GENERAL TERMS AND CONDITIONS

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and listings
·         Art. 4. Methods of participation and submission of bids
·         Art. 5. Irrevocable offer to purchase
·         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 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 behalf of the Principal.
Principal: Person responsible for the Proceedings
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings:insolvency proceedings declared by a 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 offers/expressions of interest in real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered for sale 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 an individual Auction
Bidder Number: Identification number of the Registered User
General Terms and Conditions: These terms and conditions
Specific Terms and Conditions: Terms and conditions specific to the Auction
Deposit: Amount to be paid to participate in the Auction.
Starting Price: Starting price of each Lot
Reserve Price: Minimum price which, when 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 the user is willing to pay for the Lot
Minimum 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 the Extra time section)
Provisional Award: Notice 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 payable and any additional fiscal or 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 provided, the Specific Terms and Conditions will be published for each auction or listing, setting out all specific information relating to the auction or listing and the Lots.
These terms and conditions apply unless otherwise provided 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 their dates, the Lots offered and, where provided, 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 listings.
 
 
4. Methods of Participation and Submission of Bids.

4.1 Listing 
 
User participation in the listing process 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 and request registration for the auction, accepting its terms and conditions.
 
The details entered by the user when registering on the website and for the auctions will be the details to which any award will be granted and in whose name the property will be registered. All payments required 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 bank 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 payment of 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 of the person in whose name the property will be registered (the property may not 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 the statutory 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:
 
-       An up-to-date company register extract or a certificate from the Chamber of Commerce, Industry, Crafts and Agriculture (C.C.I.A.A.)
-       Copy of a valid identity document of the person who signed the bid on behalf of the company and, if that person is not the legal representative, a copy of the document evidencing their authority 
-       Copy of the tax code of the person who signed the bid
-       Any duly legalised translation of the company registration certificate, if the company is not Italian
-       Special power of attorney received or authenticated by thenotary, in the event of participation through a representative   

 
Where provided for in the specific terms, additional documents will be required and added to those mentioned above.
 
5. Irrevocable purchase offer
 
5.1 Procedure for completing offers at the auction 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 shall 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 submitted their irrevocable purchase offers in accordance with the procedures described above, and none of the bidders places a higher bid on the Platform, the person who shall be deemed the         highest bidder and, therefore, the provisional successful bidder shall be the person who, first in chronological order:
 
            - completed the aforementioned procedure.
 
The Agent shall inform all bidders, by any means, whether or not they are the highest bidders when the aforementioned irrevocable purchase offer is submitted. 

 
5.2 Submission of bids to increase the starting price.
 
Placing higher bids
 
The offer submitted by the first bidder may be exceeded by higher bids placed by any authorized user.
 
The user seeking to be the highest bidder (and therefore the provisional successful bidder) must have placed the highest bid at the end of the online auction.
 
Clearly, where several participants place higher bids on the auction starting 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 displayed at auction (and, therefore, to 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 bid up to 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 offer, that user shall 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 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 before the auction closes, the time available to place another bid will be extended by a further 5 minutes from the latest bid received. This shall continue indefinitely 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 latest bid received before the auction can be considered definitively closed.
 
Automatic bids placed in response to a maximum bid (proxy bid) shall also be considered winning bids.
 
 
5.4. Awarding of lots
 
At the end of each auction process, following a review phase, the highest bidders shall be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, following which they shall be required to make payment by the deadline set out in the specific terms of sale.
 
The provisional award shall be made to the bidder who submitted the highest offer 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 submitting an 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 designated for the proceedings within the deadlines set out in the specific terms, failing which the award shall be forfeited and the security deposit definitively lost.
 
The sale deed shall be executed by means of a notarial 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 consideration within the deadlines set out in the specific terms of sale, or if the award is forfeited, 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 in turn to the next highest bidder who completed the procedure described in section 5.1 or placed a higher bid, as explained 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 right provided for in Article 107, paragraph four, of the Bankruptcy Law and suspend the sale upon receipt of an improved irrevocable purchase offer for an amount not 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 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 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 rights of pre-emption, registrations of 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 carried out at the successful bidder's expense.
 
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 awarded 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 expenses relating to the sale, whether tax-related or otherwise.   The Principal shall communicate the exact amount of the costs and provide a correct breakdown as soon as possible.
 
The Principal shall take the necessary steps in this regard, taking into account tax treatment of the transaction and any tax         benefits the purchaser 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 they intend to apply the reverse charge mechanism.
 
At the end of the sale, the Agent will finally 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 the exact amount the purchaser will be required to pay in taxes can be calculated.
 
The successful bidder must pay the expenses no later than the deadlines specified in the specific conditions of sale.
 
 
 
9. Security deposit
 
Participation in the auction is subject to payment of a mandatory security deposit, as specified in the specific conditions 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 conditions, by credit card through the platform. Payments must be made as specified in the specific conditions of sale.
The security deposit must be credited before the auction closes.
 
For payments by bank transfer, it is recommended that you make a BIR transfer (large-amount bank transfer).
 
If participants in the auction do not win any items, the security deposit will be refunded within 20 business days of the award, without interest.
If one or more lots are won, the security deposit will be refunded after the purchaser has transferred ownership of the real estate purchased 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 related to the Proceedings or to cover other services provided by the Agent.
If the security deposit is paid by credit card, it will be credited to the Agent's current account, and the Agent will refund the amount withheld in this way according to 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 owed by the purchaser.
If, after paying the security deposit and winning an item, the bidder fails to complete the purchase within the deadlines set out in the specific conditions of sale, including payment of both the winning bid price and the Buyer's Premium and any additional charges, the sale will be automatically terminated and the security deposit will be retained as compensation for damages.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific auction conditions, which will specify the deadlines for payment of both the lots won and the Buyer's Premium due, as well as any additional charges,     and the related 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 bank details will be provided when the user receives confirmation of the provisional award.
 
If payment of the amounts due is not completed within the specified deadlines, the sale will be automatically terminated in agreement with the Principal, and the security deposit will be retained as compensation for damages, resulting in forfeiture of the award.
 
 
 
 
11. Transfer of ownership
 
Ownership will be transferred only after full payment of the winning bid price and expenses, as provided for in the specific conditions of sale, by means of a notarized deed in accordance with the procedures established by the Principal, unless otherwise specified in the specific conditions of sale.
In the case of judicial sales, the Principal will finally notify the delegated judge, who will in turn arrange for the cancellation of any prejudicial registrations affecting the real estate being transferred pursuant to Art. 108 of the Bankruptcy Act, as indicated in Art. 6.
After the payment deadlines specified in the specific conditions of sale have expired, if the transfer of ownership has not been completed, the sale will be automatically terminated and the amount paid by the successful bidder as the Buyer's Premium will be retained by the Agent as compensation for damages. The amount paid by the successful bidder as a security deposit will instead be retained in accordance with the provisions of the Security Deposit section.
 
12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.  shall not be liable for any discrepancy, whether partial or complete, between the descriptions of the lots offered at auction or in the advertisements 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 Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user is aware of the possible objective and subjective issues arising from the use of an online auction or online advertisement 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 willful 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; unavailability of access to and/or use of www.gobidreal.it; unlawful use of www.gobidreal.it; or any event occurring after the auction has ended.
 
For all matters not expressly provided for in these general and specific conditions, reference is made to the provisions of the Italian Code of Civil Procedure and the Bankruptcy Act.
The sale of real estate is a forced sale (Art. 2919 of the Italian Civil Code). The property is sold as seen and accepted, in its actual and legal condition. In a forced sale, no warranty is given for 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 with regard to 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 all appurtenances,     improvements, rights and claims, and active and passive easements. The sale is of the property as a whole and not by measurement, and without any warranty for defects       or other deficiencies.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information concerning any unauthorized works, violations, encumbrances, or failure of the lots for sale to comply with applicable regulations, please refer to the attached appraisal.
 
The lots are sold as seen and accepted in their current condition.
Viewing the lots offered at auction is strongly recommended. GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal accepts no responsibility for any errors, omissions or inaccuracies in the photographs, descriptions or any other details provided in the auction listings or advertisements. 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 conditions, 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 disputes concerning the interpretation of the provisions contained in the general and specific conditions published on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.

Unless otherwise specified, the times stated in the specific conditions and on the platform refer to the time zone indicated by the server time published on the website