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 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, authorised 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 behalf of the Principal.
Principal: Person in charge of the Proceedings
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings:Insolvency proceedings declared by a court or a sale 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 bids/expressions of interest for real estate, published on www.gobidreal.it
Lot: Asset or group of assets offered for sale in an Auction or Listing
Registered User: 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: Terms and conditions specific to the Auction
Deposit: Amount to be paid to participate in the Auction.
Starting Price: Starting price of each Lot
Reserve Price: Minimum price which, once reached, 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 intends to pay for the Lot
Minimum Bid 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 the auction (see 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 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 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 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 interrupt the auction or listings.
 
 
4. Participation Procedures and Submission of Bids.
4.1 Listing  
 
The user's 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 website www.gobidreal.it, enter 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 the award may be granted and in whose name the property will be registered. All payments required, both before and after the sale, must be made by the registered users. 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 bank 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 send 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, 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:
 
-       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 submits 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 corresponding details of their spouse 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 an award)
 
-       IF A COMPANY OR ENTITY:
 

Where required by specific conditions, additional documents will be requested to supplement those mentioned above.
 
5. Irrevocable offer to purchase 
 
5.1 Procedure for submitting 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 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 entered 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 multiple participants who have submitted 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 highest bidder and, therefore, the provisional successful bidder shall be the person who, first in chronological order:
 
            - has completed the aforementioned procedure.
 
The Agent shall ensure that all bidders are informed, by any means, whether or not they are the highest bidder when the aforementioned irrevocable offer to purchase is submitted. 

5.2 Submission of bids above the starting price.
 
Placing higher bids
 
The offer submitted 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 multiple 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 bid up to a maximum amount. 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 bid, 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, 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 will be deemed valid only if submitted during the auction period.
 
5.3.1 Extra time 
 
If a winning bid is submitted within the 5 minutes preceding the end of the auction, the time available to place another bid will be extended by a further 5 minutes from the most recent 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 pass without any additional bid being recorded after the most recent bid received before the auction can be considered definitively concluded.
 
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 session, following a review phase, the highest 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 established 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 received, to the bidder who is recognised as having first completed the procedure for finalising the irrevocable purchase offer, as described in section 5.1.
 
In the event of an award, the full purchase price must be paid by bank transfer to the account held in the name of the proceedings within the deadlines established in the specific terms, failing which the award will be forfeited and the deposit permanently lost.
 
The sale deed 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 purchase price within the deadlines established in the specific terms of sale, or if the award is revoked, the sale will be automatically rescinded and the 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, who must have completed the procedure described in section 5.1 or placed a further bid as explained 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, fourth paragraph, of the Bankruptcy Act and suspend the sale upon receipt of an improved irrevocable purchase offer for an amount no 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 lots in agreement with the Principal.
 
 
 
6. Obligations of the Principal
Pursuant to Article 107 of the Bankruptcy Act, 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 Supervising 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, records of attachments and precautionary seizures, and any other encumbrances affecting the immovable property 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 under their responsibility.
 
7. Buyer’s Premium 
The fee payable to the Agent will be borne exclusively by the buyer and identified as the Buyer’s Premium. It will be calculated on the awarded price of the asset, in accordance with the procedures indicated in the specific terms of sale.
 
 
8. Charges 
 
The buyer will be responsible for notarial fees, statutory taxes, and all expenses relating to the sale, whether tax-related or otherwise. The Principal must provide details of the exact amount of the charges and an accurate breakdown as soon as possible.
 
The Principal must proceed accordingly, taking into account the tax treatment of the transaction and any tax relief 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 requirements 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 relief or any other tax benefit, and will inform the Principal accordingly so that it can calculate the exact amount of tax payable by the buyer.
 
The successful bidder must pay the expenses within the deadlines indicated in the specific terms of sale.
 
 
 
9. Security deposit
 
 
Participation in the auction is subject to payment of a mandatory security deposit, the amount of which is specified in the specific terms of sale.
 
Before being authorised 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 deposit must be credited before the end of the auction.
 
For payment by bank transfer, we recommend making a BIR transfer (large-value bank transfer).
 
If auction participants do not win any assets, the 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 immovable property purchased at auction by means of a notarial deed, subject to authorisation from the Principal. In this case, the security deposit may be withheld, at the Principal’s discretion, 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 withheld 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 deposit from the total amount payable by the buyer.
If, after paying the deposit, the bidder fails to complete the purchase within the deadlines established in the specific terms of sale, including payment of the awarded price, the Buyer’s Premium and any additional charges, the sale will be automatically rescinded and the 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 set out the deadlines for payment of both the awarded lots and the Buyer’s Premium due, as well as any additional charges and the related 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 provided 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 established deadlines, the sale will be automatically rescinded in agreement with the Principal and the security deposit will be retained asby way of a 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 conditions or the specific conditions, the provisions contained in the Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user acknowledges the possible objective and subjective issues arising from the use of an online auction or online listing 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 taken directly by the user that may cause damage to or malfunction of the system, unavailability of access to and/or use of 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 conditions, 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 (Art. 2919 of the Italian Civil Code). The properties are sold as inspected and accepted, in their current factual and legal condition. In a forced sale, no warranty is given for 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 concerning the existence of third-party rights over the assets being sold (Art. 2920 of the Italian Civil Code).
           
The real estate is sold in its current factual and legal condition, together with all appurtenances, additions, rights and actions, and active and passive easements. The sale is of the property as a whole and not by unit of measurement, and is made without any warranty for defects or other deficiencies.
 
UNAUTHORISED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH CURRENT REGULATIONS
For further information concerning any unauthorised works, violations, encumbrances or non-compliance with current regulations affecting the lots for sale, please refer to the attached appraisal.
 
The lots are sold as inspected 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 in the auction listings or advertisements. For this reason, inspection of the lots is strongly recommended in order 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 conditions, the purchaser releases GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal from any warranty or third-party claim.


In the event of any disputes concerning the interpretation of the provisions contained in the general and specific conditions published on the platform, including any translations into other languages, the Italian version of the text shall prevail.