GENERAL TERMS AND CONDITIONS

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and announcements
·         Art. 4. Methods of participation and submission of bids
·         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. Warranties
 
 
Art.1 Definitions:
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.: Owner and manager of the online auction website http://www.gobidreal.it, with registered office in Milan, Via P.O. Vigliani, 19, VAT - Tax Code 09441470961, authorized for sale by auction with License issued by the Police Commissioner of Milan No. 13/2008 dated 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 given by the Principal.
Principal: Responsible for the Procedure
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Procedure:insolvency procedure declared by the Court or sale assignment given by private parties
Auction: Competitive online sale of real estate published on www.gobidreal.it
Announcement: Publication of a notice regarding 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 of 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 the 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 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: Pre-set amount added to the current price required to formalize the static bid.
Extra-time : Extension of the time allowed to place bids in the auction (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 tax and non-tax charges
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 participation of users.
 
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 to 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 Bids.
4.1 Announcement
 
The user's 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 auctions will be the same to which any award will be attributed and in whose name the property will be registered. All required payments, before and after 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, payment of the deposit may be made online by credit card.
 
The user is required to specify the auction number for which they intend to participate and simultaneously send an accounting copy of the transfer made to the address [email protected]
 
The security deposit must mandatorily be credited before the auction deadline, unless otherwise indicated in the specific sale conditions.
 
In addition to crediting the security deposit, in order to be enabled to participate in the auction, the user must provide the following documents by upload in the "My Documents" section or by sending them to the address [email protected]
 
- IF A NATURAL PERSON:
 
- Copy of a valid identity document of the subject in whose name the property will be registered (it will not be possible to register the property in the name of a subject 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 property regime, the corresponding data of the spouse must also be indicated, with submission of the relevant copy of the identity document (document not binding for enabling purposes but required in the event of award)
 
- IF A COMPANY or ENTITY:
 
- Certificate from the Chamber of Commerce (C.C.I.A.A.) showing the incorporation of the company and the powers conferred on the bidder
- Copy of a valid identity document of the director or legal representative
- Copy of the tax code of the director or legal representative
- Any duly legalized translation of the chamber of commerce certificate, if the company is not Italian
 
 
- Special power of attorney received or authenticated by a notary, in case of participation through a representative
 
Where provided by specific conditions, further documents will be required, supplementing the aforementioned ones.
 
5. Irrevocable purchase offer
 
5.1 Procedure for finalizing bids at the auction base price

The combined effect of the crediting of the security deposit, the formalization of the auction registration – with express acceptance of the general and specific sale conditions, published online at www.gobidreal.it – and the 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 the auction base for each sale attempt and will itself constitute a binding purchase commitment by the user.
 
Said offer will be formalized on the platform directly by the Agent by 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 bid on the Platform, the highest bidder and therefore provisional awardee will be the one who, first, in chronological order:
 
- will have has carried out the aforementioned procedure.
 
The Agent shall take care to inform, by any means, all bidders whether or not they are the best bidders at the time of the formalization of the aforementioned irrevocable purchase offer. 


5.2 Submission of bids to increase the base price.
 
Formulation of bids
 
The bid, formalized by the first bidder, may be exceeded by higher bids placed by any enabled user.
 
The user who wishes to be the best bidder (and therefore provisional successful bidder) must have submitted the highest bid at the end of the online auction.
 
Clearly, where there are multiple participants who place bids on the base auction price, even the user recognized as "first bidder" may compete for the award of the lots by placing bids on the current price.
 
To be able to win the lot(s) on sale, users will be invited to increase the price indicated in the auction (and, therefore, to place at least one bid) according to the following methods:
 
 
 
5.2.1 Static bid 
 
By "static bid" means a bid at the price published online, plus a pre-set minimum increment.
 
 
5.2.2 Maximum bid (Proxy Bid):
 
By "proxy bid" means a maximum amount bid. 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 bid made by the user is exceeded by a higher bid, that 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 bids, until reaching the value set as "maximum bid".
 
The value of the maximum bid (proxy bid) made 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 duration of the auction.
 
5.3.1 Extra time 
 
If a winning bid is placed in the 5 minutes preceding the closing of the auction, the time available to place another bid will be extended by a further 5 minutes from the last bid received. And so on, 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 registered from the last bid received before the auction can be deemed definitively closed.
 
Automatic bids in the case of a maximum bid (proxy bid) will also be considered winning bids.
 
 
5.4. Award of lots
 
At the end of each auction solution, following an assessment phase, a provisional award confirmation will be sent to the best bidders pursuant to Art. 107 of the 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 attributed to the bidder who has submitted the highest bid for each lot, or, in the absence of further bids, to the bidder who has been recognized as the first, in chronological order, to have completed the procedure for perfecting 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 made out to 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 lapses, the sale shall be automatically terminated and the deposit shall be retained, according to the methods set out in the "Security Deposit" section. In such case, the award will be attributed successively in favor of the next best bidder, who has completed the procedure described in point 5.1 or placed a bid, 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 avail itself of the option under Art. 107, fourth paragraph, of the 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 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, filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to rights of pre-emption, transcriptions of foreclosures and conservatory seizures and any other encumbrance burdening the real estate put up for sale will be cancelled pursuant to Art. 108 of the Bankruptcy Law once the sale has been executed and the price fully collected. Unless otherwise provided in the specific conditions of sale, all formalities for cancellation shall be carried out at the care and expense of the successful bidder.
 
7. Buyer's Premium 
The compensation due to the Agent shall be exclusively borne by the buyer and indicated with the wording Buyer's Premium. It shall be calculated on the award amount of the asset, according to the methods indicated in the specific conditions of sale.
 
 
8. Charges 
 
Notarial charges, statutory taxes and all expenses relating to the sale, fiscal and otherwise (except those listed above in point 6), shall 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 shall 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 shall finally ask the successful bidder whether it intends to use the first-home benefit or other 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 mandatorily be credited before the end of the auction.
 
For payment by bank transfer, it is recommended to make a BIR-type transfer (bank transfer of relevant amount)
 
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 carried out the transfer of ownership of the real estate purchased at auction by notarial deed, subject to authorization provided by the Principal. In such 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 into the Agent's current account, which shall return the amount so retained according to the methods described above.
If the buyer wins at least one lot at auction, it shall be at the Agent's discretion, in agreement with the Principal, to deduct the deposit from the amount total due by the buyer.
If, in the event of a successful bid, after paying the deposit, the bidder does not finalize the purchase within the terms set out in the specific conditions of sale, whether as the bid price or Buyer’s Premium and any additional charges, the sale shall be automatically terminated and the deposit shall be retained as liquidated damages.
 
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 shall be specified, and the relevant 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 receipt by the user of the provisional award confirmation.
 
In the event that payment of the amounts due is not completed within the established terms, in agreement with the Principal, the sale shall be automatically terminated and the security deposit shall be retained as liquidated damages, with consequent forfeiture of the award.
 
 
 
 
11. Transfer of ownership
 
The transfer of ownership shall occur only after full payment of the bid price and expenses, as provided in the specific conditions of sale, by notarial deed according to the procedures established by the Principal, unless otherwise indicated in the specific conditions of sale.
In the case of judicial sales, the Principal shall, finally, undertake to notify the Delegated Judge so that the latter in turn arranges for the cancellation of prejudicial registrations on the properties being transferred pursuant to Art. 108 of the Bankruptcy Law, as indicated in Art. 6.
After the expiry of the terms for payments provided in the specific conditions of sale, in the event of failure to complete the transfer of ownership, the sale shall be automatically terminated and the amount paid by the successful bidder as Buyer’s Premium shall be retained by the Agent as liquidated damages. The amount paid by the successful bidder as a security deposit shall, instead, be retained in accordance with the rules provided in the Security Deposit section.
 
12. Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not responsible for the failure 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 possible objective and subjective issues arising from the use of an online auction or online announcement 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 wilful misconduct or gross negligence on its part. Under no circumstances shall GOBID INTERNATIONAL AUCTION GROUP S.r.l. be liable for: direct actions of the user that may cause damage or malfunction of the system, unavailability of display and/or use of www.gobidreal.it, unlawful use of www.gobidreal.it, any event after the conclusion of the auction.
 
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 Law.
The sale of real estate is deemed forced (Art. 2919 of the Italian Civil Code). It is ordered for the goods as seen and approved in the factual and legal state in which they are found. In a forced sale, the warranty for defects of the item does not apply. It cannot be challenged on grounds of damages. (Art. 2922 of the Italian Civil Code).
 
Any liability on the part of the Agent regarding the existence of third-party rights over the goods subject to sale is excluded (Art. 2920 of the Italian Civil Code).
           
The sale of real estate takes place in the factual and legal state in which they are found, with all any appurtenances, accretions, rights and actions, active and passive easements. The sale is as a whole and not by measure, and without any warranty for defects or other lack.
 
ABUSES, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH CURRENT REGULATIONS
For further information regarding any abuses, violations, encumbrances or non-compliance with current regulations of the lots for sale, please refer to the attached appraisal.
 
The lots are sold as seen and approved in the state in which they are found.
Viewing of the lots in the 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 of the lots is strongly recommended in order to verify the actual condition of the goods in the auction.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or by the Principal
 
By accepting these conditions, the buyer holds GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal harmless from any warranty or third-party claim.


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