Sigmundr var þá mestr höfðingi í Austfjörðum. 

Signundr was then (the) greatest leader in Austfiord.

Síðan fór Markús vestur á Rauðasand til bús síns ok bjó þar lengi síðan í góðri virðingu. 

Then Markus went west to Raudasand to his house and then lived there a long time in good reputation.

Markús var eigi goðorðsmaðr ok var þó með öllu ríkr í heraði sínu. 

Markus was not the owner of a godord (=dignity and authority of a chief), and yet he was with all power in his district.

Svá lét hann bæ sinn húsa stórkostliga, at hans bær var svá húsaðr sem þeir, er bezt váru húsaðir í Vestfjörðum. 

So he had his farm furnished with houses in grand style, and his farm was so furnished with houses as those which were best furnished with houses in Westfiord.

Síðan andaðist Ingibjörg, kona Markúss, ok eftir hennar andlát fór Markús í brott af landi ok lét höggva í Nóregi kirkjuvið góðan. 

Then Ingibjorg, wife of Marus, breather her last, and after her death, Markus went abroad from Iceland and had good church timbers hewed in Norway.

Hann fór suðr til Róms, ok er hann fór sunnan frá Róm, keypti hann klokkur góðar í Englandi ok hafði þær með sér í Nóreg. 

Then he went south to Rome, and when he went from the south from Rome, he bought good bells in England and thad them with him in Norway.

Síðan fór hann til Íslands með kirkjuviðinn ok klokkurnar. 

Then he went to Iceland with the church timbers and bells.

Ok er hann kom út hingat, lét hann gera kirkju göfugliga á Rauðasandi, ok til þeirar kirkju gaf hann klokkurnar ok Óláfsskírn, er hann hafði út haft. 

And when he arrived hither, he had a magnificent church built at Raudasand, and he gave the bells to the church and Olafskirm, whom he had brought abroad.

Sú kirkja var síðan vígð guði almáttkum ok heilagri Máríu dróttningu. 

That church was then consecrated to God Almighty and holy mistress Mary. 

Eftir andlát Ingibjargar var Markús óglaðr löngum af hugtrega þeim, er hann hafði af hennar andláti.

After Ingibjargar's death, Markus was sad a long time from the grief (plural in Old Icelandic), which he had from her death.

6. Frá deilum Markúss ok Inga.

Concerning the Disagreement of Markus and Inga

Maðr hét Ingi. 

A man was named Ingi.

Hann var Magnússon. 

He was a son of Magnus.

Hann bjó í Patreksfirði á þeim bæ, er hét at Hvalskeri. 

He lived in Patreksfirth at that village, which is (so) named at Hvalsker.

Ingi var mikill maðr vexti ok ljótr, grályndr ok gárfenginn. 

Ingi was a man large of statue and ugly, spiteful and given to buffoonery. 

Á þeim bæ, er Ingi bjó, var bænahús. 

In that village, where Ingi lived, was a chapel.

Þat lá undir þá kirkju, er á Rauðasandi var. 

It belonged to the church, which was at Raudasand.   (Z. liggja 8: liggja under e-n or e-m, to be subject to, belong to)

En þat var boð ins heilaga Þorláks byskups, at hvergi skyldi bænahús niðr falla, þar sem áðr váru, ok ef bænahús hrörnaði eða felli niðr, þá skyldi af tóftinni gjalda sex aura til graftarkirkju þeirar, er bænahúsit lá undir. 

At it was announced (by) the holy bishop Thorlak, that whosoever's chapel should fall down, there were it was before, and if a chapel fell into decay or fell down, then of the (tóftinni?) should six ounces be paid for their burial-church, which the chapel belonged to.

Á þeim bæ, er Ingi bjó, fell bænahús ofan, en þat hús lét Ingi eigi upp gera, ok eigi vildi hann gjalda af tóftinni. 

In that village, where Ingi lived, the chapel fell down, but Ingi didn't have that house restored, and he didn't want to pay of (tóftinni?).

Þat fé heimti Markús at Inga, en hann galt eigi féit. 

Markus sought that money from Inga, but he didn't pay the money.

Þaðan af óx óþykkt með þeim Markúsi ok Inga.

After that, discord grew between Markus and Inga.