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 offer to purchase
·         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. and 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 on the instructions 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 a sales mandate conferred 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 offers/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: A user registered on www.gobidreal.it
Auction Registration: Authorisation requested by a Registered User to participate in an individual Auction
Bidder Number: Identification number of the Registered User
General Terms and Conditions: These terms and conditions
Specific Terms and Conditions: The terms and conditions specific to the Auction
Deposit: Amount payable to participate in the Auction.
Starting Price: Starting price of the individual lots
Reserve Price: Minimum price, upon reaching which provisional award of the lot is authorised
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 submit 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 payable and any additional taxes or 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 listings, as well as to the terms and conditions governing user participation.
 
     2.1. Specific Terms and Conditions
 
Specific Terms and Conditions will be published for each auction or listing, where applicable, and will set out all information specific to the auction or listing in question and to 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 www.gobidreal.it website, indicating their dates, 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 interrupt the auction or listings.
 
 
4. Participation procedures and submission of bids.
4.1 Listing  
 
User participation in the listing 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 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 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 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 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 wish 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 closes, unless otherwise specified in the specific terms and conditions of sale.
 
In addition to paying 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]
 
-       INDIVIDUALS:
 
-       Copy of a valid identity document for 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 completing 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 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)
 
-       COMPANIES OR OTHER ENTITIES:
 

Where provided for under specific conditions, additional documents will be required to supplement those mentioned above.
 
5. Irrevocable Purchase Offer 
 
5.1 Procedure for finalizing 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 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 shall be entered on the platform directly by the Agent by placing 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 purchase offers in accordance with the procedure 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 notify all bidders by any means whether or not they are the best bidders when the aforementioned irrevocable purchase offer is submitted. 


5.2 Submission of bids above the starting price.
 
Placing higher bids
 
The offer submitted for the first bidder may be outbid 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 at the close of the online auction.
 
Clearly, where multiple participants place higher bids on the starting-price offer, 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 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 enters their proxy bid manually.
 
Until the user's maximum bid is exceeded by a higher bid, that user shall remain the best bidder and, therefore, the provisional successful bidder.
 
The current price shall be adjusted automatically 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) shall 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 allowed to place another bid shall be extended by a further 5 minutes from the most recent bid received. This shall 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 elapse without any additional bid being recorded after the most recent bid received before the auction can be deemed definitively closed.
 
Automatic bids 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 best bidders shall be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, requiring them 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 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 purchase price must be paid by bank transfer to the account in the name of the proceedings within the deadlines set out in the specific terms, failing which the award shall be forfeited and the security deposit permanently lost.
 
The sale shall be formalized 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 purchase commitment. If the successful bidder fails to pay the purchase price within the deadlines set out in the specific terms of sale, or if the award is forfeited, the sale shall automatically be rescinded and the security deposit shall be retained in accordance with the procedures set out in the "Security Deposit" section. In such cases, 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 Law and suspend the sale upon receipt of an irrevocable purchase offer that improves on the existing offer by an amount of at least 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 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 lien at least 20 days before the date set for the conclusion of each sale attempt, and to inform the Supervising 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 attachments and precautionary seizures, and any other encumbrances on 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.
 
7. Buyer’s Premium 
The fee payable to the Agent shall be borne exclusively by the buyer and shall be 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 the notarial fees, statutory taxes, and all expenses relating to the sale, whether tax-related or otherwise (except for those specified above in section 6). The Principal shall provide notice of the exact amount of the costs and an accurate breakdown as soon as possible.
 
The Principal shall make the necessary arrangements in this regard, taking into account the tax treatment of the transaction and any applicable         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 benefit or another tax benefit and will inform the Principal accordingly, so that it can calculate the exact amount of taxes the purchaser will be required to pay.
 
The successful bidder must pay the expenses within the deadlines set out in the specific conditions of sale.
 
 
 
9. Security deposit
 
 
Participation in the auction is conditional upon payment of a mandatory security deposit specified in the specific conditions of sale.
 
Before being authorized 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 auction participants are not successful in purchasing any assets, the security deposit will be refunded within 20 business days of the award, without interest.
If one or more lots are awarded, 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 authorization 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, the deposit will be charged to the Agent's bank account, and the Agent will refund the amount withheld in this way in accordance with the procedures described above.
If the purchaser is awarded 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, following an award and payment of the security deposit, the bidder fails to complete the purchase within the deadlines set out in the specific conditions of sale, including payment of both the winning bid price and the Buyer's Premium, as well as any additional costs, 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 conditions of the auction, which will set out the deadlines for payment of both the lots awarded and the Buyer's Premium due, as well as any additional costs, and the relevant 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 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 in full within the stipulated 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. 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.
 
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 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. may not 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 directly taken by the user that may cause damage to or malfunction of the system, 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 compulsory sale (Art. 2919 of the Civil Code). The assets are sold as seen and accepted, in their actual and legal condition. In a compulsory sale, no warranty is given against defects in the asset. The sale may not be challenged on grounds of damage. (Art. 2922 of the Civil Code).
 
The Agent shall bear no liability concerning the existence of third-party rights over assets being sold (Art. 2920 of the Civil Code).
           
The real estate is sold in its actual and legal condition, together with all appurtenances,     additions, rights and claims, and any active and passive easements. The sale is of the property as a whole, not by measurement, and without any warranty against defects       or other deficiencies.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information concerning any unauthorized works, violations, encumbrances or non-compliance with applicable regulations affecting the lots for sale, please refer to the attached appraisal.
 
Lots are sold as seen and accepted, in their current condition.
Viewing 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 the 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 the actual condition of the assets offered at auction.
 
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 set out on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.