GENERAL TERMS AND CONDITIONS

This is a collection of irrevocable purchase offers relating to the lots published on the platform www.gobidreal.it.
Please note that the irrevocable purchase offers covered by this collection do not entail any obligation or commitment to sell on the part of the PRINCIPAL, nor any costs for any mediation or consultancy services (other than the assignment conferred on the AGENT), and do not constitute invitations to make offers, offers to the public under ex Article 1336 of the Italian Civil Code, or solicitations of public savings under ex Article 94 et seq. of Legislative Decree 58/1998.
For the participation regulations and all information relating to the above collection, please refer to the specific terms and conditions published on the platform www.gobidreal.it.

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and listings
·         Art. 4. Participation and submission of bids
·         Art. 5. Irrevocable purchase offer
·         Art. 6. Obligations of the Principal
·         Art. 7. Buyer’s Premium
·         Art. 8. Costs
·         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. and Tax Code 09441470961, authorised to conduct auctions under Licence No. 13/2008 issued by the Chief of Police 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 under an assignment conferred by the Principal.
Principal: Person responsible for the Proceedings
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings:insolvency proceedings declared by a Court or a sales assignment conferred by private parties
Auction: Competitive online sale of real estate published on www.gobidreal.it
Listing: Publication of a notice concerning the sale or the collection of offers/expressions of interest in real estate, published on www.gobidreal.it
Lot: An asset or a group of assets offered in an Auction or Listing
Registered User: A user registered on www.gobidreal.it
Auction Registration: Authorisation requested by the Registered User to participate in an individual Auction
Bidder Number: Identifier 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 the individual lots
Reserve Price: Minimum price whose achievement authorises 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 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 and other charges
Buyer's Premium: Fee due to the agent, calculated on the taxable amount of the award price

 
2. Applicability: 
 
These terms and conditions apply to the use of the www.gobidreal.it website 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, 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 www.gobidreal.it website, indicating their dates and 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 suspend the auction or listings.
 
 
4. Participation and submission of bids.
4.1 Listing  
 
User 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 www.gobidreal.it website by entering 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 the award may be assigned and in whose name the property will be registered. All required payments, both before and after the sale, must be made by the registered persons.  Any powers of attorney or authorisations may be considered subject to the Principal's 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, in order to be authorised to participate in the auction, the user must provide the following documents by uploading them in the "My Documents" section or by sending them to [email protected]
 
-       IF AN INDIVIDUAL:
 
-       A 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 a person other than the person who completed the registration, in accordance with the procedure described in section 5.1)
-       A 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 authorisation but will be required in the event of award)
 
-       IF COMPANIES or ENTITIES:
 

Where provided for by specific terms, additional documents will be required and will 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, completing 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 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.
 
The 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 is more than one participant who has formalized an irrevocable purchase offer in the manner described above, and none of the bidders places a higher bid on the Platform, the best bidder and, therefore, the provisional successful bidder shall be the person who, first in chronological order:
 
            - has completed the aforementioned procedure.
 
The Agent shall inform all bidders by any means whether or not they are the best bidders when the aforementioned irrevocable purchase offer is formalized. 


5.2 Submission of offers to increase the starting price.
 
Placing higher bids
 
The offer formalized by the first bidder may be outbid by higher bids placed by any authorized user.
 
A user wishing to be the best bidder (and therefore the provisional successful bidder) must have placed the highest bid when the online auction ends.
 
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 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 maximum-value offer. 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 increase by the predetermined bid increments until it reaches the amount set as the “maximum bid”.
 
The value of a user’s maximum offer (proxy bid) will not be visible to other users.
 
 
5.3. Validity of offers
 
In all cases (static bid – maximum bid – free offer), offers will be deemed valid only if submitted during the auction period.
 
5.3.1 Extra time 
 
If a winning bid is placed within the 5 minutes before the auction closes, the time available to place another bid will be extended by a further 5 minutes from the last bid received. This will continue in the same way for every winning bid received within the 5-minute extra-time period, until the allotted time has elapsed.
 
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 concluded.
 
Automatic increments in the event of a maximum offer (proxy bid) will also be considered winning bids.
 
 
5.4. Awarding of lots
 
At the end of each auction process, following a review phase, the best bidders will be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Act, 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 has submitted the highest offer for each lot or, if no further higher bids are 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.
 
If a lot is awarded, the full purchase price must be paid by bank transfer to the account held in the name of the proceedings, within the deadlines specified in the specific terms, failing which the award will be forfeited and the security deposit permanently lost.
 
The deed of sale will be executed by notarial deed in accordance with the procedures established by the Principal (described in section 11, Transfer of ownership)
 
Submitted offers are binding and constitute a formal purchase commitment. 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 forfeited, the sale shall be automatically terminated and the security deposit shall be retained in accordance with the procedures set out in the “Security deposit” section.  In such case, the award shall be made successively to the next-best bidder, who has completed the procedure described in section 5.1 or placed a higher bid, in accordance with the provisions of 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, paragraph four, of the Bankruptcy Act and suspend the sale upon receipt of an improved irrevocable purchase offer for an amount not 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 give notice by notification to 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 Supervising 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 precautionary seizures, and any other encumbrances affecting 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 price has been paid in full. Unless otherwise provided in the specific terms of sale, all formalities for cancellation will be carried out at the successful bidder’s expense and care.
 
7. Buyer’s Premium 
The fee payable to the Agent shall be borne exclusively by the buyer and is identified as the Buyer’s Premium.  It shall be calculated on the awarded 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 expenses relating to the sale, whether tax-related or otherwise (except for those listed above in section 6). The Principal shall provide information on the exact amount of the costs and specify them correctly as soon as possible.
 
The Principal shall do so, taking into account the tax treatment of the transaction and of any         tax benefits the buyer intends 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 it intends 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 benefit or another tax benefit and will inform the Principal accordingly, so that it can calculate the exact amount of taxes payable by the buyer.
 
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 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 set out in the specific terms of sale.
The security deposit must be credited before the auction ends.
 
For payment by bank transfer, a BIR transfer (high-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 this case, 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 withheld in accordance with 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 security deposit from the total amount payable by the buyer.
If, after paying the security deposit, the bidder does not complete the purchase within the deadlines specified in the specific terms of sale—including payment of the successful bid price, the Buyer’s Premium and any additional charges—the sale will be automatically terminated and the security deposit will be retained as compensation by way of a penalty.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific auction terms, 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 relevant compensation clauses in the event of failure to comply with those terms.
All payments must be made in full by bank transfer only, 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 established deadlines, the sale will be automatically terminated in agreement with the Principal, and the security deposit will be retained as compensation by way of a penalty, with the award consequently being revoked.
 
 
 
 
11 . Transfer of ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not responsible for any failure to correspond, or partial correspondence, between the descriptions of lots offered at auction or in listings published on the platform.
 
For anything not provided for in these general terms or in the specific terms, the provisions contained in the Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user acknowledges that there may be 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 liable.
 
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: actions by the user that may cause damage or malfunction of 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 concluded.
 
For anything 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 compulsory sale (Art. 2919 of the Italian Civil Code). The properties are sold as viewed and accepted, in their actual and legal condition. In a compulsory sale, no warranty is given against defects in the property. The sale may not be challenged on grounds of damage. (Art. 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 (Art. 2920 of the Italian Civil Code).
           
The real estate is sold in the actual and legal condition in which it is found, together with all appurtenances,     fixtures, rights and claims, and active and passive easements. The sale is of the property as a whole and not by measurement, and without any warranty against defects       or any other deficiencies.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH CURRENT REGULATIONS
For further information concerning any unauthorized works, violations, encumbrances or non-compliance with current regulations relating to the lots for sale, please refer to the attached appraisal report.
 
The lots are sold as viewed and accepted, in their current 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 for the auction or in the listings. For this reason, inspection of the lots is strongly recommended to verify the actual condition of the assets offered at auction.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal.
 
By accepting these terms, the buyer indemnifies GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal against any warranty claims or claims by third parties.


In the event of any disputes concerning the interpretation of the provisions set out in the general and specific terms and conditions on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.