GENERAL TERMS AND CONDITIONS

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 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, 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 on behalf of the Principal.
Principal: Person responsible for the Proceedings
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings:insolvency proceedings declared by a Court or sales mandate granted by private parties
Auction: Competitive online sale of real estate published on www.gobidreal.it
Notice: Publication of a notice concerning the sale or collection of bids/expressions of interest for real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered for Auction or listed in a Notice
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 each Lot
Reserve Price: Minimum price which, if reached, 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 place 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's Award Price, excluding any Buyer’s Premium due and any additional taxes and 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 www.gobidreal.it website 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, the Specific Terms and Conditions will be published, providing all specific information relating to the auction or notice and the Lots.
These terms and conditions apply unless otherwise specified 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 www.gobidreal.it website, indicating the dates on which they will take place 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 notices.
 
 
4. Participation Procedures and Submission of Bids.

4.1 Notice 
 
User participation in the Notice format 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 www.gobidreal.it website by entering 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 those 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 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, at the same time, send a copy of the bank transfer receipt to [email protected]
 
The security deposit must be credited before the auction ends, 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 in 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 cannot be registered in the name of a person other than the person who submits 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 corresponding details of their spouse must also be provided, together with a copy of their identity document (this document is not required for authorization but will be requested in the event of an award)



-       IF A COMPANY OR OTHER ENTITY:
 
-       Recent company registration report or certificate issued by the Chamber of Commerce, Industry, Crafts and Agriculture
-       Copy of a valid identity document of the person who submitted the bid on behalf of the company and, if that person is not the legal representative, a copy of the document evidencing their relevant authority 
-       Copy of the tax code of the person who submitted the bid
-       Any duly legalized translation of the company registration certificate, if the company is not Italian
-       Special power of attorney received or authenticated by the notary, in the event of participation through a representative   

 
Where provided for by specific terms and conditions, additional documents will be required and added to 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, 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 considered 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 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 offers 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 is first, in chronological order, to:
 
            - complete 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 offers to increase the starting price.
 
Placing higher bids
 
The offer formalized by the first bidder may be exceeded by higher bids placed by any authorized user.
 
To be the best bidder (and therefore the provisional successful bidder), a user must have placed the highest bid by the end of the online auction.
 
Clearly, if multiple participants place higher bids on the offer at the starting auction 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 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 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 exceeded by a higher offer, that user will remain the best bidder and, therefore, the provisional successful bidder.
 
The current price will automatically adjust in accordance with 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 offers
 
In all cases (static bid—maximum bid—open offer), offers 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 preceding the auction's close, 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 additional offer being recorded after the last bid received before the auction can be deemed definitively closed.
 
Automatic higher bids in the event of 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 best bidders will be sent confirmation of the provisional award pursuant to Article 107 of the Bankruptcy Law, in response to which they must make payment by the deadline specified in the specific terms of sale.
 
The provisional award shall be granted 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 finalizing the irrevocable purchase offer described in section 5.1.
 
In the event of an award, the full sale price must be paid by bank transfer to the account held in the name of the proceedings, within the time limits specified 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 offers are binding and constitute a formal purchase commitment. 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 revoked, 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 that 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, 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 right provided for in Article 107, fourth paragraph, of the Bankruptcy Law and suspend the sale upon receipt of an irrevocable purchase offer that improves on the existing offer by an amount of no less than ten percent of the offered price.
 
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 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 rights of pre-emption, transcriptions 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 price paid in full. 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 referred to as the Buyer's Premium.  It shall be calculated on the amount of the winning bid for the asset, in accordance with the procedures indicated in the specific terms of sale.
 
 
8. Costs
 
The purchaser shall bear the notarial fees, statutory taxes, and all expenses relating to the sale, whether tax-related or otherwise.   The Principal must provide details of the exact amount of the costs and their correct breakdown as soon as possible.
 
The Principal shall take the necessary steps in this regard, taking into account the tax treatment of the transaction and 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 any other tax benefit, and will inform the Principal accordingly so that the exact amount of tax payable by the buyer can be calculated.
 
The successful bidder must pay the expenses no later than 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 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 payment by bank transfer, a BIR transfer (large-value bank transfer) is recommended.
 
If participants do not win any lots at the auction, the security deposit will be refunded, without interest, within 20 business days of the auction award.
If one or more lots are won, 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 such cases, at the Principal’s discretion, the security deposit may be retained 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 charged to the Agent’s bank account, and the Agent will refund the amount withheld 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 due from the buyer.
If, after paying the security deposit, a bidder who has won a lot fails to complete the purchase within the deadlines specified in the specific conditions 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 compensation by way of 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 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 conditions.
All payments must be made in full exclusively by bank transfer, unless otherwise provided for 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 established deadlines, the sale will be automatically terminated in agreement with the Principal, and the security deposit will be retained as compensation by way of penalty, with the award consequently being revoked.
 
 
 
 
11. Transfer of ownership
 
Ownership will be transferred only after full payment of the winning bid price and expenses, as provided for in the specific conditions of sale, by means of a notarial deed in accordance with the procedures established by the Principal, unless otherwise specified in the specific conditions of sale.
In the case of judicial sales, the Principal will also notify the Delegated Judge so that the Judge may arrange for the cancellation of prejudicial registrations affecting the real estate being transferred pursuant to Article 108 of the Bankruptcy Law, as indicated in Article 6.
Once the payment deadlines set out in the specific conditions of sale have passed, if the transfer of ownership has not been completed, the sale will be automatically terminated and the amount paid by the successful bidder as the Buyer’s Premium will be retained by the Agent as compensation by way of penalty. The amount paid by the successful bidder as a security deposit will instead be retained in accordance with the provisions in the Security Deposit section.
 
12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not responsible for any discrepancy or partial discrepancy between the descriptions of lots offered at auction or in listings published on the platform.
 
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 potential objective and subjective issues arising from the use of an online auction or online listing 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 cause damage to or malfunction of the system; the unavailability of www.gobidreal.it or the inability to view or use it; unlawful use of www.gobidreal.it; or any event occurring after the auction has ended.
 
For all matters not expressly provided for in 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 (Article 2919 of the Civil Code). The property is sold as seen and accepted, in its actual and legal condition as it stands. In a forced sale, no warranty is given against defects in the property. The sale cannot be challenged on grounds of damage (Article 2922 of the Civil Code).
 
The Agent shall have no liability concerning the existence of third-party rights over the property 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, accessions, 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 shortcomings.
 
UNAUTHORISED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information concerning any unauthorised works, violations, encumbrances or instances of non-compliance with applicable regulations relating to the lots for sale, please refer to the attached expert report.
 
The lots are sold as seen and accepted, in their current condition.
Viewing 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 photographs, descriptions or any other details provided in the auction listings or advertisements. For this reason, viewing 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 buyer holds GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal harmless from any warranty claims or claims by third parties.

In the event of any dispute concerning the interpretation of the provisions contained in the general and specific conditions published on the platform, including any translations into other languages, the Italian version of the text shall prevail.

Unless otherwise specified, the times stated in the specific conditions and on the platform refer to the time zone indicated by the server time published on the website