What (if any) are the minimum formalities for the sale and purchase of real estate?
Usually, a real estate transaction in Iceland is completed in two steps. The sale and purchase agreement is signed first, which constitutes the legally binding document between the parties outlining all terms and conditions of the transaction. Secondly, the deed of conveyance, which is signed by the parties as well, and is basically an extract of the most important terms and conditions of the sale and purchase agreement. Neither document is subject to any formalities apart from being drafted in Icelandic and the signatures of the seller and buyer being witnessed by two witnesses, unless the witness is qualified as an attorney or chartered accountant, then one witness suffices.
