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 impose on the PRINCIPAL any obligation or commitment to sell, nor any costs for possible brokerage or consultancy services (other than those covered by the mandate granted to the AGENT), and do not constitute invitations to make offers, public offers pursuant to Art. 1336 of the Italian Civil Code, or solicitations of public savings pursuant to Art. 94 et seq. of Legislative Decree 58/1998.
For the participation rules and all information relating to the above-mentioned 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. How to participate and submit offers
·         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. - 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 under a mandate granted by the Principal.
Principal: The party 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 in real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered in an Auction or 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: The 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, upon reaching which provisional award of the lot is authorized
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 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 Buyer’s Premium due and any additional tax or other costs
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, Specific Terms and Conditions will be published, setting out 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 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 listing.
 
 
4. How to Participate and Submit Offers.
4.1 Listing  
 
User participation in the listing process will be governed by the specific terms and conditions, where available.
 
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, and request registration for the auction, accepting its terms and conditions.
 
The details entered by the person during registration 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 persons. Any powers of attorney or authorizations may be considered subject to the Principal's authorization.
 
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 crediting 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 belonging to the person in whose name the property will be registered (the property may not be registered in the name of a person 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 but will be required in the event of award)
 
-       IF COMPANIES OR ENTITIES:
 

Where provided for by specific conditions, 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 shall 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.
           
If several participants have formalised their irrevocable purchase offer in the manner 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 at the time the aforementioned irrevocable purchase offer is formalised. 


5.2 Submission of bids to increase the starting price.
 
Submitting higher bids
 
The offer formalised by the first bidder may be exceeded by higher bids placed by any authorised user.
 
The user wishing to be the highest bidder (and therefore the provisional successful bidder) must have submitted the highest offer at the end of the online auction.
 
Clearly, if several participants place higher bids on the starting price, 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) on 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 an offer for a maximum amount. This is the maximum amount the user is willing to offer for each lot. The value of the proxy bid is entered manually by each bidder.
 
Until the user’s maximum bid is exceeded by a higher offer, that user shall 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 maximum bid amount.
 
The value 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 considered 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 for every winning bid received within the 5-minute extra-time period, until the bidding period has ended.
 
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 highest bidders shall be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Act, upon which they shall be required to make payment by the deadline specified in the specific terms of sale.
 
The provisional award shall be made to the bidder who submitted the highest offer 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 finalising 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 specified for the proceedings, within the time limits set out in the specific terms, under penalty of forfeiture and definitive loss of the security deposit.
 
The deed of sale shall be executed by means of a notarised deed in accordance with the arrangements established by the Principal (described in section 11, Transfer of ownership)
 
Submitted bids are binding and constitute a formal purchase commitment. 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 revoked, the sale shall automatically be deemed terminated and the security deposit shall be retained in accordance with the arrangements set out in the “Security deposit” section.  In this case, the award shall be made successively to the next highest bidder, who must have completed the procedure described in section 5.1 or placed a higher bid, as outlined 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 4, of the Bankruptcy Act and suspend the sale upon receipt of an improved irrevocable purchase offer for an amount 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 the 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 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 pre-emption rights, records of foreclosures and precautionary attachments, and any other encumbrance on the real estate assets offered for sale, shall be cancelled pursuant to Article 108 of the Bankruptcy Act once the sale has been completed and the full price collected. Unless otherwise provided in the specific terms of sale, all formalities for cancellation shall be carried out at the expense of the successful bidder.
 
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 award amount for the asset, in accordance with the arrangements set out in the specific terms of sale.
 
 
8. Costs 
 
The buyer shall bear notarial fees, statutory taxes and all expenses relating to the sale, whether tax-related or otherwise (except for those referred to above in section 6). The Principal shall provide information on the exact amount of the costs and an accurate breakdown thereof as soon as possible.
 
The Principal shall do so, taking into account the tax treatment of the transaction and of any         tax benefits that 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 conditions are met, to specify whether they intend to apply the reverse charge.
 
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 another tax benefit, and will inform the Principal accordingly, so that the Principal 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 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 set out in the specific conditions of sale.
The security deposit must be credited before the auction closes.
 
For payment by bank transfer, a BIR transfer (high-value bank transfer) is recommended.
 
If participants in the auction do not win any lots, the security deposit will be refunded within 20 working days of the auction 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 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 buyer is awarded at least one lot at auction, the Agent, in agreement with the Principal, may deduct the security deposit from the total amount due from the buyer.
If, after paying the security deposit, the bidder fails to complete the purchase within the deadlines specified in the specific conditions of sale, including payment of the award price, the Buyer’s Premium and any additional charges, the sale will automatically be 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 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 provided 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 automatically be terminated in agreement with the Principal, and the security deposit will be retained as compensation by way of a penalty, with the award consequently becoming void.
 
 
 
 
11. Transfer of Ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be liable for any discrepancy or partial discrepancy between the descriptions of 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 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 advertisement conducted via the internet, for which GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not 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 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 covered by these general and specific conditions, reference is made to the provisions of the Civil Procedure Code and the Bankruptcy Law.
The sale of real estate is a forced sale (Art. 2919 of the Italian Civil Code). The property is sold as seen and accepted, in its current factual and legal condition. In a forced sale, there is no warranty against defects in the property. The sale cannot be challenged on grounds of damage. (Art. 2922 of the Italian Civil Code).
 
The Agent shall have no liability whatsoever for 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 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 other deficiencies.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH CURRENT REGULATIONS
For further information regarding any unauthorized works, violations, encumbrances or non-compliance with current regulations affecting the lots for sale, please refer to the attached appraisal report.
 
The lots are sold as seen 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 the photographs, descriptions or any other details provided for the auction or in the advertisements. 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 conditions, the buyer indemnifies GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal against any warranty claim or third-party claim.


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