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, with registered office in Milan, Via P.O. Vigliani, 19, VAT No. - Tax Code 09441470961, authorized to conduct auctions under Licence 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 the instructions 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 sale assignment 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 offers/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: Authorization requested by a Registered User to participate in a specific Auction
Bidder Number: Identifier 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 payable to participate in the Auction.
Starting Price: Starting price of the individual Lots
Reserve Price: Minimum price which, when reached, 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 that the user is willing to pay for the Lot
Minimum Increment: Predetermined amount added to the current price, required to submit 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 price for the Lot, excluding any Buyer’s Premium payable and any additional taxes and 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 the dates on which they will take place and the Lots available, together, where applicable, with 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 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, users 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 the same details to which the award may be made and in whose name the property will be registered. All payments required before and after the sale must be made by the registered users. Any powers of attorney or delegations may be considered subject to the Principal's authorization.
 
Users 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.
 
Users 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 paying the security deposit, users must provide the following documents to be authorized to participate in the auction. These must be uploaded in the "My Documents" section or sent to [email protected]
 
-       INDIVIDUALS:
 
-       Copy of a valid identity document belonging to 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, as described in section 5.1)
-       Copy of the tax code
-       If the bidder is married under a 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 property is awarded)



-       COMPANIES or ENTITIES:
 
-       An up-to-date company registration report or certificate from the Chamber of Commerce, Industry, Crafts and Agriculture (C.C.I.A.A.)
-       Copy of a valid identity document belonging to the person who submitted the bid on behalf of the company and, if that person is not the legal representative, a copy of the document establishing their relevant authority 
-       Copy of the tax code of the person who submitted 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 the notary, in the event of participation through a representative   

 
Where provided for by specific terms, additional documents will be required and added to those mentioned above.
 
5. Irrevocable offer to purchase
 
5.1 Procedure for completing offers at the auction starting price
 
The combined effect of crediting the security deposit, formalizing 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 deemed equivalent to an irrevocable offer to purchase at the price set as the starting price for each sale attempt and shall itself constitute a binding commitment to purchase 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 offers to purchase in accordance with the procedures 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 inform all bidders, by any means, whether or not they are the best bidders when the aforementioned irrevocable offer to purchase is formalized. 

 
5.2 Submission of bids to increase the starting price.
 
Placing higher bids
 
The offer formalized for the first bidder may be outbid by higher bids placed by any authorized user.
 
To be the best bidder (and therefore the provisional successful bidder), the user must have placed the highest bid when the online auction ends.
 
Clearly, if several participants place higher bids on the offer at the auction starting 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) being sold, users will be invited to increase the price shown 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" means a bid up to 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 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 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 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 available for placing another bid will be extended by a further 5 minutes from the time the last bid was received. This will continue indefinitely for every winning bid received within the 5-minute extra-time period, until the bidding period ends.
 
In the event of extra time, 5 minutes must pass without any additional bid being recorded after the last bid received before the auction can be deemed definitively closed.
 
Automatic 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 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 specified in the specific terms of sale.
 
The provisional award will be made to the bidder who submitted the highest offer for each lot or, if no further bids are placed, to the bidder recognized as the first, in chronological order, to have completed the procedure for submitting an irrevocable offer to purchase described in section 5.1.
 
In the event of an award, the full sale price must be paid by bank transfer to the account designated for the proceedings within the deadlines specified in the specific terms, failing which the successful bidder will forfeit the award and permanently lose the security deposit.
 
The deed of sale will be executed by means of a 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 deadlines specified in the specific terms of sale, or if the award is revoked, the sale will automatically be deemed terminated and the security deposit will be retained in accordance with the procedures set out in the "Security Deposit" section.  In this case, the award will be made successively to the next-best bidder who completed the procedure described in section 5.1 or placed a higher bid, in accordance with the procedures outlined in section 5.2.
 
 
 
5.5 Other provisions
 
Where permitted by law, the Principal, as the party responsible for the sale proceedings, may exercise the option provided for in Article 107, paragraph four, of the Bankruptcy Law and suspend the sale upon receiving an improved irrevocable offer to purchase for an amount no less than ten percent above the price offered.
 
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 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 assets offered for sale, will 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 required for cancellation will be carried out at the successful bidder's expense.
 
7. Buyer’s Premium

The fee payable to the Agent shall be borne exclusively by the buyer and identified as the Buyer’s Premium.  It shall be calculated on the award price of the asset in accordance with the procedures specified in the specific terms of sale.
 
 
8. Costs
 
The buyer shall bear the notarial fees, statutory taxes, and all costs relating to the sale, whether tax-related or otherwise.   The Principal shall provide information on the exact amount of these costs and a correct breakdown of them as soon as possible.
 
The Principal shall make the necessary arrangements in this regard, taking into account thetax treatment of the transaction and any        tax benefits 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 benefit or any other tax benefit and will inform the Principal accordingly, so that the exact amount of taxes payable by the buyer can be calculated.
 
The successful bidder must pay the expenses within the deadlines specified in the specific terms of sale.
 
 
 
9. Security Deposit
 
Participation in the auction is conditional upon 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 payment by bank transfer, a BIR transfer (large-value bank transfer) is recommended.
 
If participants do not win any lots at the 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 notarial deed, subject to authorization from the Principal. In such cases, 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, it will be charged to the Agent’s bank account, and the Agent will refund the amount retained in this way 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 deadlines specified in the specific terms of sale, including payment of the winning bid price, the Buyer’s Premium and any additional costs, 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 will specify the deadlines for payment of both the lots won and the Buyer’s Premium due, as well as any additional costs, and the relevant 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 in full within the specified 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 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 notarial 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 Supervising Judge, so that the Judge may arrange for the cancellation of any adverse registrations affecting the properties being transferred, pursuant to Article 108 of the Bankruptcy Law, as indicated in Article 6.
Once the payment deadlines specified 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 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 offered at auction or in advertisements published on the platform and the actual lots.
 
For all matters not covered by these general terms or the specific terms, the provisions of the Website Terms of Use at www.gobidreal.it shall apply.
 
The registered user acknowledges that objective and subjective issues may arise from using an online auction or online advertisement 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 willful misconduct or gross negligence on its part. GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall under no circumstances be liable for: actions taken directly by the user that may damage or disrupt the system; the unavailability of www.gobidreal.it for viewing and/or use; unlawful use of www.gobidreal.it; or any event occurring after the auction has ended.
 
For all matters not expressly provided for in these general and specific terms, 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 (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, there is no warranty against defects in the property. The sale cannot be challenged on the grounds of damage. (Article 2922 of the Italian 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 Italian Civil Code).
           
The real estate is sold in its actual and legal condition, together with all appurtenances, additions, rights and claims, and any 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 regarding 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.
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 photographs, descriptions or any other details provided for the auction or in advertisements. For this reason, inspection of the lots is strongly recommended in order to verify their actual condition.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal.
 
By accepting these terms, 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 dispute concerning the interpretation of the provisions contained in the general and specific terms published on the platform, including any translations into other languages, the Italian version of the text shall prevail.

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