NTÍ and Þórkatla have agreed on the prioritization of properties that Þórkatla is buying in Grindavík
4th June 2024
The Natural catastrophe insurance of Iceland (NTÍ) and Þórkatla have agreed on the prioritization of issues in Grindavík. Some of the houses that Þórkatla has bought in recent weeks in Grindavík have been damaged by the earthquakes. The purchase of around 720 residential buildings has been approved and a considerable part of them will have to go through a damage assessment by NTÍ, and some have already gone through such an assessment.
As in other real estate transactions, the rights and obligations of the property owner are transferred from the seller to the buyer, incl. payment of damages when a binding contract for the sale of real estate has been reached. Therefore, cases where damage has occurred to the bought properties are transferred to Þórkatla, which will follow up on those cases that are being assessed by NTÍ. The managers of Þórkatla will emphasize the completion of purchase agreements and the receipt of properties by the company before the review begins of NTÍ's damage assessments for the properties.
For that reason, NTÍ will prioritize its work for to reflect this and place more emphasis on completing the damage assessment and making assessments on properties other than those that are in the process of being sold to Þórkátla. For example, there are properties owned by companies and individuals who cannot sell their properties to Þórkatla. At the same time, work is being done to establish a fixed procedure between NTÍ and Þórkátla regarding the presentation of appraisals for properties owned by Þórkatla and the settlement of the damage that has occurred to them.