GENERAL TERMS AND CONDITIONSTable of Contents: · Art. 1. Definitions
· Art. 2. Applicability
· Art. 3. Publication and conduct of auctions and listings
· Art. 4. Participation and bid submission procedures
· Art. 5. Irrevocable offer to purchase
· 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, 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 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 sales mandate granted by private parties
Auction: Online competitive sale of real estate published on
www.gobidreal.itListing: Publication of a notice concerning the sale or collection of offers/expressions of interest for real estate, published on
www.gobidreal.itLot: 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: Authorisation requested by the registered user to participate in a specific
AuctionBidder Number: Registered User identification number
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 the individual lots
Reserve Price: Minimum price which, if 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 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 lot's award price, excluding any applicable Buyer’s Premium 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, providing all specific information relating to the auction or listing itself 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 the dates on which they take place 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 listing.
4. Participation and bid submission procedures.4.1 Listing The user's participation in the listing process will be governed by the specific terms and conditions, where applicable.
4.2 Online auction4.2.1 Registration processTo 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 when registering on the website and for the auctions will be the same details to which any award will be made 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 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 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 wish to participate in and, at the same time, send a copy of the bank transfer receipt to
[email protected] The deposit must be credited before the auction ends, unless otherwise specified in the specific terms and conditions of sale.
In addition to paying the security deposit, to be authorised 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 someone 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 authorisation but will be required in the event of an award)
- IF A COMPANY OR OTHER ENTITY:
- Certificate from the Chamber of Commerce, Industry, Crafts and Agriculture confirming the company's incorporation and the powers granted to the bidder
- Copy of a valid identity document belonging to the director or legal representative
- Copy of the tax code of the director or legal representative
- Any duly legalised translation of the company registration certificate, if the company is not Italian
- Special power of attorney executed or authenticated by a notary, if participating through a representative
Where provided for by specific terms, additional documents will be required to 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, formalising 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. This offer will be formalised 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 several participants who have formalised their irrevocable purchase offers as 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 inform all bidders by any means whether or not they are the highest bidders when the aforementioned irrevocable purchase offer is formalised.
5.2 Submission of bids to increase the starting price. Placing higher bids The offer formalised by the first bidder may be surpassed by higher bids placed by any authorised user.
A user wishing to be the highest bidder (and therefore the provisional successful bidder) must have placed the highest bid when the online auction ends.
Clearly, where several participants place higher bids on the starting-price offer, the user recognised 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” is a bid at the price published online, plus a predetermined minimum increment.
5.2.2 Maximum bid (Proxy Bid):
A “proxy bid” is a bid for a maximum amount. It is the maximum amount the user is willing to offer for each lot. Each bidder enters the value of their proxy bid manually.
Until the user's maximum bid is exceeded by a higher offer, that user will remain the highest bidder and, therefore, the provisional successful bidder.
The current price will be adjusted automatically according to the amount of the predetermined bid increments, until it reaches the value set as the “maximum bid”.
The value of a user's maximum bid (proxy bid) will not be visible to other users.
Placing a proxy bid after a static bid will in any case result in a minimum increase on the current price, even if the user is the highest bidder.
5.3. Validity of bids In all cases (static bid – maximum bid – open bid), bids will be considered 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 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 time available 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 considered definitively closed.
Automatic increases in the event 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 confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, and 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 recognised as the first in chronological order to have completed the procedure for making an irrevocable purchase offer, described in section 5.1.
In the event of an award, the full sale price must be paid by bank transfer to the account held in the name of the proceedings, within the deadlines set out in the specific terms, failing which the award will be forfeited and the security deposit permanently lost.
The sale deed will be executed by 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 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 granted successively to the next highest bidder who has completed the procedure described in section 5.1 or placed a higher bid as described in section 5.2.
5.5 Other provisions Where permitted by law, the Principal, in its capacity 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 upon receipt of an irrevocable purchase offer that improves on the current offer by an amount of no less than ten per cent 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 PrincipalPursuant to Article 107 of the Bankruptcy Law, the Principal undertakes to notify each mortgage creditor or other secured creditor 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 on the real estate offered for sale, will be cancelled pursuant to Article 108 of the Bankruptcy Law once the sale has been completed and the price paid in full. Unless otherwise provided in the specific terms of sale, all formalities for cancellation will be carried out by the Principal, at its own expense, as soon as possible.
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 will be calculated on the sale price of the asset, in accordance with the procedures set out in the specific terms of sale.
8. Costs Notarial fees, statutory taxes and all expenses relating to the sale, whether tax-related or otherwise (except those listed above in section 6), shall be borne by the buyer. Information regarding the exact amount of the costs andtheir correct specification must be provided by the Principal as soon as possible.
The Principal must do so, 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 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 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 deadlines specified in the specific sale conditions.
9. Security Deposit Participation in the auction is conditional upon payment of a mandatory security deposit, as specified in the specific sale conditions.
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 set out in the specific sale conditions.
The security deposit must be credited before the auction ends.
For payments by bank transfer, a BIR (large-value bank transfer) is recommended.
If participants do not win any lots at the auction, the security deposit will be refunded, without interest, within 20 business days of the award.
If one or more lots are awarded, the security deposit will be refunded after the purchaser has transferred ownership of the real estate purchased at auction by means of a notarial deed, subject to authorization from the Principal. In such circumstances, at the Principal's discretion, the security deposit may be retained to cover any costs relating to the Proceedings and/or other services provided by the Agent.
If the security deposit is paid by credit card, it will be collected into the Agent's bank account, and the Agent will refund the amount withheld in accordance with the procedures described above.
If the purchaser wins at least one lot at auction, 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 and being awarded a lot, the bidder fails to complete the purchase within the deadlines established in the specific sale conditions, including payment of the award price, the Buyer's Premium and any additional charges, the sale will automatically be rescinded 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 auction conditions, 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 related 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 by the prescribed deadlines, the sale will automatically be rescinded in agreement with the Principal, and the security deposit will be retained as liquidated damages, resulting in the award being revoked.
11. Transfer of Ownership Ownership will be transferred only after full payment of the award price and expenses, as provided for in the specific sale conditions, by means of a notarial deed in accordance with the procedures established by the Principal, unless otherwise specified in the specific sale conditions.
In judicial sales, the Principal will also notify the Delegated Judge so that the Judge may arrange for the cancellation of any prejudicial registrations affecting the real estate being transferred, pursuant to Article 108 of the Bankruptcy Law, as indicated in Article 6.
Once the payment deadlines set out in the specific sale conditions have passed, if the transfer of ownership has not been completed, the sale will automatically be rescinded 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 rules set out in the Security Deposit section.
12. Warranties GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be liable for any discrepancy, in whole or in part, 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 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 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. In no event shall GOBID INTERNATIONAL AUCTION GROUP S.r.l. be liable for: actions by the user that may damage or impair the system; the unavailability of, or inability to view and/or use, www.gobidreal.it; 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 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 (Article 2919 of the Italian Civil Code). The property is sold as seen and approved, in its factual and legal condition as it stands. In a forced sale, no warranty is given for defects in the property. The sale may not be challenged on grounds of damage (Article 2922 of the Italian Civil Code).
The Agent accepts no liability for the existence of third-party rights over the property being sold (Article 2920 of the Italian Civil Code).
The real estate is sold in its factual and legal condition as it stands, 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 for defects or other deficiencies.
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH CURRENT REGULATIONS
For further information concerning any unauthorized works, violations, encumbrances or failures to comply with current regulations affecting the lots for sale, please refer to the attached valuation report.
The lots are sold as seen and approved, in their current condition.
Inspection of the lots offered at auction is strongly recommended. GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal accept no liability for any errors, omissions or inaccuracies in the photographs, descriptions or any other details indicated in the auction listing 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 releases GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal from any warranty or third-party claim.
In the event of any dispute concerning the interpretation of the provisions set out 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.