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. and Tax Code 09441470961, authorized to conduct auctions under License No. 13/2008 issued by the Milan Police Commissioner 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: Online competitive sale of real estate published on www.gobidreal.it
Listing: Publication of a notice relating to 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 included in a Listing
Registered User: A user registered on www.gobidreal.it
Auction Registration: Authorization 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 payable to participate in the Auction.
Starting Price: Starting price of each lot
Reserve Price: Minimum price which, if 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 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 Extra Time section)
Provisional Award: Notice sent to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.  
Award Price: Amount of the lot's award price, 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 to 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 suspend 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, the user 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 during registration on the website and for the auctions will be the same details to which any award will be assigned 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 authorizations may be considered subject to the Principal's prior 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 stated 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 submit a copy of the bank transfer receipt at the same time 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 authorized to participate in the auction, the user must provide the following documents by uploading them to the "My Documents" section or sending them to [email protected]
 
-       IF AN INDIVIDUAL:
 
-       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, in accordance with the procedure described in section 5.1)
-       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 authorization to participate but will be required if the property is awarded)
 
-       IF A COMPANY OR ORGANIZATION:
 

Where required by specific conditions, additional documents will be requested to supplement those mentioned above.
 
5. Irrevocable purchase offer 
 
5.1 Procedure for completing offers at the starting price
 
The combined effect of payment of the security deposit, completion of 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 considered equivalent to an irrevocable purchase offer at the price set as the starting price for each sale attempt and shall, in 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 offer in accordance with the procedures described above, and none of the bidders places a higher bid on the Platform, the highest bidder and, therefore, 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 highest bidders when 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 the highest bidder (and therefore the provisional successful bidder), a user must have placed the highest bid at the end of the online auction.
 
Clearly, if several participants place higher bids on the offer at 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 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-amount bid. It is the maximum amount the user is willing to offer for each lot. Each bidder enters the proxy bid amount manually.
 
Until the maximum bid placed by the user is outbid by a higher offer, that user will remain the highest 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 shall be deemed valid only if submitted during the auction period.
 
5.3.1 Extra time 
 
If a winning bid is submitted 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 of the last bid 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 elapse without any additional bid being registered after 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. Awarding of lots
 
At the end of each auction, following a review process, the highest bidders will be sent a provisional award confirmation pursuant to Article 107 of the Bankruptcy Law, upon receipt of which they will be required to make payment by the deadline set out in the specific terms of sale.
 
The provisional award will be granted to the bidder who submitted the highest bid 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 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 in the name of the proceedings within the time limits set out 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 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 will be automatically rescinded and the security deposit will be retained in accordance with the procedures set out in the “Security deposit” section. In such cases, the award will be made successively to the next highest bidder, provided that they have completed the procedure described in section 5.1 or placed a higher bid in accordance with the information set out in section 5.2.
 
 
 
5.5 Other provisions
 
Where provided for by law, the Principal, as the party responsible for the sale procedure, may exercise the option provided for in Article 107, paragraph four, of the Bankruptcy Law and suspend the sale if an irrevocable purchase offer is received that improves upon the current 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 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 lien 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 every sale attempt by 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 on 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 full price has been received. Unless otherwise provided in the specific terms 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 payable to the Agent shall be borne exclusively by the buyer and shall be indicated as the Buyer’s Premium. It shall be calculated on the amount for which the asset is awarded, in accordance with the procedures set out in the specific terms of sale.
 
 
8. Expenses 
 
The buyer shall bear the notarial fees, statutory taxes, and all expenses relating to the sale, whether tax-related or otherwise. The Principal shall provide information on the exact amount of the expenses and a clear breakdown of them as soon as possible.
 
The Principal shall act accordingly, taking into account the tax treatment of the transaction and any tax relief the buyer intends to claim. The Principal shall therefore verify whether the transaction is subject to VAT or registration tax and, where applicable, specify whether it intends to apply the reverse-charge mechanism.
 
At the end of the sale, the Agent shall also ask the successful bidder whether they intend to claim the first-home tax benefit or any other tax benefit, and shall inform the Principal accordingly so that it can calculate the exact amount of tax the buyer will be required to pay.
 
The successful bidder must pay the expenses no later than 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, the amount of which is 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 to the account before the auction closes.
 
For payments 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 buyer has completed the transfer of ownership of the real estate assets 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 expenses attributable to the Proceedings or 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 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 time limits set out in the specific terms of sale, including payment of both the award price and the Buyer’s Premium and any additional expenses, the sale will be automatically rescinded and the security deposit will be retained as a penalty and compensation for damages.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific auction terms, which will specify the deadlines for payment of both the lots awarded and the Buyer’s Premium due, as well as any additional expenses, and the applicable 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 the provisional award confirmation.
 
If the amounts due are not paid within the prescribed time limits, the sale will be automatically rescinded in agreement with the Principal, and the security deposit will be retained as as compensatory penalty, with consequent forfeiture of the award.
 
 
 
 
11. Transfer of ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be liable for any failure to correspond, or partial correspondence, 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 there may be issues, both objective and subjective, 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 taken directly 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 conclusion of the auction.
 
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 approved, in their actual and legal condition as they stand. 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 Italian Civil Code).
 
The Agent shall not be liable for 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 as it stands, together with all appurtenances, accessions, rights and claims, and active and passive easements, if any. The sale is of the property as a whole and not by measurement, and is made without any warranty against defects or any other deficiency.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information concerning any unauthorized works, violations, encumbrances or failures to comply with applicable regulations relating to the lots for sale, please refer to the attached appraisal report.
 
The lots are sold as seen and approved, in their current condition.
Viewing 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 the photographs, descriptions or any other details provided in the auction listing or advertisements. For this reason, viewing 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 purchaser 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 contained in the general and specific terms published on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.