Residents' Association
Have a look at our guide to establishing and running a residents' association, as well as the services we offer.
Residents' Association Services
Changes to the position of Treasurer/ Board
Changes to the 'payer'
Changes to fees
Online bank
Income statement
Collection services
Residents' Association Loans
You must provide a loan application statement signed by all residents as well as the minutes of the meeting when the loan was approved.
Construction loan
We offer construction loans to residents' associations. Both short-term and long-term loans are available depending on the needs of the residents' association. However, the shorter the repayment period, the lower the total cost of the loan.
Book an appointment with our advisers or send an inquiry to husfelag@islandsbanki.is.
Green finance for charging stations
We want to be a force for good. Our green products are designed to help you to create a more sustainable future. We offer residents green finance options for charging stations purchased from reputable dealers and installers.
We offer a a five-year loan period. Book an appointment with one of our advisors or send an email to: husfelag@islandsbanki.is
We also offer green finance to individuals interested in purchasing a charging station. See the Ergo website for more information: Ergo.
Division of expenses
Here you can calculate how much each apartment should pay per month in house association costs.
Enter information on apartments
Appartments
Percentage owned
Percentage of expense
Part of expense
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Establishing a Residents' association
- Step 1
Registering an ID number
All residents' associations need an ID number. You can go directly to step 2 if you already have an ID number. If you do not have an ID number, then you must apply for one at RSK, see more on the RSK website. (Icelandic)
- Step 2
What documentation must be provided?
The following list gives a comprehensive overview of the documentation you will need to provide.
See list (Icelandic)
- Step 3
Treasurer visits branch
The Treasurer submits original forms and provides official ID. The Treasurer and Chairman must both provide scanned images of their ID for the Bank's database or provide electronic ID online.
A homeowner with more than 25% ownership of the property must also provide scanned ID or prove his or her identity with an electronic ID.
- Step 4
Online bank account established
We offer access to an online banking service specifically tailored to the needs of residents and associations. You can perform all the main actions that the treasurer of a residents' association might need.
A power of attorney must be submitted with the Board's signature and minutes if other members of the board need access to the online bank.
The role of the Treasurer
The role of a Treasurer can vary.
The Treasurer must, among other things:
- Act as a liaison between the bank and the residents of the residents' association, e.g. when to change fees or payers.
- Pay all invoices and keep track of monthly payments.
- Keep track of arrears and send a request for further collection with the attached form when necessary. See application here. (Icelandic)
- Prepare documents for the annual general meeting in collaboration with the Board of the residents' association.
- Sign statements to realtors regarding the sale of apartments.
General Meeting
Residents' associations must hold a legally convened general meeting (with at least 8 and at most 20 days' notice) once a year. Confirmation of elected members must be provided at these meetings, despite the fact that no changes have been made to the residents' association board. The original must be received by the Bank, with a copy of the signed minutes.
See application
Want to know more?
Do you need help? This information might help. If you need further assistance, then you can chat with us via the online chat or call us.
