GENERAL TERMS AND CONDITIONS

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and listings
·         Art. 4. Methods of participation and submission of bids
·         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, authorised to conduct auctions under Licence issued by the Police Commissioner of Milan No. 13/2008 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 responsible for the Proceedings
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings:insolvency proceedings declared by the Court or a sale assignment 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: An asset or group of assets offered for sale by 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: 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 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 place a static bid.
Extra-time : Extension of the time available for placing bids at 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 charges
Buyer's Premium: Fee due 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 information specific 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 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 suspend the auction or listings.
 
 
4. Methods of Participation and Submission of Bids.
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 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 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 authorisations may be considered subject to the Principal's 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 send a copy of the bank transfer receipt at the same time to [email protected]
 
The security deposit must be credited before the auction closes, 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 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 completed 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 spouse's corresponding details must also be provided, together with a copy of their identity document (this document is not required for authorisation to participate but will be required in the event of an award)
 
-       IF A COMPANY OR ENTITY:
 

Where provided for by specific terms, additional documents will be required, which will supplement those mentioned above.
 
5. Irrevocable offer to purchase 
 
5.1 Procedure for completing offers at the auction 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 supporting documentation required, 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 purchase commitment on the part of the user.
 
That offer shall 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 several participants who have formalized their irrevocable offer 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, provisional successful bidder shall be the person who, first in chronological order:
 
            - has completed the aforementioned procedure.
 
The Agent shall notify all bidders by any means whether or not they are the highest bidders when the aforementioned irrevocable offer to purchase is formalized. 


5.2 Submission of bids to increase the starting price.
 
Submitting higher bids
 
The offer formalized 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), the user must have submitted the highest bid at the end of the online auction.
 
Clearly, where several participants place higher bids on 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 to 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 for 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 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 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 shall 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 in the same way for each 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 further bid being recorded after the last bid received before the auction can be deemed definitively concluded.
 
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 that they are provisional successful bidders pursuant to Article 107 of the Italian Bankruptcy Act, whereupon they shall be required to make payment by the deadline set out in the specific terms of sale.
 
The provisional award shall be made to the bidder who submitted the highest bid for each lot or, if no further higher bids were placed, to the bidder recognized as the first, in chronological order, to have completed the procedure for formalizing the irrevocable offer to purchase described in section 5.1.
 
If a lot is awarded, the full purchase price must be paid by bank transfer to the account in the name of the proceedings within the time limits set out in the specific terms, failing which the award shall be forfeited and the security deposit permanently lost.
 
The deed of sale shall 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 time limits set out in the specific terms of sale, or if the award is forfeited, the sale shall be automatically 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 highest bidder, provided that they have completed the procedure described in section 5.1 or placed a higher bid as described 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 right provided for in Article 107, fourth paragraph, of the Italian Bankruptcy Act and suspend the sale if an irrevocable offer to purchase is received that improves upon the existing offer by an amount of no less than ten percent 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 Italian Bankruptcy Act, the Principal undertakes to notify each mortgage creditor or other creditor holding a lien 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 pre-emption rights, records of attachment orders and precautionary seizures, and any other encumbrances on the real estate offered for sale, shall be cancelled pursuant to Article 108 of the Italian 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 and under their responsibility.
 
7. Buyer’s Premium 
The fee payable to the Agent shall be borne exclusively by the purchaser and is identified as the Buyer’s Premium. It shall be calculated on the amount for which the asset is awarded, in accordance with the procedures set out in the specific terms of sale.
 
 
8. Costs 
 
The purchaser shall bear 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 provide information regarding the exact amount of the costs and their correct itemization as soon as possible.
 
In this regard, the Principal shall take into account the tax rules applicable to the transaction and of any         tax benefits the buyer intends to claim. The Principal shall 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 shall also ask the successful bidder whether they intend to claim the first-home tax benefit or another tax benefit, and shall inform the Principal accordingly, so that the exact amount of taxes payable by the buyer can be calculated.
 
The successful bidder shall pay the expenses within the deadlines specified in the specific terms and conditions of sale.
 
 
 
9. Security Deposit
 
 
Participation in the auction is conditional upon payment of a mandatory security deposit, as specified in the specific terms and conditions of sale.
 
Before being authorised to participate in the auction, participants shall pay the amount specified above by bank transfer or, where provided for in the specific terms and conditions, by credit card through the platform. Payments shall be made as set out in the specific terms and conditions of sale.
The security deposit must be credited before the auction ends.
 
For payment by bank transfer, a BIR transfer (high-value bank transfer) is recommended.
 
If participants do not win any lots at the auction, the security deposit will be refunded within 20 working days of the award, without interest.
If one or more lots are won, the security deposit will be refunded after the buyer has transferred ownership of the real estate purchased at auction by means of a notarial deed, subject to authorisation from the Principal. In such cases, the security deposit may be retained, 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 current account, and the Agent shall refund the amount withheld in this way 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 security deposit from the total amount owed by the buyer.
If, after paying the security deposit and winning a lot, the bidder does not complete the purchase within the deadlines specified in the specific terms and conditions of sale, including payment of the winning bid price, the Buyer’s Premium and any additional charges, the sale shall be automatically rescinded and the security deposit shall be retained as a compensatory penalty.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific terms and conditions of the auction, 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 related compensation clauses in the event of failure to comply with those terms.
All payments must be made in full and exclusively by bank transfer, unless otherwise provided in the specific terms and conditions. The bank details will be provided when the user receives confirmation of the provisional award.
 
If the amounts due are not paid within the specified deadlines, the sale shall be automatically rescinded in agreement with the Principal, and the security deposit shall be retained as a compensatory penalty, resulting in the 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 offered at auction or in listings published on the platform and the actual items.
 
For all matters not covered by these general terms and conditions or the specific terms and conditions, 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 using 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 damage or cause the system to malfunction; 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 covered by these general and specific terms and conditions, reference shall be made to the provisions of the Civil Procedure Code and the Bankruptcy Law.
The sale of real estate is a forced sale (Article 2919 of the Civil Code). The property is sold as seen and approved, in its actual and legal condition as it stands. In a forced sale, no warranty is provided for defects in the property. The sale may not be challenged on the grounds of damage. (Article 2922 of the Civil Code).
 
The Agent shall bear no liability for the existence of third-party rights over items being sold (Article 2920 of the Civil Code).
           
The real estate is sold in its actual and legal condition as it stands, together with all appurtenances,     fixtures, rights and claims, and easements, both benefiting and burdening the property. The sale is by lot and not by measurement, and is made without any warranty for defects       or other deficiencies.
 
UNAUTHORISED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information regarding any unauthorised 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 approved, in their current condition.
Viewing 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 photographs, descriptions or any other details provided for the auction or in the listings. For this reason, viewing the lots is strongly recommended in order to verify the actual condition of the items offered at auction.
 
No warranty is provided by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal.
 
By accepting these terms and conditions, the buyer holds GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal harmless 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 set out on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.