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 offer to purchase
·         Art. 6. Obligations of the Principal
·         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 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 on behalf 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 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 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: 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 whose attainment 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 is willing to pay for the Lot
Minimum Increment: Predetermined amount added to the current price, required to place 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 of the Award for the Lot, excluding any Buyer’s Premium due and any additional tax 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
 
Specific Terms and Conditions will be published for each auction or listing, where applicable, setting out all specific information relating 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 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 listing.
 
 
4. Participation Procedures and Submission of Bids.

4.1 Listing 
 
The user's 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 by entering their personal details, request registration for the auction, and accept its terms and conditions.
 
The details entered by the person when registering on the website and for the auctions will be those used, if applicable, to award the property and register it in their name. All payments required, 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 bank account specified in the specific terms and conditions of sale and on the registration page.
Where specified 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 auction closes, 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 cannot be registered in the name of a person 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 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 if the property is awarded)



-       IF A COMPANY OR ORGANISATION:
 
-       Up-to-date company register extract or certificate issued by the Chamber of Commerce, Industry, Crafts and Agriculture
-       Copy of a valid identity document of the person who signed the bid on behalf of the company and, if that person is not its 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 register 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 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, 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 considered 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 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 are multiple participants who have formalized their irrevocable purchase offers as described above, and none of the bidders places a higher 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 to increase the starting price.
 
Placing higher bids
 
The offer formalized by the first bidder may be outbid by higher bids placed by any authorized user.
 
To be declared 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, if multiple participants place higher bids on the starting-price offer, 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) being sold, users will be invited to increase the price indicated at 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 preset 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. The value of the proxy bid is entered manually by each bidder.
 
Until the maximum bid placed by the user is exceeded by a higher offer, that user shall remain the best bidder and therefore the provisional successful bidder.
 
The current price will automatically adjust according to the preset bid increments, up to the amount 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 shall 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 latest bid received. This will continue in the same way for each winning bid received within the 5-minute extra-time period, until the available time expires.
 
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 higher bids in the event 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 best 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 specified in the specific terms of sale.
 
The provisional award shall be granted to the bidder who submitted the highest offer for each lot or, if no further higher bids were 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 specified in the specific terms, failing which the award shall be forfeited and the security deposit permanently lost.
 
The sale deed shall be executed by 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 specified 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 set out in the "Security deposit" section.  In such a case, the award shall be made successively to the next-best bidder who has completed the procedure described in section 5.1 or placed a higher bid, in accordance with the provisions set out in section 5.2.
 
 
 
5.5 Other provisions
 
Where permitted by law, the Principal, as the party responsible for the sale procedure, may exercise the option provided for in Article 107, paragraph four, of the Bankruptcy Law and suspend the sale upon receiving an irrevocable purchase offer that improves on the existing offer by an amount of no less than ten percent of the offered price.
 
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 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 pre-emption rights, records of attachments and conservatory seizures, and any other encumbrances affecting the real estate assets offered for sale, shall 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 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 identified as the Buyer’s Premium.  It shall be calculated on the amount of the winning bid for the asset, in accordance with the procedures specified 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 provide information on the exact amount of the costs and their proper breakdown as soon as possible.
 
The Principal shall proceed accordingly, taking into account the tax treatment of the transaction and any tax benefits that 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 they intend to apply the reverse charge mechanism.
 
At the end of the sale, the Agent will ask the successful bidder whether they intend to claim the first-home tax benefit or another tax benefit and will inform the Principal accordingly, so that the exact amount the buyer will be required to pay in taxes can be calculated.
 
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 on payment of the mandatory security deposit 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 (large-value bank transfer) is recommended.
 
If participants do not win any lots at auction, the security deposit will be refunded within 20 business 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 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 to cover other services provided by the Agent.
If the security deposit is paid by credit card, the deposit will be collected into the Agent's bank account, and the Agent will refund the amount withheld in this way according to 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 fails to complete the purchase within the deadlines set out in the specific terms of sale, including payment of the winning bid price, the Buyer's Premium and any additional charges, the sale will automatically be terminated and the security deposit will be retained as liquidated damages.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific terms of the auction, which specify the deadlines for payment of both the lots awarded and the Buyer's Premium due, as well as any additional charges, and the relevant liquidated damages 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 payment of the amounts due is not completed within the established deadlines, the sale will automatically be terminated in agreement with the Principal, and the security deposit will be retained as liquidated damages, with the award consequently forfeited.
 
 
 
 
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 terms of sale, by means of a notarized deed in accordance with the procedures established by the Principal, unless otherwise specified in the specific terms of sale.
In the case of court-ordered sales, the Principal will also notify the Delegated Judge so that the Judge may arrange for the cancellation of any prejudicial registrations affecting the properties being transferred, pursuant to Article 108 of the Bankruptcy Law, as indicated in Article 6.
Once the payment deadlines set out in the specific terms of sale have passed, if the transfer of ownership has not been completed, the sale will automatically be terminated and the amount paid by the successful bidder as the Buyer's Premium will be retained by the Agent as liquidated damages. 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. is not responsible for any failure of, or partial discrepancy in, the descriptions of lots offered at auction or in advertisements published on the platform.
 
For all matters not covered by these general terms or the specific terms, the provisions contained in the website's 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 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 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 taken directly by the user that may damage or disrupt 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 concluded.
 
For all matters not expressly covered by 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 (Article 2919 of the Italian Civil Code). The properties are sold as seen and accepted, in their actual and legal condition. In a forced sale, no warranty is given against defects in the property. The sale cannot be challenged on grounds of damage (Article 2922 of the Italian Civil Code).
 
The Agent accepts no liability for 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 actual and legal condition, together with all appurtenances, accessions, rights and claims, and active and passive easements. The sale is by 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 regarding any unauthorized works, violations, encumbrances or non-compliance with applicable regulations affecting the lots for sale, please refer to the attached appraisal.
 
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. and the Principal disclaim all liability for any errors, omissions or inaccuracies in the photographs, descriptions or any other details provided for the auction or in the advertisements. For this reason, viewing 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 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.

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