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. 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, authorized to conduct auctions under License 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 the 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 relating to the sale or the collection of bids/expressions of interest for real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered for Auction or Listing
Registered User: A user registered on www.gobidreal.it
Auction Registration: Authorization 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: Specific terms and conditions of the Auction
Deposit: Amount to be paid to participate in the Auction.
Starting Price: Starting price of each individual lot
Reserve Price: Minimum price whose attainment authorizes 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 intends 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 to place bids in the auction (see 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 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 itself 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 
 
The user's participation through the listing option 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, 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 the same details to which any award will be made and in whose name the property will be registered. All payments required, both before and after the sale, must be made by the registered persons.  Any powers of attorney or authorizations may be considered subject to the Principal’s prior authorization.
 
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 wish 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 paying the security deposit, the user must provide the following documents to be authorized to participate in the auction, 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 a person other than the one who signed up, in accordance with 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 authorization but will be required if the lot is awarded)



-       IF A COMPANY OR ENTITY:
 
-       Up-to-date company registration report or certificate from 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 this person is not the legal representative, a copy of the document establishing their relevant authority 
-       Copy of the tax code of the person who signed the bid
-       Any duly legalized translation of the company registration certificate, if the company is not Italian
-       Special power of attorney received or authenticated by notary, in the case of participation through a representative   

 
Where provided for by specific terms and conditions, additional documents will be required to supplement 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, formalizing registration for the auction – with express acceptance of the general and specific conditions 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 are several participants who have formalized their irrevocable purchase offers in the manner 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:
 
            - has completed the aforementioned procedure.
 
The Agent will inform all bidders, by any means, whether or not they are the best bidders at the time 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 exceeded by higher bids placed by any authorized user.
 
To be deemed the best bidder (and therefore the provisional successful bidder), the user must have placed the highest bid by the end of the online auction.
 
Clearly, if several participants place higher bids on the offer at the starting auction 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 indicated in the 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" is 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 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 – open bid), bids will be considered 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 time the latest bid was received. This will continue for every 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 was received before the auction can be considered definitively closed.
 
Automatic higher 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 preliminary review, the best bidders will receive confirmation of provisional award pursuant to Article 107 of the Bankruptcy Act, and will be required to make payment by the deadline set out in the specific conditions of sale.
 
The provisional award will be made to the bidder who submitted the highest offer for each lot or, if no further higher bids have been 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 set out in the specific conditions, failing which the successful bidder will forfeit the award and permanently lose the security deposit.
 
The deed of sale will be executed by notarial deed in accordance with the arrangements 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 fails to pay the amount due within the deadlines set out in the specific conditions of sale, or if the award is revoked, the sale will be automatically cancelled and the security deposit will be retained in accordance with the provisions set out in the "Security deposit" section.  In that case, the award will be made successively to the next highest bidder who has completed the procedure described in section 5.1 or placed a higher bid in accordance with the information 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 right provided for in Article 107, fourth paragraph, of the Bankruptcy Act and suspend the sale upon receipt of an improved irrevocable purchase offer for an amount 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 the lots in agreement with the Principal.
 
 
 
6. Obligations of the Principal

Pursuant to Article 107 of the Bankruptcy Act, 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, registrations of attachments and preventive seizures, and any other encumbrances on the real estate offered for sale, will be cancelled pursuant to Article 108 of the Bankruptcy Act once the sale has been completed and the full price has been collected. Unless otherwise provided in the specific conditions of sale, all formalities for cancellation will be carried out at the successful bidder's expense and under their responsibility.
 
7. Buyer’ s Premium

The fee due to the Agent shall be borne exclusively by the buyer and indicated as the Buyer’s Premium.  It shall be calculated on the awarded price of the asset, in accordance with the arrangements set out in the specific conditions of sale.
 
 
8. Costs
 
The buyer shall bear the notarial fees, statutory taxes, and all expenses relating to the sale, whether tax-related or otherwise.   The Principal must communicate the exact amount of the costs and provide an accurate breakdown as soon as possible.
 
The Principal shall take the necessary steps accordingly, taking into account the tax treatment of the transaction and any         tax benefits the buyer may intend 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 they intend 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 tax benefit or any other tax benefit and will inform the Principal accordingly, so that the Principal can calculate the exact amount of taxes payable by the buyer.
 
The successful bidder must pay the expenses within the time limits specified in the specific terms of sale.
 
 
 
9. Security Deposit
 
Participation in the auction is subject to payment of a mandatory security deposit, as 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 payments by bank transfer, a BIR transfer (high-value bank transfer) is recommended.
 
If participants do not win any lots in the auction, the security deposit will be refunded without interest within 20 working days of the award.
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 such cases, at the Principal’s discretion, the security deposit may be withheld to cover any costs attributable to the Proceedings, as well as any other services provided by the Agent.
If the security deposit is paid by credit card, it will be charged to the Agent’s bank account, and the Agent will refund the amount withheld in accordance with the procedures described above.
If the buyer wins at least one lot at auction, the Agent may, in agreement with the Principal, deduct the security deposit from the total amount payable by the buyer.
If, after paying the security deposit, the bidder fails to complete the purchase within the time limits specified in the specific terms of sale, including payment of the winning bid price, the Buyer’s Premium and any additional charges, the sale will be automatically 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 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 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 the amounts due are not paid within the specified time limits, the sale will be automatically terminated in agreement with the Principal, and the security deposit will be retained as liquidated damages, with the award consequently revoked.
 
 
 
 
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 and in accordance with the procedures established by the Principal, unless otherwise specified in the specific terms of sale.
In the case of judicial sales, the Principal will also notify the Delegated Judge, who will in turn arrange for the cancellation of any prejudicial registrations affecting the real estate 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 be automatically 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 discrepancy or partial discrepancy between the descriptions of the lots offered at auction or in the listings published on the platform.
 
For all matters not covered by these general terms or the specific terms, the provisions contained in the Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user acknowledges that objective and subjective issues may arise from using an online auction or online listing conducted via 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 its own willful misconduct or gross negligence. In no event shall GOBID INTERNATIONAL AUCTION GROUP S.r.l. be liable for: actions taken directly by the user that may damage or disrupt the system; the unavailability of www.gobidreal.it or inability to view and/or use 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 Civil Code). The properties are sold as seen and approved, in their existing factual and legal condition. In a forced sale, no warranty is provided for defects in the property. The sale cannot be challenged on grounds of damage (Article 2922 of the Civil Code).
 
The Agent shall have no liability whatsoever regarding the existence of third-party rights over the assets being sold (Article 2920 of the Civil Code).
           
The real estate is sold in its existing factual and legal condition, together with all appurtenances,     accessions, rights and claims, and active and passive easements. The sale is by lot and not by measurement, and is made without any warranty for 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.
 
The lots are sold as seen and approved, in their existing 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 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 the actual condition of the assets being auctioned.
 
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, including any translations into other languages, the Italian version of the text shall prevail.

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