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. 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, based in Milan, Via P.O. Vigliani, 19, VAT No. - Tax Code 09441470961, authorized to conduct auctions under License 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 appointment conferred by private individuals
Auction: Competitive online sale of real estate published on www.gobidreal.it
Listing: Publication of a notice concerning the sale or collection of offers/expressions of interest in real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered in an Auction or Listing
Registered User: User registered on www.gobidreal.it
Auction Registration: Authorization requested by the registered user to participate in a specific Auction
Bidder 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 which, once reached, authorizes the provisional award of the lot
Current Price: Current price of the Lot, as determined by 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 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
 
For each auction or listing, where applicable, the Specific Terms and Conditions will be published, 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, 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 listings.
 
 
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 by entering 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 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 authorizations may be considered subject to the Principal's prior 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 payment of the security deposit, to be authorized 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]
 
-       INDIVIDUALS:
 
-       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 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 authorization but will be required in the event of an award)



-       COMPANIES OR ENTITIES:
 
-       An up-to-date company registry extract or certificate from the Chamber of Commerce, Industry, Crafts 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 evidencing their authority 
-       Copy of the tax code of the person who signed the offer
-       Any duly legalized translation of the company registry certificate, if the company is not Italian
-       Special power of attorney received or authenticated bynotary, in the event of participation through a representative   

 
Where provided for in the specific conditions, additional documents will be required and will supplement 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, 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.
 
This offer will be formalised 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 several participants who have formalised their irrevocable purchase offer as described above, and none of the bidders places a higher bid on the Platform, the best bidder and therefore provisional successful bidder shall be the person who first, in chronological order:
 
            - completes the aforementioned procedure.
 
The Agent shall notify all bidders, by any means, as to whether or not they are the best bidder when the aforementioned irrevocable purchase offer is formalised. 

 
5.2 Submission of bids to increase the starting price.
 
Placing higher bids
 
The offer formalised for the first bidder may be outbid by higher bids placed by any authorised 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 several participants place higher bids on the auction starting price, the user recognised 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 shown 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 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 bid, that user will remain the best 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 – free bid), bids will 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 allowed to place another bid will be extended by a further 5 minutes from the time the latest bid was received. This will continue for every winning bid received within the 5-minute extra-time period, until the allotted time expires.
 
In the event of extra time, 5 minutes must elapse without any additional bid being recorded after the latest bid was received before the auction can be considered definitively closed.
 
Automatic increments in the event of 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 Bankruptcy Law, and will be required to make payment by the deadline established in the specific terms of sale.
 
The provisional award will be granted to the bidder who submitted the highest bid for each lot or, if no further bids are placed, to the bidder recognised as the first, in chronological order, to have completed the procedure for formalising 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 in the name of the proceedings, within the time limits established in the specific terms, failing which the award will be forfeited and the security deposit definitively 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 amount due within the time limits established 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 pass successively to the next best bidder, who must have completed the procedure described in section 5.1 or placed a higher bid in accordance with section 5.2.
 
 
 
5.5 Other provisions
 
Where permitted by law, the Principal, as the party responsible for the sale procedure, may exercise the right provided for in Article 107, fourth paragraph, of the Bankruptcy Law and suspend the sale if it receives 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 the 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 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, 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 affecting 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 price 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 responsibility.
 
7. Buyer’s Premium

The fee payable to the Agent shall be borne exclusively by the purchaser and shall be indicated 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 must provide information on the exact amount of the costs and specify them correctly as soon as possible.
 
The Principal must take the necessary steps in this regard, taking into account thetax treatment of the transaction and any tax reliefs 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.
 
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 Principal can calculate the exact amount the Buyer will be required to pay in taxes.
 
The successful bidder must pay the expenses within the deadlines set out 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 stated 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 deposit must be credited before the auction closes.
 
For payment by bank transfer, it is recommended to make a BIR transfer (large-value bank transfer).
 
If participants in the auction do not win any assets, the 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 this case, the security deposit may be retained, at the Principal's discretion, 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, it will be charged to the Agent's current account, and the Agent will refund the amount retained 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 deposit from the total amount due from the Buyer.
If, after paying the deposit and being awarded a lot, the bidder fails to complete the purchase within the deadlines established in the specific conditions of sale, including payment of the award price, the Buyer’s Premium and any additional charges, the sale will automatically be terminated and the deposit will be retained as liquidated damages.
 
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 corresponding compensation provisions in the event of failure to comply with those conditions.
All payments must be made in full 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 established deadlines, the sale will automatically be terminated in agreement with the Principal and the security deposit will be retained as liquidated damages, and the award will consequently be revoked.
 
 
 
 
11. Transfer of ownership
 
Ownership will be transferred only after full payment of the award price and expenses, as provided for in the specific conditions of sale, by means of a notarial deed in accordance with the procedures established by the Principal, unless otherwise specified in the specific conditions 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 adverse registrations on the real estate being transferred, pursuant to Art. 108 of the Bankruptcy Law, as specified in Art. 6.
Once the payment deadlines set out in the specific conditions 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 provisions of the Security Deposit section.
 
12. Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not responsible for any failure to correspond, or partial correspondence, between the descriptions of the lots at auction or in the notices published on the platform.
 
For anything not provided for in these general conditions or in the specific conditions, the provisions contained in the Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user acknowledges the possible 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 responsible.
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be liable for direct and/or indirect damage 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 damage or disrupt 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 ended.
 
For anything 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 Law.
The sale of real estate is a forced sale (Art. 2919 of the Italian Civil Code). The assets are sold as seen and accepted, in their actual and legal condition. In a forced sale, there is no warranty against defects in the item. The sale cannot be challenged on grounds of damage. (Art. 2922 of the Italian Civil Code).
 
The Agent accepts no liability regarding the existence of third-party rights over assets subject to sale (Art. 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 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 on any unauthorized works, violations, encumbrances or non-compliance 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.
An inspection of the lots 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 notices. For this reason, inspection of the lots is strongly recommended in order to verify the actual condition of the assets at auction.
 
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.

In the event of any dispute concerning the interpretation of the provisions contained in the general and specific conditions published on the platform, including any translations 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