GENERAL TERMS AND CONDITIONS

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 bids
·         Art. 5. Irrevocable purchase offer
·         Art. 6. Obligations of the Principal
·         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 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 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 sales mandate granted by private parties
Auction: Competitive online sale of real estate published on www.gobidreal.it
Listing: Publication of a notice concerning the sale of, or collection of bids/expressions of interest in, real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered in an Auction or Listing
Registered User: 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: Specific terms and conditions of the Auction
Deposit: Amount to be paid in order to participate in the Auction.
Starting Price: Starting price of each lot
Reserve Price: Minimum price which, when 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 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 bidding in the 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 award price for the lot, excluding any Buyer’s Premium payable and any additional tax and non-tax 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
 
Where applicable, Specific Terms and Conditions will be published for each auction or listing, setting out all information specific to the auction or listing in question and its 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 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. Participation procedures and submission of bids.

4.1 Listing 
 
User participation in the listing process shall 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 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 the same details to which the award may 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 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 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 auction ends, unless otherwise indicated in the specific terms and conditions of sale.
 
In addition to payment of the security deposit, in order to be authorised to participate in the auction, the user must provide the following documents by uploading them to 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 anyone other than the person completing the registration, as described in section 5.1)
-       Copy of the tax identification number
-       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 but will be required in the event of an award)



-       IF A COMPANY OR ORGANISATION:
 
-       Current company registration extract or certificate from the Chamber of Commerce, Industry, Crafts and Agriculture (C.C.I.A.A.)
-       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 powers 
-       Copy of the tax identification number of the person who submitted the bid
-       Any duly legalised translation of the company registration certificate, if the company is not Italian
-       Special power of attorney received or authenticated by notary, in the event of participation through a representative   

 
Where required by the specific terms, additional documents will be requested to supplement 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 terms of sale published online at www.gobidreal.it – and the user's submission of all supporting documentation requested, 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 by the user.
 
This offer will be formalised 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 formalised their irrevocable purchase offer in the manner described above, 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:
 
            - 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 formalised. 

 
5.2 Submission of bids to increase the starting price.
 
Placing higher bids
 
The offer formalised 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 at the end of the online auction.
 
Clearly, if several participants place higher bids on the offer at 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) for sale, users will be invited to increase the price displayed 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 maximum-value offer. It corresponds to the maximum amount the user is willing to offer for each lot. Each bidder enters the proxy bid value manually.
 
Until the maximum offer placed by the user is outbid by a higher offer, that user shall remain the best bidder and, therefore, the provisional successful bidder.
 
The current price will automatically adjust in line with the predetermined bid increments until it reaches the amount set as the "maximum bid".
 
The value of a user's maximum offer (proxy bid) will not be visible to other users.
 
 
5.3. Validity of offers
 
In all cases (static bid – maximum bid – open bid), offers will be deemed valid only if submitted during the auction period.
 
5.3.1 Extra time
 
If a winning bid is placed during the 5 minutes before the auction closes, the time allowed to place another bid will be extended by a further 5 minutes from the latest 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 further offer being registered after the latest bid received before the auction can be deemed definitively closed.
 
Automatic bids placed in response to a maximum offer (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 be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, 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 bids were placed, to the bidder recognised as the first in chronological order to have completed the procedure for making the irrevocable purchase offer described in section 5.1.
 
In the event of an award, the sale price must be paid in full by bank transfer to the account held 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 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 does not pay the consideration within the deadlines specified in the specific terms of sale, or if the award is forfeited, the sale will be automatically rescinded and the security deposit will be retained in accordance with the procedures set out in the "Security deposit" section.  In this case, the award will be made successively to the next-best bidder, who must have completed the procedure described in section 5.1 or placed a higher bid in accordance with the information provided in 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 if it receives an improved irrevocable purchase offer for an amount 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 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 by filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to rights of pre-emption, records 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 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 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 referred to as the Buyer’s Premium.  It shall be calculated on the awarded 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.   The Principal must provide details of the exact amount of the costs and specify them correctly as soon as possible.
 
The Principal shall act accordingly, taking into account thetax 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.
 
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 they can calculate the exact amount of tax the buyer will be required to pay.
 
The successful bidder must pay the expenses within the time limits specified in the specific sale terms.
 
 
 
9. Security deposit
 
Participation in the auction is conditional upon payment of the mandatory security deposit specified in the specific sale terms.
 
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 set out in the specific sale terms.
The security deposit must be credited before the auction closes.
 
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, without interest, within 20 business days of the 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 notarised deed, subject to authorisation from the Principal. In this case, the security deposit may be retained, at the Principal’s discretion, to cover any costs attributable to the Procedure, as well as any other services provided by the Agent.
If the security deposit is paid by credit card, it will be charged to the Agent’s current 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 owed by the buyer.
If, after paying the security deposit and being awarded a lot, the bidder fails to complete the purchase within the time limits specified in the specific sale terms, including payment of the hammer price, the Buyer’s Premium and any additional charges, the sale will automatically be deemed 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 awarded 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 specified in the specific terms. 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 time limits, the sale will automatically be deemed terminated in agreement with the Principal, and the security deposit will be retained as liquidated damages, with the award thereby forfeited.
 
 
 
 
11. Transfer of ownership
 
Ownership will be transferred only after full payment of the hammer price and expenses, as provided for in the specific sale terms, by means of a notarised deed in accordance with the procedures established by the Principal, unless otherwise specified in the specific sale terms.
In judicial sales, the Principal will also notify the Delegated Judge so that the Judge may arrange for the cancellation of any adverse registrations against the real estate being transferred, pursuant to Article 108 of the Italian Bankruptcy Law, as indicated in Article 6.
Once the payment deadlines set out in the specific sale terms have expired, if the transfer of ownership has not been completed, the sale will automatically be deemed terminated and the amount paid by the successful bidder as the Buyer’s Premium will be retained by the Agent as liquidated damages. The amount paid by the successful bidder as a security deposit will instead be retained in accordance with the rules set out in the Security Deposit section.
 
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 the lots offered at auction or in the listings 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 website Terms of Use at www.gobidreal.it shall apply.
 
The registered user acknowledges the possible 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 for viewing and/or use; unlawful use of www.gobidreal.it; or any event occurring after the auction has concluded.
 
For all matters not expressly covered by these general and specific terms, reference is made to the provisions of the Italian Code of Civil Procedure and the Italian Bankruptcy Law.
The sale of real estate is a forced sale (Article 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 the grounds of damage (Article 2922 of the Italian Civil Code).
 
The Agent accepts no liability for the existence of third-party rights over the property being sold (Article 2920 of the Italian Civil Code).
           
The real estate is sold in its actual and legal condition, together with any appurtenances, fixtures, rights and claims, and active and passive easements. The sale is by 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 CURRENT REGULATIONS
For further information regarding any unauthorised works, violations, encumbrances or failures to comply with current 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 accept no liability for any errors, omissions or inaccuracies in the 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 their actual condition.
 
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 dispute concerning the interpretation of the provisions contained in the general and specific terms displayed 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 terms and on the platform refer to the time zone indicated by the server time published on the website