   
3. Service and Administration Fee, a fee paid by buyer on the basis of an agreement with the real estate agency for various services rendered throughout the process. This cost often runs between 30.000 and 40.000 ISK.