GENERAL TERMS AND CONDITIONS

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and announcements
·         Art. 4. Participation methods and submission of offers
·         Art. 5. Irrevocable purchase offer
·         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. Guarantees
 
 
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, authorized for auction sales with License issued by the Milan Police Commissioner No. 13/2008 of 9/04/2008.
gobidreal.it: Registered trademark owned by GOBID INTERNATIONAL AUCTION GROUP S.r.l.
www.gobidreal.it: The website managed by GOBID INTERNATIONAL AUCTION GROUP S.r.l. for the sale of real estate on assignment conferred by the Principal.
Principal: Responsible for the Procedure
Agent: GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Procedure: bankruptcy procedure declared by the Court or sale assignment conferred by private individuals
Auction: Online competitive sale of real estate published on www.gobidreal.it
Announcement: Publication of a notice concerning the sale or collection of offers/expressions of interest on real estate published on www.gobidreal.it
Lot: Asset or set of assets present, subject to Auction or Announcement
Registered user: User registered on www.gobidreal.it
Auction registration: Authorization requested by the registered user to participate in the individual Auction
Bidder Number: Identifier of the registered User
General Conditions: these terms and conditions
Specific Conditions: Specific terms and conditions of the Auction
Deposit: Amount to be paid for participation in the Auction.
Base Price: Starting price of individual lots
Reserve price: Minimum price whose achievement authorizes the provisional award of the lot
Current price: Current price of the Lot, resulting from the bid(s) made by users
Static offer: amount entered by the user to increase the current price of the lot
Maximum offer: (proxy bid) Maximum amount the user intends to pay for the lot
Minimum bid: Pre-established amount added to the current price required to formalize the static offer.
Extra-time : Extension of the useful time to make auction offers (see Extra-time section)
Provisional award: Communication addressed to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Award price: Award amount of the lot, net of any Buyer’s Premium due and any additional charges, tax and non-tax
Buyer's Premium: Fee due to the agent calculated on the taxable amount of the award price

 
2. Applicability:
 
These conditions apply to the use of the website www.gobidreal.it and, in particular, to the publication and conduct of auctions and announcements, as well as to the terms and conditions of user participation.
 
     2.1. Specific conditions
 
For each auction or announcement, where provided, the Specific Conditions will be published, indicating all specific information relating to the auction or announcement itself and the lots
These conditions are applicable unless otherwise indicated by the Specific Conditions of each individual auction or announcement
 
 
 
3. Publication and conduct of auctions and announcements
 
Auctions and announcements will be published on the website www.gobidreal.it with indication of the dates of conduct and the lots present 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 interrupt the auction or announcements.
 
 
4. Methods of Participation and Submission of Offers.
4.1 Announcement
 
User participation in the announcement mode will be governed by the specific conditions, where present.
 
4.2 Online auction
4.2.1 Registration process
To participate in the sale, the user must register on the website www.gobidreal.it, entering their personal data, request registration for the auction, accepting its terms and conditions.
 
The data entered by the subject during registration on the website and for the auctions will be the same as those to which the award may be attributed and to which the property will be registered. All required payments, prior to and following the sale, must be made by the registered subjects. Any powers of attorney or delegations may be considered subject to authorization by the Principal.
 
The user must pay the required security deposit by bank transfer to the current account specified in the specific sale conditions and on the registration page.
Where indicated in the specific sale conditions, the deposit payment may be made online by credit card.
 
The user must specify the auction number for which they intend to participate and simultaneously send an accounting copy of the bank transfer made to the address [email protected]
 
The deposit must be strictly credited before the auction deadline, unless otherwise indicated in the specific sale conditions.
 
In addition to crediting the security deposit, the user, to be enabled to participate in the auction, must provide the following documents by uploading them in the "My Documents" section or by sending them to the address [email protected]
 
-       IF AN INDIVIDUAL:
 
-       Copy of a valid identity document of the person to whom the property will be registered (it will not be possible to register the property to a person other than the one who signs the registration, according to the procedure described in point 5.1)
-       Copy of the tax code
-       If the bidder is married under a legal community of property regime, the corresponding data of the spouse must also be indicated, with submission of a copy of the related identity document (document not binding for enabling purposes but required in case of award)
 
-       IF COMPANIES or ENTITIES:
 

Where required by specific conditions, further documents will be requested which will supplement the aforementioned ones.
 
5. Irrevocable purchase offer 
 
5.1 Procedure for finalizing offers at auction base price
 
The combined effect of crediting the security deposit, formalizing registration for the auction – with express acceptance of the general and specific conditions of sale, published online at www.gobidreal.it – and sending by the user of all required supporting documentation, as specified above in point 4.2.1, will be considered equivalent to an irrevocable purchase offer at the price set as auction base for each sale attempt and will constitute, itself, a binding purchase commitment by the user.
 
This offer will be formalized on the platform directly by the Mandatary via online bid, on behalf of the first user who has completed the finalization procedure described above.
           
Where there are multiple participants who have formalized their irrevocable purchase offer, according to the procedures described above, and none of the bidders places a higher bid on the Platform, the best bidder and therefore provisional successful bidder will be the one who, first, in chronological order:
 
            - has completed the aforementioned procedure.
 
The Mandatary will take care to inform all bidders by any means whether or not they are the best bidders at the time of formalization of the aforementioned irrevocable purchase offer. 

5.2 Submission of offers to increase the base price.
 
Formulation of higher bids
 
The offer, formalized for the first bidder, may be exceeded by bids of a higher amount, placed by any enabled user.
 
The user who wishes to be the best bidder (and therefore provisional successful bidder) must have placed the highest offer at the end of the online auction.
 
Clearly, where there are multiple participants who place higher bids on the auction base price offer, even the user recognized as the "first bidder" may compete for the award of the lots by placing higher bids on the current price.
 
In order to be awarded the lot(s) for sale, users will be invited to increase the price indicated in the auction (and therefore to place at least one higher bid) according to the following methods:
 
 
 
5.2.1 Static offer 
 
By "static offer" is meant a bid at the price published online, plus a pre-set minimum higher bid.
 
 
5.2.2 Maximum offer (Proxy Bid):
 
By "proxy bid" is meant an offer for a maximum amount. It corresponds to the maximum amount that the user is willing to offer for each lot. The value of the proxy bid is entered manually by each bidder.
 
Until the maximum offer formulated by the user is exceeded by an offer of a higher amount, that same user will be the best bidder and therefore provisional successful bidder.
 
The current price will automatically adjust based on the amount of the pre-set higher bids, until reaching the value set as the "maximum offer".
 
The value of the maximum offer (proxy bid) formulated by a user will not be visible to other users.

 
 
5.3. Validity of bids
 
In any case (static bid – maximum bid – free bid), bids will be considered valid only if submitted within the time period of the auction.
 
5.3.1 Extra time 
 
If a winning bid is placed in the 5 minutes preceding the auction closing, the time available to make another bid will be extended by a further 5 minutes from the last bid received. And so on indefinitely, for each winning bid received within the 5 minutes of extra time, until the end of the available time.
 
In the event of extra time, 5 minutes must pass without any additional bid being recorded from the last bid received, before the auction can be considered definitively closed.
 
Automatic rebids in the case of a maximum bid (proxy bid) will also be considered winning bids.
 
 
5.4. Awarding of lots
 
At the end of each auction solution, following an investigative phase, the best bidders will be sent a confirmation of provisional award pursuant to Art. 107 of the Italian Bankruptcy Law, against which they will be required to make payments by the deadline set in the specific conditions of sale.
 
The provisional award will be granted to the bidder who has submitted the highest bid for each lot, or, in the absence of further rebids, to the bidder who is recognized as the first, in order of time, to have completed the procedure for finalizing the irrevocable purchase offer described in point 5.1.
 
In the event of award, the sale price must be paid in full by bank transfer in the name of the procedure within the terms set in the specific conditions, under penalty of forfeiture and definitive loss of the deposit.
 
The deed of sale will be stipulated by notarial deed according to the methods established by the Principal (described in point 11, Transfer of ownership)
 
The bids submitted are binding and constitute a formal commitment to purchase. If the successful bidder does not pay the consideration within the terms set in the specific conditions of sale, or if the award should lapse, the sale will be automatically terminated and the deposit will be retained, according to the methods set out in the "Security deposit" section.  In such case, the award will be granted on an ongoing basis, in favor of the next highest bidder, who has completed the procedure described in point 5.1 or made a rebid, on the basis of what is illustrated in point 5.2.
 
 
 
5.5 Other provisions
 
Where required by law, the Principal, as manager of the sale procedure, may exercise the power provided by Art. 107, fourth paragraph, of the Italian Bankruptcy Law, and suspend the sale in the event of receipt of an improved irrevocable purchase offer for an amount not less than ten percent of the offered price
 
In any case, 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 Art. 107 of the Italian Bankruptcy Law, the Principal undertakes to give notice by notification to each of the mortgage creditors or otherwise privileged creditors at least 20 days before the date set for the conclusion of each sale attempt, as well as to inform the Delegated Judge and the Creditors' Committee of the outcome of each sale attempt, by filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to rights of preemption, transcriptions of foreclosures and conservatory seizures and any other encumbrance burdening the real estate included in the sale will be cancelled pursuant to Art. 108 of the Italian Bankruptcy Law once the sale has been executed and the price fully collected. Unless otherwise provided in the specific conditions of sale, any formality for cancellation will be carried out by and at the expense of the successful bidder.
 
7. Buyer’s Premium 
The fee due to the Agent will be exclusively borne by the buyer and indicated with the wording Buyer’s Premium.  It will be calculated on the award amount of the asset, according to the methods indicated in the specific conditions of sale.
 
 
8. Charges 
 
Notarial charges, legal taxes and all expenses relating to the sale, fiscal and non-fiscal, will be borne by the buyer. Communication regarding the exact amount of the charges and their correct specification must be made by the Principal as soon as possible.
 
The Principal must take action in this regard, taking into account the tax regime of the transaction and any         reliefs that the buyer intends to use. The Principal will therefore be required to verify whether the transaction is subject to VAT or registration tax and to specify, if the conditions exist, whether it intends to use the reverse charge.
 
At the end of the sale, the Agent will finally ask the successful bidder whether it intends to use the first-home benefit or another tax benefit and inform the Principal accordingly, so that it can calculate the exact amount that the buyer will be required to pay in terms of taxes.
 
The successful bidder must pay the expenses within and no later than the terms indicated in the specific conditions of sale.
 
 
 
9. Security deposit
 
 
Participation in the auction is subject to payment of a mandatory security deposit defined in the specific conditions of sale.
 
Before being enabled to participate in the auction, participants must pay the amount set above by bank transfer or, where provided in the specific conditions, by credit card through the platform. Payments must be made as set out in the specific conditions of sale.
The deposit must be credited strictly before the end of the auction.
 
For payment by bank transfer, it is recommended to make a BIR-type transfer (significant amount transfer)
 
If the auction participants do not win any asset, the deposit will be returned within 20 working days from the award, without interest.
In the event of award of one or more lots, the security deposit will be returned after the buyer has completed the transfer of ownership of the real estate purchased at auction by notarial deed, subject to authorization provided by the Principal. In this case, the security deposit may be retained both to cover any charges attributable to the Procedure, at the discretion of the Principal, and to cover any other services provided by the Agent.
In the event of payment of the security deposit by credit card, the deposit will be collected in the Agent's current account, which will return the amount so retained according to the methods described above.
If the buyer wins at least one lot at auction, it will be at the Agent's discretion, in agreement with the Principal, to deduct the deposit from the total amount owed by the buyer.
If, in the event of award, after paying the deposit, the bidder does not complete the purchase within the terms set in the specific conditions of sale, as both award price and Buyer’s Premium and any additional charges, the sale will be automatically terminated and the deposit will be retained as a compensatory penalty.
 
10. Payments
 
The provisional successful bidder of one or more lots is required to comply with the specific auction conditions where the terms for payment of both the awarded lots and the Buyer’s Premium due as well as additional charges will be specified,     and the related compensation clauses in the event of non-compliance with the aforementioned conditions.
All payments must be made in full exclusively by bank transfer, unless otherwise provided in the specific conditions.  The details will be specified upon the user's receipt of the confirmation of provisional award.
 
In the event that payment of the amounts due is not completed within the established terms, in agreement with the Principal, the sale will be automatically terminated and the security deposit will be retained as as a compensatory penalty, with consequent forfeiture of the award.
 
 
 
 
11. Transfer of ownership
 

12.  Guarantees
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.  is not responsible for the missing or partial correspondence of the descriptions of the lots present in the auction or in the announcements published on the platform.
 
For all matters 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 is aware of the possible problems, both objective and subjective, arising from the use of an online auction or online announcement carried out via the internet for which GOBID INTERNATIONAL AUCTION GROUP S.r.l. cannot be held responsible.
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.  is not liable for direct and/or indirect damage or liability except in cases of willful misconduct or gross negligence. Absolutely GOBID INTERNATIONAL AUCTION GROUP S.r.l.  is not liable for: direct actions of the user that may cause damage or malfunction to the system, unavailability of display and/or use of www.gobidreal.it, unlawful use of www.gobidreal.it, any event subsequent to the conclusion of the auction.
 
For all matters not expressly provided for in these conditions, general and specific, reference is made to the provisions of the Code of Civil Procedure and the Bankruptcy Law.
The sale of real estate is understood as forced (Art. 2919 of the Civil Code). It is arranged for goods seen and liked in the factual and legal state in which they are found. In forced sales, there is no guarantee for defects of the thing. It cannot be contested for damages. (Art. 2922 of the Civil Code).
 
Any liability on the part of the Agent regarding the existence of third-party rights on the goods subject to sale is excluded (Art. 2920 of the Civil Code).
           
The sale of real estate occurs in the factual and legal state in which they are found, with all any appurtenances,     accesses, claims and actions, active and passive easements. The sale is by lump sum and not by measure, and without any guarantee for defects       or other lack.
 
ABUSES, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH CURRENT REGULATIONS
For further information regarding any abuses, violations, encumbrances or lack of compliance with current regulations of the lots for sale, please refer to the attached appraisal.
 
The lots are sold as seen and liked in the state in which they are found.
Viewing the lots in auction is strongly recommended, GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal decline any responsibility for any errors, omissions and inaccuracies in the photos, descriptions and any other detail indicated in the auction or in the announcements,  for this reason viewing the lots is strongly recommended in order to verify the real condition of the goods in auction.
 
No guarantee is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or by the Principal
 
The buyer, by accepting these conditions, indemnifies GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal from any guarantee or claim of third parties.


In the event of any disputes relating to the interpretation of the provisions contained in the general and specific conditions shown on the platform, possibly translated into other languages, the Italian version of the text shall prevail.