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 and submission of bids
·         Art. 5. Irrevocable offer to purchase
·         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 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 a 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 concerning the sale or the collection of offers/expressions of interest for real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered for Auction or listed
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: Identification number 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 each Lot
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) 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 for which the Lot is awarded, excluding any Buyer’s Premium payable 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 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, the Specific Terms and Conditions will be published, setting out all information specific to the auction or listing and the Lots.
These terms and conditions apply unless otherwise provided 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, with details of their dates and the Lots offered 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 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, 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 user when registering on the website and for the auctions will be those used, if applicable, to award the property and register it in the user's name. All required payments, both before and after the sale, must be made by the registered users. Any powers of attorney or authorizations 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, to be authorized to participate in the auction, the user must provide the following documents by uploading them in the "My Documents" section or sending them to [email protected]
 
-       IF AN INDIVIDUAL:
 
-       Copy of a valid identity document for 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 completed the registration, 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 to participate, but will be required in the event of an award)



-       IF A COMPANY OR ENTITY:
 
-       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 for the person who signed the bid on behalf of the company and, if that person is not the legal representative, a copy of the document evidencing their 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 executed or authenticated by thenotary, in the event of participation through a representative   

 
Where provided for in the specific terms and conditions, additional documents will be required and added to 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 commitment by the user to purchase.
 
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.
           
Where there are multiple participants who have formalized their irrevocable purchase offers as 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:
 
            - completed the aforementioned procedure.
 
The Agent shall 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 outbid by higher bids placed by any authorized user.
 
To be recognized as the best bidder (and therefore the provisional successful bidder), a user must have placed the highest bid at the end of the online auction.
 
Clearly, where multiple participants place higher bids on the 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) for sale, users will be invited to increase the price shown 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 bid up to a maximum amount. This is the maximum amount that 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 shall remain the best bidder and, therefore, the provisional successful bidder.
 
The current price will automatically adjust according to the predetermined bid increments, until it reaches 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 shall be deemed valid only if submitted during the auction period.
 
5.3.1 Extra time
 
If a winning bid is placed during 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 extension will continue in the same way for every winning bid received within the 5-minute extra-time period, until the allotted time expires.
 
In the event of extra time, 5 minutes must elapse 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) shall 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 they will be required to make payment by the deadline set out in the specific terms of sale.
 
The provisional award shall be made to the bidder who has submitted the highest bid 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 formalizing 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 in the name of the proceedings, within the time limits set out in the specific terms, failing which the award shall be forfeited and the security deposit permanently lost.
 
The sale shall be completed 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 time limits set out in the specific terms of sale, or if the award is forfeited, the sale shall be automatically rescinded and the security deposit shall be retained in accordance with the procedures set out in the "Security deposit" section.  In that case, the award shall 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 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 option provided for in Article 107, fourth paragraph, of the Bankruptcy Law and suspend the sale upon receipt of an irrevocable purchase offer that improves on the existing offer by an amount of at least ten percent of the price offered
 
In any event, GOBID INTERNATIONAL AUCTION GROUP S.r.l. reserves the right to suspend the auction or the awarding 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 other creditor 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 by filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to rights of pre-emption, entries of seizure orders and precautionary attachments, and any other encumbrances on the real estate offered for sale, shall 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 for cancellation shall 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 is referred to as the Buyer’s Premium.  It shall be calculated on the awarded price of the asset in accordance with the procedures indicated in the specific terms of sale.
 
 
8. Costs
 
The buyer shall be responsible for notarial fees, statutory taxes, and all expenses relating to the sale, whether tax-related or otherwise.   The Principal shall communicate the exact amount of the costs and provide a correct breakdown as soon as possible.
 
The Principal shall take the necessary steps in this regard, taking into account the tax treatment of the transaction and any tax benefits the purchaser 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 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 tax benefit or any other tax benefit and will inform the Principal accordingly, so that the exact amount of taxes payable by the purchaser can be calculated.
 
The successful bidder must pay the expenses within the time limits specified in the specific conditions of sale.
 
 
 
9. Security deposit
 
Participation in the auction is subject to payment of a mandatory security deposit, as specified in the specific conditions 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 conditions, by credit card through the platform. Payments must be made as specified in the specific conditions of sale.
The security deposit must be credited before the auction closes.
 
For payment by bank transfer, a BIR transfer (large-amount bank transfer) is recommended.
 
If auction participants do not win any assets, the security deposit will be refunded within 20 working days of the award, without interest.
If one or more lots are awarded, the security deposit will be refunded after the purchaser 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, 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 current account, and the Agent will refund the amount withheld in accordance with the procedures described above.
If the purchaser wins at least one auction lot, the Agent may, in agreement with the Principal, deduct the security deposit from the total amount due from the purchaser.
If, after paying the security deposit, a bidder fails to complete the purchase within the time limits specified in the specific conditions of sale, including payment of the winning bid price, the Buyer’s Premium and any additional costs, 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 conditions, which specify the deadlines for payment of both the lots won and the Buyer’s Premium due, as well as any additional costs, and the applicable compensation clauses in the event of failure to comply with those conditions.
All payments must be made in full exclusively by bank transfer, unless otherwise specified in the specific conditions. 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, in agreement with the Principal, be automatically terminated and the security deposit will be retained as compensation by way of a penalty, with the award consequently being forfeited.
 
 
 
 
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 conditions of sale, by means of a notarial deed in accordance with the procedures established by the Principal, unless otherwise specified in the specific conditions 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 adverse registrations affecting the real estate being transferred, pursuant to Art. 108 of the Bankruptcy Law, as specified in Art. 6.
Once the payment deadlines specified in the specific conditions of sale have expired, 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 compensation by way of a penalty. 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 liable for any failure to correspond, or partial correspondence, between the descriptions of lots offered at auction or in advertisements published on the platform and the actual lots.
 
In all matters not covered by these general conditions or the specific conditions, the provisions of the Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user acknowledges the potential objective and subjective issues arising from the use of an online auction or online advertisement conducted via 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 directly taken by the user that may cause damage to 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 all matters not expressly provided for in these general and specific conditions, 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 (Art. 2919 of the Civil Code). The assets are sold as seen and accepted, in their actual and legal condition at the time of sale. In a forced sale, no warranty is provided for defects in the item. The sale may not be challenged on grounds of damage. (Art. 2922 of the Civil Code).
 
The Agent shall bear no liability in respect of the existence of third-party rights over assets being sold (Art. 2920 of the Civil Code).
           
The real estate is sold in its actual and legal condition at the time of sale, together with all appurtenances, accessions, rights and claims, and easements, both active and passive. The sale is of the property as a whole, 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 concerning any unauthorized works, violations, encumbrances or failures to comply with applicable regulations affecting the lots for sale, please refer to the attached valuation report.
 
Lots are sold as seen and accepted in their current condition.
Inspection of auction lots 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 their actual condition.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal.
 
By accepting these conditions, the purchaser holds GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal harmless from any warranty claims or claims by third parties.

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

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