GENERAL TERMS AND CONDITIONSTable of Contents: · Art. 1. Definitions
· Art. 2. Applicability
· Art. 3. Publication and conduct of auctions and listings
· Art. 4. Participation 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, with registered office 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 Police Commissioner 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 on the instructions of the Principal.
Principal: The person responsible for the proceedings
Agent: GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings: Insolvency proceedings declared by a court or a sale mandate granted by private individuals
Auction: Competitive online sale of real estate published on
www.gobidreal.itListing: Publication of a notice relating to the sale or the collection of offers/expressions of interest for real estate, published on
www.gobidreal.itLot: An asset or group of assets offered for sale by Auction or Listing
Registered User: A user registered on www.gobidreal.it
Auction Registration: Authorisation requested by the Registered User to participate in an individual
AuctionBidder Number: Registered User identification number
General Terms and Conditions: These terms and conditions
Specific Terms and Conditions: Terms and conditions specific to the Auction
Deposit: Amount payable to participate in the Auction.
Starting Price: Starting price of each lot
Reserve Price: Minimum price that, once reached, authorises the provisional award of the lot
Current Price: The current price of the Lot, resulting from the bid(s) submitted 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, required to submit a static bid.
Extra time : Extension of the time available for placing bids in an auction (see Extra time section)
Provisional Award: Notice sent to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Award Price: Amount of the lot's Award Price, excluding any Buyer’s Premium payable and any additional tax and non-tax charges
Buyer's Premium: Fee due 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 For each auction or listing, where applicable, Specific Terms and Conditions will be published, setting out all information specific to the auction or listing and the 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, indicating the dates on which they will take place 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 interrupt the auction or listing.
4. Participation 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 auction4.2.1 Registration processTo 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 assigned 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 delegations may be considered subject to the Principal's authorisation.
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 stated 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 payment of the security deposit, to be authorised to participate in the auction, the user must provide the following documents by uploading them to the "My Documents" section or sending them to
[email protected] - IF AN INDIVIDUAL:
- Copy of a valid identity document for 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 completed the registration, according to the procedure described in section 5.1)
- Copy of the tax code
- If the bidder is married under the 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 if the property is awarded)
- IF A COMPANY OR ORGANISATION:
- Up-to-date company registration extract or certificate issued by the Chamber of Commerce, Industry, Handicrafts and Agriculture (C.C.I.A.A.)
- Copy of a valid identity document for the person who signed the offer on behalf of the company and, if that person is not the legal representative, a copy of the document confirming their relevant powers
- Copy of the tax code of the person who signed the offer
- Where the company is not Italian, any required duly legalised translation of the company registration certificate
- Special power of attorney drawn up or authenticated by a notary, in case of participation through a representative
Where provided for by specific conditions, additional documents will be required and added to those mentioned above.
5. Irrevocable purchase offer 5.1 Procedure for completing offers at the starting price
The combined effect of crediting the security deposit, completing 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 procedure described above.
If there is more than one participant who has formalized an irrevocable purchase offer in the manner described above, and none of the bidders places a further bid on the Platform, the best bidder and therefore the provisional successful bidder shall be the person who, first in chronological order:
- has completed the aforementioned procedure.
The Agent shall 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 above the starting price. Placing further bids The offer formalized for 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), a user must have placed the highest bid by the end of the online auction.
Clearly, where several participants place further bids above the starting price, the user recognized as the "first bidder" may also compete to win the lots by placing further bids above the current price.
To win the lot(s) for sale, users will be invited to increase the price stated in the auction (and therefore to place at least one further 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 for a maximum amount. This is the maximum amount the user is willing to offer for each lot. Each bidder enters the proxy bid amount manually.
Until the user's maximum bid is exceeded by a higher bid, that user will remain the best bidder and therefore the provisional successful bidder.
The current price will automatically adjust by 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 – free bid), bids will be considered valid only if submitted during the auction period.
5.3.1 Extra time If a winning bid is placed within the 5 minutes before the auction closes, the time available to place 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 time available expires.
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 deemed definitively concluded.
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 best bidders will be sent confirmation of provisional award pursuant to Article 107 of the Italian Bankruptcy Law, following which they must 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 sale price must be paid by bank transfer to the account held in the name of the proceedings, within the deadlines set out in the specific terms, on pain of forfeiture and definitive 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 section 11, Transfer of ownership).
Submitted bids are binding and constitute a formal purchase commitment. If the successful bidder does not pay the amount due within the deadlines set out in the specific terms of sale, or if the award is revoked, the sale shall be automatically rescinded and the security deposit shall be retained in accordance with the procedures established in the "Security deposit" section. In that case, the award shall be made successively to the next best bidder, provided that they 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 procedure, may exercise the option provided for in Article 107, fourth paragraph, of the Italian Bankruptcy Law and suspend the sale if an irrevocable purchase offer is received that improves on the existing offer 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 PrincipalPursuant to Article 107 of the Italian Bankruptcy Law, the Principal undertakes to notify each mortgage creditor or other creditor with a preferential right 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 rights of pre-emption, records of attachments and precautionary seizures, and any other encumbrances on the real estate offered for sale, will be cancelled pursuant to Article 108 of the Italian 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 shall be carried out 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 is referred to as the Buyer's Premium. It shall be calculated on the amount for which the asset is awarded, in accordance with the procedures specified in the specific terms of sale.
8. Costs The purchaser shall bear notarial fees, statutory taxes, and all expenses relating to the sale, whether tax-related or otherwise (except those specified above in section 6). The Principal must provide information on the exact amount of the costs and a proper breakdown of them as soon as possible.
The Principal shall do so, taking into account the tax treatment of the transaction and of any tax benefits the buyer intends to claim. The Principal will therefore be required to determine 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 benefit or another tax benefit and will inform the Principal accordingly, so that it can calculate the exact amount of taxes the buyer will be required to pay.
The successful bidder must pay the expenses no later than the deadlines set out in the specific sale conditions.
9. Security deposit Participation in the auction is subject to payment of the mandatory security deposit specified in the specific sale conditions.
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 conditions, by credit card through the platform. Payments must be made as set out in the specific sale conditions.
The security deposit must be credited before the auction closes.
For payment by bank transfer, a BIR transfer (large-value bank transfer) is recommended.
If participants do not win any lots at the auction, 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 means of a notarial deed, subject to authorization from the Principal. In such cases, at the Principal's discretion, the security deposit may be retained to cover any costs attributable to the Proceedings 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 bank 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 security deposit from the total amount due from the buyer.
If, after paying the security deposit, the bidder does not complete the purchase within the deadlines set out in the specific sale conditions, including payment of the successful bid price, the Buyer's Premium and any additional charges, the sale will automatically be deemed terminated and the security deposit will be retained as a compensatory penalty.
10. Payments The provisional successful bidder for one or more lots must comply with the specific auction conditions, which set out the deadlines for payment of both the lots awarded 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 conditions.
All payments must be made in full and exclusively by bank transfer, unless otherwise specified in the specific conditions. The payment details will be provided when the user receives confirmation of the provisional award.
If the amounts due are not paid in full by the established deadlines, the sale will automatically be deemed terminated, in agreement with the Principal, and the security deposit will be retained as a compensatory penalty, with the award consequently being forfeited.
11. Transfer of ownership
Ownership will be transferred by a deed drawn up by a Notary appointed by the Proceedings, only after full payment of the successful bid price, expenses and Buyer's Premium, unless otherwise specified in the specific sale conditions.
In the case of judicial sales, the Principal will also notify the Delegated Judge, so that the Judge may in turn arrange for the cancellation of prejudicial registrations affecting the real estate being transferred pursuant to Article 108 of the Bankruptcy Law, as set out in Article 6.
Once the payment deadlines set out in the specific sale conditions have elapsed, if the transfer of ownership has not been completed, the sale will automatically be deemed terminated and the amount paid by the successful bidder as the Buyer's Premium will be retained by the Agent as a compensatory penalty. The amount paid by the successful bidder as a security deposit will instead be retained in accordance with the rules set out in the Security Deposit section.
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 listings published on the platform and the actual lots.
For all matters not covered by these general conditions or the specific conditions, the provisions contained in the Website Terms of Use at
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 via 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 damages 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 taken directly by the user that may cause damage to or malfunction of the system; 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 all matters not expressly covered by these general and specific conditions, 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 (Article 2919 of the Italian Civil Code). The property is sold as seen and accepted, in its current factual and legal condition. In a forced sale, no warranty is provided against defects in the property. The sale cannot be challenged on the grounds of damage (Article 2922 of the Italian Civil Code).
The Agent accepts no liability with regard to the existence of third-party rights over the assets being sold (Article 2920 of the Italian Civil Code).
The real estate is sold in its current factual and legal condition, together with all 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.
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information regarding any unauthorized works, violations, encumbrances or failures to comply with applicable regulations relating to the lots for sale, please refer to the attached appraisal.
The lots are sold as seen and accepted, in their current condition.
Inspection of 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 listings or advertisements. For this reason, inspection of 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 conditions, the buyer releases GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal from any warranty or third-party claim.
GOBID INTERNATIONAL AUCTION GROUP SRL shall not be liable for direct and/or indirect damages or liability, except in cases of wilful misconduct or gross negligence on its part.
Under no circumstances shall GOBID INTERNATIONAL AUCTION GROUP SRL be liable for: actions taken directly by the user that may cause damage to or malfunction of the system; inability to view and/or use www.gobid.it; or unlawful use of www.gobidreal.it.
GOBID INTERNATIONAL AUCTION GROUP SRL shall in no event be held liable for any system malfunctions that may in any way affect or delay the delivery of communications to the person registering.
At the discretion of GOBID INTERNATIONAL AUCTION GROUP SRL and in agreement with the Principal, the competitive procedure may be suspended and/or postponed due to technical connection problems with the system caused by server or network malfunctions, or, at its sole discretion, for other reasons.
The records contained in the log file generated by the system shall constitute full and exclusive evidence between all parties to this procedure with regard to the content and timing of documents/messages exchanged electronically. Registrants declare and acknowledge that system records shall constitute full evidence of the relations between them. Such records are confidential and shall not be disclosed to third parties, except in cases expressly provided for or by order of the Judicial Authority.
For all matters not covered by these terms and conditions, the provisions contained in the terms of use of the website www.gobidreal.it shall apply.
In the event of any disputes concerning the interpretation of the provisions contained in the general and specific terms and conditions set out on the platform, which may be translated into other languages, the Italian version of the text shall prevail.