GENERAL TERMS AND CONDITIONS

This document 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 costs for possible brokerage or consultancy services (other than the assignment 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 participation rules and all information relating to the aforementioned collection, please refer to the specific terms published on the platform www.gobidreal.it.

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and notices
·         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. 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, 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 under an assignment granted by the Principal.
Principal: The person responsible for the Proceedings
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings:insolvency proceedings declared by a court or a sales assignment granted by private individuals
Auction: Competitive online sale of real estate published on www.gobidreal.it
Notice: Publication of a notice concerning the sale or 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 Notice
Registered User: A user registered on www.gobidreal.it
Auction Registration: Authorisation requested by the registered user to participate in a specific Auction
Bidder Number: Identification number of the Registered User
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 each individual lot
Reserve Price: Minimum price, when reached, that 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 Extra time section)
Provisional Award: Notification sent to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.  
Award Price: Amount of the award for the lot, excluding any Buyer’s Premium payable 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 notices, as well as to the terms and conditions governing user participation.
 
     2.1. Specific Terms and Conditions
 
For each auction or notice, where applicable, Specific Terms and Conditions will be published, setting out all specific information relating to the auction or notice and the lots.
These terms and conditions apply unless otherwise provided in the Specific Terms and Conditions for each individual auction or notice 
 
 
 
3.  Publication and conduct of auctions and notices
 
Auctions and notices 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 interrupt the auction or notices.
 
 
4. Participation procedures and submission of offers.
4.1 Notice  
 
User participation in the notice 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, 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 granted 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 authorisations may be considered subject to the Principal's approval.
 
The user must pay the required security deposit by bank transfer to the bank account specified in the specific sale terms and conditions and on the registration page.
Where specified in the specific sale terms and conditions, the deposit may be paid online by credit card.
 
The user must specify the auction number in which they intend to participate 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 sale terms and conditions.
 
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 by sending them to [email protected]
 
-       IF AN INDIVIDUAL:
 
-       Copy of a valid identity document belonging to the person in whose name the property is to be registered (the property may not be registered in the name of a person other than the person who completes the registration, as 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 award)
 
-       IF COMPANIES OR ENTITIES:
 

Where provided for in the specific terms, additional documents will be required to supplement those mentioned above.
 
5. Irrevocable offer to purchase 
 
5.1 Procedure for completing offers at the starting auction 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 the required supporting documentation, 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 commitment to purchase by the user.
 
The said offer will be placed on the platform directly by the Agent by means of an online bid, on behalf of the first user to complete the procedure described above.
           
Where there are multiple participants who have submitted their irrevocable offers to purchase in accordance with the above procedures, and none of the bidders places a higher bid on the Platform, the best bidder and, therefore, the 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 best bidders when the aforementioned irrevocable offer to purchase is submitted. 


5.2 Submission of bids to increase the starting price.
 
Placing higher bids
 
The offer placed for the first bidder may be outbid by higher bids placed by any authorised user.
 
To be the best bidder (and therefore the provisional successful bidder), a user must have placed the highest bid when the online auction ends.
 
Clearly, where multiple participants place higher bids on the starting auction 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) for sale, users will be invited to increase the price shown 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 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 outbid by a higher offer, that user will remain the best bidder and, therefore, the provisional successful bidder.
 
The current price will automatically adjust based on 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 – free bid), bids will be deemed valid only if submitted during the auction.
 
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 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 considered definitively closed.
 
Automatic bids placed in response to 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 phase, the best bidders will receive confirmation of provisional award pursuant to Article 107 of the Bankruptcy Act, and will be required to make payment by the deadline set out in the specific terms of sale.
 
The provisional award will be made to the bidder who submitted the highest bid for each lot or, if no higher bids are received, to the bidder recognised as the first, in chronological order, to complete the procedure for submitting an irrevocable offer to purchase, 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 designated for the proceedings within the time limits set out in the specific terms, failing which the successful bidder will forfeit the award and lose the security deposit.
 
The deed of sale 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 amount due within the time limits set out in the specific terms of sale, or if the award is revoked, the sale will automatically be deemed terminated and the security deposit will be retained in accordance with the procedures set out in the "Security deposit" section.  In that case, the award will be made in turn to the next best bidder who completed the procedure described in section 5.1 or placed a higher bid, in accordance with the provisions of section 5.2.
 
 
 
5.5 Other provisions
 
Where permitted 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 offer to purchase for an amount not 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 other creditor 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 pre-emption, registrations of attachments and precautionary seizures, and any other encumbrances affecting 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 price paid in full. Unless otherwise provided in the specific terms of sale, all formalities for cancellation will 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 is identified as the Buyer’s Premium.  It shall be calculated on the awarded price of the asset in accordance with the procedures set out in the specific terms of sale.
 
 
8. Costs 
 
The buyer shall bear notarial fees, taxes required by law and all expenses relating to the sale, whether tax-related or otherwise (except those referred to above in section 6). The Principal must provide details of the exact amount of the costs and a clear breakdown of them as soon as possible.
 
In this regard, the Principal must take into account the tax treatment of the transaction and of 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 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 tax benefit or another 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 by the deadline specified in the specific conditions of sale.
 
 
 
9. Security deposit
 
 
Participation in the auction is conditional upon payment of a mandatory security deposit, as specified in the specific conditions 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 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 payments by bank transfer, a BIR (large-value bank transfer) is recommended.
 
If participants do not win any lots at auction, the security deposit will be refunded, without interest, within 20 business days of the award.
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 notarial deed, subject to authorisation from the Principal. In this case, 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 credited to the Agent’s current account, and the Agent will refund the amount so retained 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 winning a lot, the bidder fails to complete the purchase within the deadlines set out in the specific conditions of sale, including payment of the hammer 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 conditions, 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 relevant compensation clauses in the event of non-compliance 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 by the prescribed deadlines, the sale will be automatically terminated in agreement with the Principal and the security deposit will be retained as liquidated damages, with the award consequently being forfeited.
 
 
 
 
11. Transfer of ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not liable for any discrepancies or partial discrepancies 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 of the Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user acknowledges that objective and subjective issues may arise from using 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. 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; 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 ended.
 
For all matters not expressly covered by 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 (Art. 2919 of the Italian Civil Code). The properties are sold as seen and accepted, in their current state of fact and law. 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 accepts no liability in respect of the existence of third-party rights over the property being sold (Art. 2920 of the Italian Civil Code).
           
The real estate is sold in the state of fact and law in which it is found, together with all appurtenances, additions, rights and claims, and active and passive easements. The sale is of the property as a whole and not by measurement, and is made without any warranty against defects or other deficiencies.
 
UNAUTHORISED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information concerning any unauthorised works, violations, encumbrances or failure of the lots for sale to comply with applicable regulations, please refer to the attached expert report.
 
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 accept no liability for any errors, omissions or inaccuracies in photographs, descriptions or any other details provided for the auction or in 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 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.