Anyone 50 years of age or older may bid for the residence right. An offer sheet can be obtained from the Búmenn website or at the office.An offer sheet can be obtained from the Búmenn website or at the office. Members of Búmenn have priority when purchasing residence rights.

If two or more members submit an equal bid, the member with the lowest membership number has priority. If a non-member has submitted the highest bid for the residence right while members have made a lower bid, the member with the lowest membership number is invited to match the highest bid.

If neither that member nor other members who have bid for the residence right wish to do so, the bid of the non-member will be accepted. However, in order for the non-member to be able to purchase the right of residence, they must pay the Búmenn admission fee and be accorded a membership number. All residence right holders must be members of Búmenn with a specific membership number.