GENERAL TERMS AND CONDITIONS

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and listings
·         Art. 4. Participation procedures and submission of bids
·         Art. 5. Irrevocable purchase offer
·         Art. 6. Principal's obligations
·         Art. 7. Buyer’s Premium
·         Art. 8. Costs
·         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, based in Milan, Via P.O. Vigliani, 19, VAT No. and Tax Code 09441470961, authorised to conduct auctions under Licence No. 13/2008 issued by the Milan Police Commissioner 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 on behalf of the Principal.
Principal: Person responsible for the Proceedings
Agent: GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings: insolvency proceedings declared by the Court or a sales mandate granted by private parties
Auction: Competitive online sale of real estate published on www.gobidreal.it
Listing: Publication of a notice concerning the sale or the collection of bids/expressions of interest for real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered in an Auction or Listing
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: Identifier of the Registered User
General Terms and Conditions: These terms and conditions
Specific Terms and Conditions: The specific terms and conditions of the Auction
Deposit: Amount to be paid to participate in the Auction.
Starting Price: Starting price of each lot
Reserve Price: Minimum price which, if reached, 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 that the user intends to pay for the lot
Minimum Bid Increment: Predetermined amount added to the current price, required to submit a static bid.
Extra time : Extension of the time available for placing bids in the auction (see Extra Time section)
Provisional Award: Notification sent to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.  
Award Price: Amount for which the lot is awarded, excluding any Buyer’s Premium due and any additional taxes 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 listings, as well as to the terms and conditions governing user participation.
 
     2.1. Specific Terms and Conditions
 
Where applicable, the Specific Terms and Conditions will be published for each auction or listing and will provide all specific information relating to the auction or listing and its lots.
These terms and conditions apply unless otherwise specified in the Specific Terms and Conditions for each individual auction or listing. 
 
 
 
3.  Publication and conduct of auctions and listings
 
Auctions and listings will be published on the website www.gobidreal.it, with details of their dates, the lots offered 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 listing.
 
 
4. Participation Procedures and Submission of Bids.
4.1 Listing  
 
User participation in a listing will be governed by the Specific Terms and 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 during registration on the website and for the auctions will be those 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 they intend to participate in 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 specified in the specific terms and conditions of sale.
 
In addition to paying the security deposit, to be authorised to participate in the auction the user must provide the following documents by uploading them in the "My Documents" section or sending them to [email protected].
 
-       IF AN INDIVIDUAL:
 
-       Copy of a valid identity document belonging to the person in whose name the property will be registered (the property cannot be registered in the name of anyone other than the person who completes the registration, in accordance with the procedure described in section 5.1)
-       Copy of the tax code
-       If the bidder is married under a community property regime, the spouse's corresponding details must also be provided, together with a copy of their identity document (this document is not required for authorisation but will be required in the event of an award)
 
-       IF A COMPANY OR OTHER ENTITY:
 

Where required by specific conditions, additional documents will be requested and added to those mentioned above.
 
5. Irrevocable purchase offer 
 
5.1 Procedure for finalizing offers at the starting price
 
The combined effect of crediting the security deposit, formalizing 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 the 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.
 
This offer will be formalized on the platform directly by the Agent by placing an online bid on behalf of the first user to complete the above procedure.
           
If there are multiple participants who have formalized their irrevocable purchase offers as described above, and none of the bidders submits a higher bid on the Platform, the best bidder and, therefore, the provisional successful bidder shall be the person who, first in chronological order:
 
            - completed the aforementioned procedure.
 
The Agent will inform all bidders by any means whether or not they are the best bidders when the aforementioned irrevocable purchase offer is formalized. 

5.2 Submission of bids to increase the starting price.
 
Placing higher bids
 
The offer formalized by the first bidder may be exceeded by higher bids placed by any authorized user.
 
To be the best bidder (and therefore the provisional successful bidder), the user must have placed the highest bid at the end of the online auction.
 
Clearly, if multiple participants place higher bids on the offer at the starting auction price, the user recognized as the "first bidder" may also compete to win the lots by placing higher bids on the current price.
 
To win the lot(s) for sale, users will be invited to increase the price indicated in the auction (and, therefore, place at least one higher 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 maximum-amount offer. It corresponds to the maximum amount the user is willing to offer for each lot. Each bidder enters the proxy bid amount manually.
 
As long as the maximum bid placed by the user is not exceeded by a higher offer, that user will remain the best bidder and, therefore, the provisional successful bidder.
 
The current price will automatically adjust based on the predetermined bid increments, until it reaches the amount set as the "maximum bid".
 
The amount 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 shall be deemed valid only if submitted during the auction period.
 
5.3.1 Extra time 
 
If a winning bid is placed in the 5 minutes preceding the auction's closing, the time available to place another bid shall be extended by a further 5 minutes from the latest bid received. This shall continue indefinitely for each winning bid received within the 5-minute extra-time period, until the bidding period ends.
 
In the event of extra time, 5 minutes must elapse without any additional bid being recorded after the latest bid received before the auction may be deemed definitively concluded.
 
Automatic bids in the case of a maximum bid (proxy bid) shall also be considered winning bids.
 
 
5.4. Awarding of lots
 
At the end of each auction, following a review phase, the highest bidders shall be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, and shall be required to make payment by the deadline established in the specific terms of sale.
 
The provisional award shall be granted to the bidder who has submitted the highest bid for each lot or, if no further bids are received, to the bidder recognized as the first, in chronological order, to have completed the procedure for finalizing the irrevocable purchase offer described in point 5.1.
 
In the event of an award, the full purchase price must be paid by bank transfer to the account in the name of the proceedings, within the deadlines established in the specific terms, under penalty of forfeiture and permanent loss of the security deposit.
 
The deed of sale shall be executed by means of a notarized deed in accordance with the procedures established by the Principal (described in point 11, Transfer of ownership).
 
Submitted bids are binding and constitute a formal commitment to purchase. If the successful bidder fails to pay the amount due within the deadlines established in the specific terms of sale, or if the award is forfeited, the sale shall be automatically terminated and the security deposit shall be retained in accordance with the procedures set out in the “Security deposit” section.  In such cases, the award shall be made successively to the next-highest bidder, who must have completed the procedure described in point 5.1 or submitted a further bid, as set out in point 5.2.
 
 
 
5.5 Other provisions
 
Where provided for by law, the Principal, in its capacity as the party responsible for the sale process, may exercise the right set out in Article 107, fourth paragraph, of the Bankruptcy Law and suspend the sale upon receipt of an irrevocable improved purchase offer for an amount no less than ten percent above the price offered.
 
In any event, GOBID INTERNATIONAL AUCTION GROUP S.r.l. reserves the right to suspend the auction or the award of lots in agreement with the Principal.
 
 
 
6. Obligations of the Principal
Pursuant to Article 107 of the Bankruptcy Law, the Principal undertakes to notify each mortgage creditor or other creditor 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, filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to pre-emption rights, registered attachments and precautionary seizures, and any other encumbrances on the real estate offered for sale, shall be cancelled pursuant to Article 108 of the Bankruptcy Law once the sale has been completed and the full price has been received. Unless otherwise provided in the specific terms of sale, all formalities for cancellation shall be completed at the successful bidder's expense and under their responsibility.
 
7. Buyer’s Premium 
The fee payable to the Agent shall be borne exclusively by the purchaser and shall be identified as the Buyer’s Premium.  It shall be calculated on the hammer price of the asset in accordance with the procedures set out in the specific terms of sale.
 
 
8. Costs 
 
The purchaser shall bear the notarial fees, statutory taxes and all costs relating to the sale, whether tax-related or otherwise. The Principal shall communicate the exact amount of the costs and provide a clear breakdown as soon as possible.
 
The Principal shall fulfil this obligation taking into account the tax treatment of the transaction and any tax relief the purchaser intends to claim. The Principal shall therefore verify whether the transaction is subject to VAT or registration tax and, where the relevant conditions are met, specify whether it intends to apply the reverse charge mechanism.
 
At the end of the sale, the Agent shall also ask the successful bidder whether they intend to claim the first-home tax benefit or any other tax benefit, and shall inform the Principal accordingly so that it can calculate the exact amount of taxes payable by the purchaser.
 
The successful bidder must pay the costs 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, as 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 specified 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 assets, the security deposit shall be refunded, without interest, within 20 business days of the award.
If one or more lots are awarded, the security deposit shall be refunded after the purchaser has transferred ownership of the real estate acquired at auction by means of a notarized deed, subject to authorization from the Principal. In this case, at the Principal's discretion, the security deposit may be retained to cover any costs attributable to the proceedings or other services provided by the Agent.
If the security deposit is paid by credit card, it shall be charged to the Agent's current account, and the Agent shall refund the amount so retained in accordance with the procedures described above.
If the purchaser wins at least one lot at auction, the Agent may, in agreement with the Principal, deduct the security deposit from the total amount payable by the purchaser.
If, after paying the security deposit, the bidder fails to complete the purchase within the deadlines established in the specific terms of sale, including payment of the hammer price, the Buyer’s Premium and any additional costs, the sale shall be automatically terminated and the security deposit shall be retained as a compensatory penalty.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific auction terms, which shall specify the deadlines for payment of both the lots awarded and the Buyer’s Premium due, as well as any additional costs, and the applicable compensation clauses in the event of non-compliance with those terms.
All payments must be made in full exclusively by bank transfer, unless otherwise provided in the specific terms.  The bank details shall be provided when the user receives confirmation of the provisional award.
 
If payment of the amounts due is not completed within the established deadlines, the sale shall be automatically terminated in agreement with the Principal, and the security deposit shall be retained asas compensation penalty, with consequent forfeiture of the award.
 
 
 
 
11. Transfer of Ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be liable for any failure to correspond, or partial correspondence, between the descriptions of the lots offered at auction or in the notices 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 acknowledges the potential objective and subjective issues arising from the use of an online auction or online listing 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 its own wilful misconduct or gross negligence. Under no circumstances shall GOBID INTERNATIONAL AUCTION GROUP S.r.l. be liable for: actions taken directly by the user that may cause damage to or malfunction of the system, unavailability of access to and/or use of www.gobidreal.it, unlawful use of www.gobidreal.it, or any event occurring after the conclusion of the auction.
 
For anything not expressly provided for in these general and specific terms, reference is made to the provisions of the Code of Civil Procedure and the Bankruptcy Law.
The sale of real estate is a forced sale (Art. 2919 of the Italian Civil Code). The properties are sold as inspected and accepted, in their actual and legal condition as they stand. In a forced sale, no warranty against defects in the property is provided. The sale may not be contested on grounds of damage. (Art. 2922 of the Italian Civil Code).
 
The Agent shall not be liable for 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 as it stands, together with all appurtenances, additions, rights and actions, and active and passive easements. The sale is of the property as a whole, not by measurement, and is made without any warranty against defects or other deficiencies.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information concerning any unauthorized works, violations, encumbrances or instances of non-compliance with applicable regulations affecting the lots for sale, please refer to the attached appraisal.
 
The lots are sold as inspected and accepted, in their current condition.
Viewing the lots offered at auction is strongly recommended. GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal disclaim all liability for any errors, omissions or inaccuracies in the photographs, descriptions or any other details provided in the auction listing or notices. For this reason, viewing the lots is strongly recommended in order to verify their actual condition.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal
 
By accepting these terms, the purchaser releases GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal from any warranty or third-party claim.


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