I have used the phrase "took land" for this would mean the man mentioned was a "first settler", though I do have the Land Nama bók I have not checked it.

58. kafli

Egil hét maður. Hann var Kolsson Óttarssonar ballar er land nam meðal
Stotalækjar og Reyðarvatns.

Egil was the name of a man, he was Kol's son (who was) son of Ottar Ball he took land (was first settler) between Stota Brook (?or river) and Reydar Water 

Bróðir Egils var Önundur í Tröllaskógi, faðir
Halla hins sterka er var að vígi Holta-Þóris með sonum Ketils hins
sléttmála.

Brother of Egil was Onund of Trollwood (he was) father of Hall the Strong and he (Hall) was at (present) the killing of Holt Thorir with the sons of Ketil (the) Smoothspoken

Egill bjó í Sandgili. Synir hans voru þeir Kolur og Óttar og
Haukur. Móðir þeirra var Steinvör systir Starkaðar undir Þríhyrningi.

Egil lived at Sandgil. His sons were Kol and Ottar and Haukur. Their mother was Steinvor sister of Starkad of Threehorns

Synir
Egils voru miklir menn og kappsamir og hinir mestu ójafnaðarmenn.

The sons of Egil were tall men and impetuous (Z) and the most unfair (ó-jafnaðr =Z)

Þeir voru
að einu máli og synir Starkaðar. Systir þeirra var Guðrún náttsól. Hún var
kvenna fríðust og kurteisust.

They were of one speech (?of one opinion) with the sons of Starkad. Their sister was Gudrun Nightsun, she was a woman most peaceful and courteous (refined?)

Egill hafði tekið við Austmönnum tveimur. Hét annar Þórir en annar
Þorgrímur. Þeir voru frumferlar út hingað, vinsælir og auðgir. Þeir voru
vígir vel og fræknir um allt.

Egil had taken with (staying with him) two Easterners. One named Thorir and the other Thorgrim They were on their first visit there, (frum-ferill,= CV), popular and wealthy. They were skilled at arms and most brave

Starkaður átti hest góðan, rauðan að lit, og þótti þeim svo sem engi hestur
mundi hafa við þeim í vígi.

Starkad owned a good stallion - red of color (?chestnut) which everyone thoought  was that no other could beat at fighting

Einu hverju sinni var það að þeir bræður úr Sandgili voru undir Þríhyrningi.

One particular time it was that the brothers from Sandgill were over at Threehorns

Þeir höfðu viðurmæli mikið um alla bændur í Fljótshlíð og þar kom að þeir
töluðu hvort nokkur mundi vilja etja hestum við þá.

They had discussed (talked of much) of all the farmers in Fljotshlið. and then it came to their discussion if there were anyone who would set their horse against theirs

En þeir menn voru að
mæltu það til sóma þeim og eftirlætis að bæði mundu vera að engi mundi þora
við að etja enda mundi engi eiga þvílíkan hest.

But there were men there who said, to honour/flatter them, not only no one would challenge because it was that no one owned a horse that good

Þá svaraði Hildigunnur: "Veit eg þann mann er þora mun að etja við yður."

Then replied Hildigun "I know of a man who would dare to set his horse against yours

"Nefn þú þann," segja þeir.
"You name him" they say

Hún svarar: "Gunnar að Hlíðarenda á hest brúnan og mun hann þora að etja við
yður og við alla aðra."

She replies "Gunnar  of Hliðarend has a dark coloured (?black) stallion and he would dare to  challenge yours  or any other"

"Svo þykir yður konum," segja þeir, "sem engi muni vera hans maki. En þó að
auvirðilega hafi farið fyrir honum Geir goði eða Gissur hvíti þá er eigi
ráðið að oss fari svo."

"Thus do you women think" they say "there is no one to be his strength (or his equal) But even though so humiliated by him - were Geir Priest and Gizur the White it is not so that we will be too (does not necessarily follow)

"Yður mun first um fara," segir hún og varð þeim af hin mesta deila.

"To you it would seem even worse" says she, and there was with them greatest disagreement

Starkaður mælti: "Á Gunnar vildi eg að þér leituðuð síst manna því að erfitt
mun yður verða að ganga í móti giftu hans."
Starkað said " With Gunnar I want you Least to seek a quarrel because it would be hard to go against his luck

"Leyfa munt þú oss að vér bjóðum honum hestaat?" segja þeir.

"But you will permit us to invite him to a Horsefight" they say

"Leyfa," segir hann, "ef þér prettið hann í öngu."

"I permit (this)" says he "if you promise  to be fair with him"

Þeir kváðust svo gera mundu.

They declared that they would do this