Sheriff's auctions
Sheriff’s auctions are held regularly at Vaka’s premises, where cars that have been neglected are auctioned, as well as cars sold because of outstanding liens or public charges.
Since 1958 Vaka has provided facilities for the public authorities so these auctions can take place, first at Síðumúli 20, and the Vaka auctions have long been a regular fixture for many car dealers.
Advertisement in Morgunblaðið, May 24, 1958
The Reykjavík town treasurer, the Reykjavík customs commissioner and others held an auction at Vaka’s facility at Síðumúli 20, which took place on June 4 of the same year.
See more at Tímarit.is
Terms of sheriff's auctions
The Sheriff of the Capital Region regularly holds auctions of cars and machinery, and these auctions are governed by the general terms set out in the notice in the Official Gazette (Stjórnartíðindi) no. 42/1992 as attached.
Notice in the Official Gazette (Stjórnartíðindi) no. 42/1992
On general terms for the auction of movable property etc.
Art. 1
These terms apply to compulsory sales by auction of property and rights falling under Chapters XI and XII of the Act on Compulsory Sales, unless otherwise decided specifically for the sale of particular items or for the auction as a whole.
Art. 2
When the sheriff has called three times for those present to make an offer on an item without any offer being made, the sheriff lets the hammer fall and states at the same time whether an offer is accepted and which one.
If no offer is made on an item, the sheriff may decide to add other items and seek an offer on them together.
The sheriff is not obliged to accept an offer that the sheriff considers unreasonably low in view of the likely market price of the item. The sheriff may then comply with a party’s demand to reject all offers and postpone to another auction to attempt the sale anew.
The sheriff rejects all offers on an item if the compulsory sale is carried out to satisfy a monetary claim and the offer is so low that none of the petitioners would receive any payment from the sale price.
Art. 3
Items are sold in the condition they are in when the hammer falls.
Art. 4
The buyer cannot be separately charged for costs or value-added tax on the sale of an item in addition to the buyer’s offer.
Art. 5
Payment of the sale price is made when the hammer falls. However, it may be decided, before offers are sought, that a payment deferral will be granted for the sale of particular items, provided the petitioner requests or consents to it.
Art. 6
The buyer bears the risk of the items from the moment the hammer falls. In the case of a car, the buyer must insure it before it is moved from the auction site. Otherwise its registration plates will be removed.
Art. 7
The buyer is entitled and obliged to take the items into their custody as soon as the purchase price is paid. If a payment deferral is granted, the items are kept at the buyer’s cost and risk until their price is paid in full.
Art. 8
No responsibility is taken for the condition of the items or for title to them, and the buyer cannot make a claim for rescission, a price reduction or damages after the sale price has been disbursed.
These terms for the auction of property and rights under Chapters XI and XII of the Act on Compulsory Sales are issued under the provisions of Article 65 of the Act on Compulsory Sales no. 90 of December 23, 1991.
Ministry of Justice and Ecclesiastical Affairs, January 27, 1992.
Þorsteinn Pálsson