GENERAL TERMS AND CONDITIONS

This constitutes 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 any obligation or commitment to sell on the PRINCIPAL, nor any cost for any brokerage or consulting services (other than the assignment conferred upon the AGENT), and do not constitute invitations to make offers, offers to the public pursuant to Article 1336 of the Italian Civil Code, or solicitations of public savings pursuant to Article 94 et seq. of Legislative Decree No. 58/1998.
For the participation rules and all information relating to the above 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 and submission of 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. and 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 an assignment 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 assignment 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 the collection of offers/expressions of interest in real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered as part of 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: 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 whose attainment 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 that 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 award, 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
 
Where applicable, Specific Terms and Conditions will be published for each auction or listing, 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 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 listings.
 
 
4. Participation and Submission of Offers.
4.1 Listing  
 
User participation in the listing process shall 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 person when registering 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, both before and after the sale, must be made by the registered parties.  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 crediting 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 of the person in whose name the property will be registered (the property may not be registered in the name of anyone other than the person who completes the registration, according to the procedure described in point 5.1)
-       Copy of the tax code
-       If the bidder is married under the joint property regime, the corresponding details of their spouse must also be provided, together with a copy of the spouse's identity document (this document is not required for authorization purposes but is required in the event ofaward)
 
-       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, formalizing 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 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 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 multiple participants who have formalized their irrevocable purchase offer as described above, and none of the bidders places a higher bid on the Platform, the best 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 best 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 for the first bidder may be outbid by higher bids placed by any authorized user.
 
To be the best bidder (and therefore provisional successful bidder), a user must have placed the highest bid when the online auction ends.
 
Clearly, if multiple participants place higher bids on the auction 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) being sold, 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 manually enters the proxy bid amount.
 
Until the user’s maximum bid is exceeded by a higher offer, that user will remain the best 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 considered valid only if submitted during the auction period.
 
5.3.1 Extra time 
 
If a winning bid is placed within 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 will continue 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 last bid received before the auction can be deemed definitively closed.
 
Automatic higher 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 preliminary review, the best bidders will be sent confirmation of the provisional award pursuant to Article 107 of the Bankruptcy Act, and will be required to make payment by the deadline specified in the specific terms of sale.
 
The provisional award will be made to the bidder who submitted the highest offer for each lot or, if no further higher bids are placed, to the bidder recognized as the first in chronological order to have completed the procedure for submitting an irrevocable purchase offer, as described in section 5.1.
 
In the event of an award, the full sale price must be paid by bank transfer to the account in the name of the proceedings within the deadlines specified in the specific terms, failing which the award will be forfeited and the security deposit permanently lost.
 
The deed of sale will be executed before a notary in accordance with the procedures 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 specified in the specific terms 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 procedures set out in the “Security Deposit” section.  In such case, the award shall be made successively to the next best bidder who has completed the procedure described in section 5.1 or placed a higher 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 not less than ten percent of the price offered.
 
In any case, 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 right 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 first refusal, records of attachments and conservatory seizures, and any other encumbrances on the real estate offered for sale, will 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 successful bidder’s expense.
 
7. Buyer’s Premium 
The fee payable to the Agent shall be borne exclusively by the buyer and identified as the Buyer’s Premium.  It shall be calculated on the sale price of the asset, in accordance with the procedures specified 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 those listed above in section 6). The Principal must provide details of the exact amount and a proper breakdown of the costs as soon as possible.
 
The Principal must make the necessary arrangements, taking into account the tax treatment of the transaction and of any         tax benefits 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 mechanism.
 
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 they can calculate the exact amount of taxes 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 subject to payment of a mandatory security deposit, as 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 security deposit must be credited before the auction closes.
 
For payment by bank transfer, a BIR transfer (large-value bank transfer) is recommended.
 
If auction participants are not successful in purchasing any assets, 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 authorisation from the Principal. In this case, the security deposit may be withheld, at the Principal’s discretion, to cover any costs attributable to the proceedings or to cover 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 buyer is successful in purchasing 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 buyer.
If, after paying the security deposit, the bidder fails to 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 rescinded and the security deposit will be retained as 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 charges and the relevant compensation provisions 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 confirmation of the provisional award.
 
If payment of the amounts due is not completed by the specified deadlines, the sale will be automatically rescinded in agreement with the Principal, and the security deposit will be retained as compensation for damages, resulting in 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 lots listed in the auction or in advertisements published on the platform and the actual lots.
 
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 the potential 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. 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; the unavailability of access to and/or use of www.gobidreal.it; unlawful use of www.gobidreal.it; or any event occurring after the auction has concluded.
 
For all 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 (Article 2919 of the Italian Civil Code). The assets are sold as seen and accepted, in their actual and legal condition. In a forced sale, there is no warranty for defects in the asset. The sale cannot be challenged on the grounds of damage. (Article 2922 of the Italian Civil Code).
 
The Agent shall have no liability for the existence of third-party rights over assets subject to sale (Article 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, if any. 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 shortcomings.
 
UNAUTHORISED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information on any unauthorised works, violations, encumbrances or failures to comply with applicable regulations concerning the lots for sale, please refer to the attached expert report.
 
The lots are sold as seen and accepted in their current condition.
Inspection of the lots 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 being auctioned.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal.
 
By accepting these terms, the buyer 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.