GENERAL TERMS AND CONDITIONS

This is a collection of irrevocable purchase offers relating to the lots published on the platform www.gobidreal.it.
Please note that the irrevocable purchase offers covered by this collection do not entail any obligation or commitment to sell on the part of the PRINCIPAL, nor any charges for possible mediation or consultancy services (other than the engagement conferred on the AGENT), and do not constitute invitations to make offers, public offers under art. 1336 of the Italian Civil Code, or solicitations of public savings under art. 94 et seq. of Legislative Decree 58/1998.
For the participation rules and all information concerning the above-mentioned collection, please refer to the specific conditions published on the platform www.gobidreal.it.

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and announcements
·         Art. 4. Participation procedures and submission of offers
·         Art. 5. Irrevocable purchase offer
·         Art. 6. Principal's obligations
·         Art. 7. Buyer's Premium
·         Art. 8. Charges
·         Art. 9.  Security Deposit
·         Art. 10. Payments
·         Art. 11. Transfer of ownership
·         Art. 12. Warranties
 
 
Art.1 Definitions:
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.: Owner and operator of the online auction website http://www.gobidreal.it, with registered office in Milan, Via P.O. Vigliani, 19, VAT No. - Tax Code 09441470961, authorised to conduct auction sales under Licence no. 13/2008 issued by the Chief of Police of Milan on 9/04/2008.
gobidreal.it: Registered trademark owned by GOBID INTERNATIONAL AUCTION GROUP S.r.l.
www.gobidreal.it: The website operated by GOBID INTERNATIONAL AUCTION GROUP S.r.l. for the sale of real estate under an engagement conferred by the Principal.
Principal: The party responsible for the Proceedings
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings:insolvency proceedings declared by a Court or a sales engagement conferred by private individuals
Auction: Online competitive sale of real estate published on www.gobidreal.it
Announcement: Publication of a notice concerning the sale or collection of offers/expressions of interest relating to real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered in an Auction or Announcement
Registered User: A user registered on www.gobidreal.it
Auction Registration: Authorisation requested by the registered user to participate in a specific Auction
Bidder Number: Identification number of the Registered User
General Terms and Conditions: These terms and conditions
Specific Conditions: Specific terms and conditions of the Auction
Deposit: Amount to be paid to participate in the Auction.
Starting Price: Starting price of the individual lots
Reserve Price: Minimum price, reaching which authorises the provisional award of the lot
Current Price: Current price of the Lot, resulting from the bid(s) placed by users
Static Bid: Amount entered by the user to increase the current price of the lot
Maximum Bid: (proxy bid) Maximum amount the user is willing to pay for the lot
Minimum Bid Increment: Predetermined amount added to the current price that is required to place a static bid.
Extra-time : Extension of the time available for placing bids in an auction (see Extra-time section)
Provisional Award: Notification sent to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.  
Award Price: Amount of the award for the lot, excluding any Buyer’s Premium payable and any additional tax and other charges
Buyer's Premium: Fee payable to the agent, calculated on the taxable amount of the award price

 
2. Applicability: 
 
These terms and conditions apply to the use of the website www.gobidreal.it and, in particular, to the publication and conduct of auctions and announcements, as well as to the terms and conditions governing user participation.
 
     2.1. Specific Conditions
 
For each auction or announcement, where applicable, Specific Conditions will be published, setting out all specific information relating to the auction or announcement and the lots.
These terms and conditions apply unless otherwise specified in the Specific Conditions of each individual auction or announcement 
 
 
 
3.  Publication and conduct of auctions and announcements
 
Auctions and announcements will be published on the website www.gobidreal.it, indicating their dates and the lots available and, where applicable, the general and specific terms and conditions. 
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l., in agreement with the Principal, reserves the right to cancel, extend or suspend the auction or announcements.
 
 
4. Participation Procedures and Submission of Offers.
4.1 Announcement  
 
User participation in the announcement process will be governed by the specific conditions, where applicable.
 
4.2 Online Auction
4.2.1 Registration process
To participate in the sale, the user must register on the website www.gobidreal.it, enter their personal details, request registration for the auction, and accept its terms and conditions.
 
The details entered by the user when registering on the website and for the auctions will be the same details to which any award will be made and in whose name the property will be registered. All required payments, both before and after the sale, must be made by the registered users. Any powers of attorney or authorisations may be considered subject to the Principal's approval.
 
The user must pay the required security deposit by bank transfer to the account specified in the specific terms and conditions of sale and on the registration page.
Where indicated in the specific terms and conditions of sale, the deposit may be paid online by credit card.
 
The user must specify the auction number for which they wish to participate and simultaneously send a copy of the bank transfer receipt to [email protected]
 
The security deposit must be credited before the end of the auction, unless otherwise indicated in the specific terms and conditions of sale.
 
In addition to paying the security deposit, in order to be authorised to participate in the auction, the user must provide the following documents by uploading them to the "My Documents" section or by sending them to [email protected]
 
-       IF AN INDIVIDUAL:
 
-       Copy of a valid identity document of the person in whose name the property will be registered (the property may not be registered in the name of a person other than the person who completes the registration, according to the procedure described in section 5.1)
-       Copy of the tax identification number
-       If the bidder is married under the community property regime, the corresponding details of their spouse must also be provided, together with a copy of their identity document (this document is not required for authorisation but is required in the event of award)
 
-       IF COMPANIES or ENTITIES:
 

Where required by specific conditions, additional documents will be requested and added to those listed above.
 
5. Irrevocable purchase offer 
 
5.1 Procedure for finalising offers at the auction starting price
 
The combined effect of crediting the security deposit, formalising registration for the auction—with express acceptance of the general and specific terms of sale published online at www.gobidreal.it—and the user's submission of all required supporting documentation, as specified above in section 4.2.1, shall be deemed equivalent to an irrevocable purchase offer at the price set as the starting price for each sale attempt and shall itself constitute a binding purchase commitment on the part of the user.
 
The said offer will be entered on the platform directly by the Agent by placing an online bid on behalf of the first user to complete the procedure described above.
           
Where there are several participants who have formalised their irrevocable purchase offers in the manner described above, and none of the bidders places a higher bid on the Platform, the person who, first in chronological order:
 
            - completed the aforementioned procedure shall be deemed the highest bidder and, therefore, the provisional successful bidder.
 
The Agent shall inform all bidders, by any means, whether or not they are the highest bidder at the time the aforementioned irrevocable purchase offer is formalised. 
 

5.2 Submission of bids to increase the starting price.
 
Placing bids
 
The bid submitted by the first bidder may be outbid by higher bids placed by any authorized user.
 
To be deemed the highest bidder (and therefore the provisional successful bidder), a user must have placed the highest bid when the online auction ends.
 
Clearly, where several participants place bids on the starting auction price, the user identified as the "first bidder" may also compete to win the lots by placing bids on the current price.
 
To win the lot(s) for sale, users will be invited to increase the price shown in the auction (and therefore to place at least one bid) as follows:
 
 
 
5.2.1 Static bid 
 
A "static bid" means a bid at the price published online, plus a predetermined minimum increment.
 
 
5.2.2 Maximum bid (Proxy Bid):
 
A "proxy bid" means a bid up to a maximum amount. This is the maximum amount that the user is willing to offer for each lot. Each bidder enters the value of their proxy bid manually.
 
Until the user's maximum bid is exceeded by a higher bid, that user will remain the highest bidder and therefore the provisional successful bidder.
 
The current price will automatically adjust according to the predetermined bid increments, up to the value set as the "maximum bid".
 
The value of a user's maximum bid (proxy bid) will not be visible to other users.
 
 
5.3. Validity of bids
 
In all cases (static bid – maximum bid – open bid), bids will be considered valid only if submitted during the auction period.
 
5.3.1 Extra time 
 
If a winning bid is placed in the 5 minutes before the auction closes, the time allowed for placing another bid will be extended by a further 5 minutes from the last bid received. This will continue in the same way for every winning bid received within the 5-minute extra-time period, until the bidding period ends.
 
In the event of extra time, 5 minutes must pass without any additional bid being recorded after the last bid received before the auction can be considered definitively closed.
 
Automatic bids placed in response to a maximum bid (proxy bid) will also be considered winning bids.
 
 
5.4. Awarding of lots
 
At the end of each auction, following a review phase, the highest bidders will be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, and will be required to make payment by the deadline set out in the specific terms of sale.
 
The provisional award will be made to the bidder who submitted the highest bid for each lot or, if no further bids are placed, to the bidder recognized as the first, in chronological order, to have completed the procedure for finalizing the irrevocable purchase offer described in section 5.1.
 
In the event of an award, the full purchase price must be paid by bank transfer to the account held in the name of the proceedings, within the deadlines established in the specific terms of sale, failing which the award will be forfeited and the security deposit permanently retained.
 
The deed of sale will be executed by notarized deed in accordance with the procedures established by the Principal (described in section 11, Transfer of ownership).
 
Submitted bids are binding and constitute a formal commitment to purchase. If the successful bidder fails to pay the purchase price within the deadlines established in the specific terms of sale, or if the award is forfeited, the sale will be automatically rescinded and the security deposit will be retained in accordance with the procedures set out in the "Security deposit" section. In such cases, the award will be made successively to the next highest bidder, who must have completed the procedure described in section 5.1 or placed a further bid, as described in section 5.2.
 
 
 
5.5 Other provisions
 
Where provided for by law, the Principal, as the party responsible for the sale proceedings, may exercise the option under Article 107, fourth paragraph, of the Bankruptcy Law and suspend the sale upon receipt of an irrevocable purchase offer that is higher by an amount of no less than ten percent of the price offered.
 
In any event, GOBID INTERNATIONAL AUCTION GROUP S.r.l. reserves the right to suspend the auction or the award of the lots in agreement with the Principal.
 
 
 
6. Obligations of the Principal
Pursuant to Article 107 of the Bankruptcy Law, the Principal undertakes to give notice by notification to each mortgage creditor or creditor otherwise holding a preferential claim at least 20 days before the date set for the conclusion of each sale attempt, and to inform the Delegated Judge and the Creditors' Committee of the outcome of each sale attempt by filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to rights of pre-emption, registrations of attachments and precautionary seizures, and any other encumbrances on the real estate put up for sale, will be cancelled pursuant to Article 108 of the Bankruptcy Law once the sale has been completed and the price has been paid in full. Unless otherwise provided in the specific terms of sale, all formalities for cancellation will be carried out at the successful bidder's expense and under their responsibility.
 
7. Buyer’s Premium 
The fee payable to the Agent will be borne exclusively by the buyer and will be identified as the Buyer’s Premium. It will be calculated on the successful bid amount for the property, in accordance with the procedures indicated in the specific terms of sale.
 
 
8. Costs 
 
The buyer will be responsible for notarial fees, statutory taxes, and all expenses relating to the sale, whether tax-related or otherwise. The Principal must communicate the exact amount of the costs and specify them correctly as soon as possible.
 
The Principal must do so taking into account the tax rules applicable to the transaction and any tax relief the buyer intends to claim. The Principal will therefore be required to verify whether the transaction is subject to VAT or registration tax and, where the relevant conditions are met, to specify whether it intends to apply the reverse charge mechanism.
 
At the end of the sale, the Agent will also ask the successful bidder whether they intend to claim the first-home tax relief or another tax benefit, and will inform the Principal accordingly so that it can calculate the exact amount of tax the buyer will be required to pay.
 
The successful bidder must pay the expenses no later than the deadlines indicated in the specific terms of sale.
 
 
 
9. Security deposit
 
 
Participation in the auction is conditional upon payment of a mandatory security deposit, the amount of which is specified in the specific terms of sale.
 
Before being authorized to participate in the auction, participants must pay the amount specified above by bank transfer or, where provided for in the specific terms, by credit card through the platform. Payments must be made as set out in the specific terms of sale.
The security deposit must be credited before the auction closes.
 
For payment by bank transfer, a BIR transfer (high-value bank transfer) is recommended.
 
If auction participants do not win any property, the security deposit will be refunded within 20 working days of the award, without interest.
If one or more lots are awarded, the security deposit will be refunded after the buyer has completed the transfer of ownership of the real estate purchased at auction by notarized deed, subject to authorization granted by the Principal. In such cases, the security deposit may be retained both to cover any costs attributable to the Proceedings, at the Principal’s discretion, and to cover any other services provided by the Agent.
If the security deposit is paid by credit card, it will be collected into the Agent’s current account, and the Agent will refund the amount withheld in this way in accordance with the procedures described above.
If the buyer is awarded at least one lot at auction, the Agent may, in agreement with the Principal, deduct the deposit from the total amount owed by the buyer.
If, after paying the deposit, the bidder fails to complete the purchase within the time limits set out in the specific terms of sale, in the event of an award, both with regard to the winning bid price and the Buyer’s Premium and any additional charges, the sale will be automatically terminated and the deposit will be retained as compensation by way of penalty.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific auction terms, which will specify the deadlines for payment of both the awarded lots and the Buyer’s Premium due, as well as any additional charges, and the relevant compensation clauses in the event of failure to comply with those terms.
All payments must be made in full exclusively by bank transfer, unless otherwise specified in the specific terms.  The bank details will be provided when the user receives confirmation of the provisional award.
 
If the amounts due are not paid within the specified time limits, the sale will be automatically terminated, in agreement with the Principal, and the security deposit will be retained as compensation by way of penalty, resulting in the forfeiture of the award.
 
 
 
 
11. Transfer of ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not responsible for any discrepancy, in whole or in part, between the descriptions of lots offered at auction or in advertisements published on the platform and the actual lots.
 
For anything not provided for in these general terms or in the specific terms, the provisions contained in the Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user is aware of the potential objective and subjective issues arising from the use of an online auction or online advertisement conducted over the Internet, for which GOBID INTERNATIONAL AUCTION GROUP S.r.l. cannot be held liable.
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be liable for direct and/or indirect damage or liability, except in cases of wilful misconduct or gross negligence on its part. Under no circumstances shall GOBID INTERNATIONAL AUCTION GROUP S.r.l. be liable for: actions by users that may damage or cause the system to malfunction; inability to view and/or use www.gobidreal.it; unlawful use of www.gobidreal.it; or any event occurring after the auction has concluded.
 
For anything not expressly provided for in these general and specific terms, reference is made to the provisions of the Italian Code of Civil Procedure (c.p.c.) and the Bankruptcy Law.
The sale of real estate is a compulsory sale (Art. 2919 of the Italian Civil Code). The properties are sold as seen and accepted, in their actual and legal condition. In a compulsory sale, no warranty is given against defects in the property. The sale may not be challenged on grounds of damage. (Art. 2922 of the Italian Civil Code).
 
The Agent shall have no liability whatsoever regarding the existence of third-party rights over the assets being sold (Art. 2920 of the Italian Civil Code).
           
The real estate is sold in its actual and legal condition, together with any appurtenances, additions, rights and claims, and active and passive easements. The sale is of the property as a whole and not by measurement, and is made without any warranty against defects or other deficiencies.
 
UNAUTHORISED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information regarding any unauthorised works, violations, encumbrances or failures to comply with applicable regulations affecting the lots for sale, please refer to the attached expert report.
 
The lots are sold as seen and accepted, in their current condition.
Inspection of the auction lots is strongly recommended. GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal disclaim all liability for any errors, omissions or inaccuracies in photographs, descriptions or any other details provided in the auction listing or advertisements. For this reason, inspection of the lots is strongly recommended in order to verify the actual condition of the assets offered at auction.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal
 
By accepting these terms, the buyer holds GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal harmless from any warranty claims or claims by third parties.


In the event of any disputes concerning the interpretation of the provisions contained in the general and specific terms published on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.