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 liability for any brokerage or consultancy services (other than the engagement given to the AGENT), and do not constitute invitations to make offers, offers to the public ex Art. 1336 of the Italian Civil Code, or solicitations of public savings ex Art. 94 et seq. of Legislative Decree No. 58/1998.
For the rules governing participation and all information concerning 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. Participation procedures and submission of offers
·         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. - 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 under an engagement conferred by 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 engagement conferred by private individuals
Auction: Competitive online sale of real estate published on www.gobidreal.it
Listing: Publication of a notice concerning the sale or collection of offers/expressions of interest for 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 a 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 the individual lots
Reserve Price: Minimum price, the attainment of which 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 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 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 Award Price, 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 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 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 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 an auction or listing.
 
 
4. Participation Procedures and Submission of Offers.
4.1 Listing  
 
User participation in a listing 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 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 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 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 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 to the “My Documents” section or by 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 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 point 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 under specific conditions, additional documents will be required and added to those mentioned above.
 
5. Irrevocable purchase offer 
 
5.1 Procedure for completing offers at the auction starting price
 
The combined effect of crediting the security deposit, formalising registration for the auction – with express acceptance of the general and specific conditions 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.
 
The Agent shall formalise said offer directly on the platform 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 offer in the manner 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:
 
            - 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 outbid by higher bids placed by any authorised user.
 
To be the highest bidder (and therefore the provisional successful bidder), the user must have placed the highest bid by the end of the online auction.
 
Clearly, where several participants place higher bids on the auction 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) being sold, users will be invited to increase the price shown at 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 outbid by a higher offer, that user shall remain the highest bidder and, therefore, the provisional successful bidder.
 
The current price shall automatically adjust in line with the predetermined bid increments, up to the amount set as the “maximum bid”.
 
The amount of a user's maximum bid (proxy bid) shall 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 in the 5 minutes before the auction closes, the time available to place another bid shall be extended by a further 5 minutes from the time the last bid was received. This shall continue in the same way for every winning bid received within the 5-minute extra-time period, until the available time expires.
 
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 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 process, the highest bidders shall be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, following which they shall be required to make payment by the deadline set out in the specific conditions of sale.
 
The provisional award shall be made 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 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 held in the name of the proceedings, within the deadlines set out in the specific conditions, failing which the award shall be forfeited and the security deposit permanently lost.
 
The sale deed shall be executed by means of a notarial 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 deadlines set out in the specific conditions of sale, or if the award is forfeited, the sale shall automatically be deemed rescinded and the security deposit shall be retained in accordance with the arrangements 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 set out 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 right provided for under Article 107, fourth paragraph, of the Bankruptcy Law and suspend the sale upon receipt of an irrevocable improved 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 Law, 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, 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 affecting 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 purchase price paid in full. Unless otherwise provided for in the specific conditions of sale, all formalities for cancellation shall 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 identified as the Buyer’s Premium.  It shall be calculated on the awarded amount for the asset, in accordance with the arrangements set out in the specific conditions of sale.
 
 
8. Costs 
 
The buyer shall bear the notarial fees, statutory taxes and all expenses relating to the sale, whether tax-related or otherwise (except for those mentioned above in section 6). The Principal shall communicate the exact amount of the costs and provide a detailed breakdown as soon as possible.
 
In this regard, the Principal shall take into account the tax rules applicable to the transaction andof 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 applicable, to specify whether they intend 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 another tax benefit and will inform the Principal accordingly, so that they can calculate the exact amount of taxes the purchaser 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 subject to payment of a mandatory security deposit, as 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 via the platform. Payments must be made as specified in the specific terms of sale.
The security deposit must be credited before the auction ends.
 
For payment by bank transfer, a BIR bank transfer (high-value bank transfer) is recommended.
 
If participants do not win any lots at auction, the security deposit will be refunded within 20 business days of the auction closing, without interest.
If one or more lots are won, 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 notarized deed, subject to authorization from the Principal. In such cases, the security deposit may be withheld, at the Principal's discretion, to cover any costs attributable to the Proceedings, as well as to cover any other services provided by the Agent.
If the security deposit is paid by credit card, it will be charged to the Agent's bank account, and the Agent will refund the amount withheld in this way 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, the bidder does not complete the purchase within the deadlines specified in the specific terms of sale, including payment of the winning bid price, the Buyer's Premium and any additional charges, the sale will be automatically terminated 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 terms, which specify the deadlines for payment of both the lots won and the Buyer's Premium due, as well as any additional charges 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 provided in the specific terms. The payment details will be provided when the user receives confirmation of the provisional award.
 
If payment of the amounts due is not completed within the specified deadlines, the sale will be automatically terminated in agreement with the Principal, and the security deposit will be retained as liquidated damages, resulting in forfeiture of the award.
 
 
 
 
11. Transfer of Ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not responsible for any discrepancy, in whole or in part, between the descriptions of the lots offered at auction or in the listings published on the platform and the actual lots.
 
For any 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 the potential objective and subjective issues arising from the use of online auctions or online listings 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 willful 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 damage or impair the system; the 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 any matters not expressly provided for in these general and specific terms, 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 Italian Civil Code). The property is sold as seen and accepted, in its actual 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 actual and legal condition, together with all appurtenances, additions, rights and claims, and active and passive easements. The sale is by the property as a whole and not by measurement, and is without any warranty against defects or other deficiencies.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information regarding any unauthorized works, violations, encumbrances or non-compliance with applicable regulations affecting the lots for sale, please refer to the attached appraisal.
 
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 listings. 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 terms, 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 terms and conditions set out on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.