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. and Tax Code 09441470961, authorised to conduct auctions under Licence No. 13/2008 issued by the Chief of Police 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: 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 parties
Auction: Competitive online sale of real estate published on www.gobidreal.it
Listing: Publication of a notice concerning a sale or the collection of offers/expressions of interest for 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 the 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 specific terms and conditions of the Auction
Deposit: The amount to be paid to participate in the Auction.
Starting Price: The starting price of each individual lot
Reserve Price: The minimum price which, if reached, authorises the provisional award of the lot
Current Price: The current price of the Lot, resulting from the bid(s) placed by users
Static Bid: The amount entered by the user to increase the current price of the lot
Maximum Bid: (proxy bid) The maximum amount the user intends to pay for the lot
Minimum Bid Increment: The predetermined amount added to the current price required to place a static bid.
Extra time : An extension of the time available for placing bids in an auction (see the Extra Time section)
Provisional Award: A notice sent to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.  
Award Price: The amount for which the lot is awarded, excluding any Buyer’s Premium payable and any additional tax or other charges
Buyer’s Premium: The 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
 
For each auction or listing, where applicable, the Specific Terms and Conditions will be published, providing all specific information relating 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, together with details of their dates and 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 suspend the auction or listing.
 
 
4. Participation procedures and submission of bids.
4.1 Listing  
 
The user’s participation in a listing 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 user when registering on the website and for the auctions will be those used, if applicable, to make the award and register the property in the user’s name. 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 specified 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 end of the auction, without exception, 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:
 
-       A copy of a valid identity document for the person in whose name the property will be registered (the property cannot be registered in the name of anyone other than the person who completes the registration, in accordance with the procedure described in section 5.1)
-       A copy of the tax code
-       If the bidder is married under a community property regime, the corresponding details of their spouse must also be provided, together with a copy of the spouse’s 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 OTHER ENTITY:
 

Where required by specific conditions, 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 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 sales attempt and shall itself constitute a binding commitment to purchase 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 several participants have formalised their irrevocable purchase offers in the manner described above and none of the bidders places a higher bid on the Platform, the highest 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 highest 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 exceeded by higher bids placed by any authorised user.
 
To be the highest 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 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 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 bid increment.
 
 
5.2.2 Maximum bid (Proxy Bid):
 
A "proxy bid" means a bid with a maximum amount. This is the maximum amount the user is willing to offer for each lot. Each bidder enters the value of their proxy bid manually.
 
Until the user's maximum bid is exceeded by a higher offer, that user will 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 value set as the "maximum bid".
 
The value 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 will 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 end of the auction, the time available to place another bid will be extended by a further 5 minutes from the time the last bid is received. This will continue indefinitely 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 is received before the auction can be considered definitively concluded.
 
Automatic bids in the case of a maximum bid (proxy bid) will also be considered winning bids.
 
 
5.4. Awarding of lots
 
At the end of each auction process, following a review phase, the highest bidders will be sent confirmation of the provisional award pursuant to Article 107 of the Bankruptcy Law, in response to which they 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 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, as 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 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 means of a 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 deadlines specified in the specific terms of sale, or if the award is forfeited, the sale will be automatically terminated and the security deposit will be retained in accordance with the procedures set out in the "Security Deposit" section.  In such case, the award will be made successively to the next highest bidder, who must have completed the procedure described in section 5.1 or placed a further 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 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 current 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 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 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 pre-emption rights, records of attachments and precautionary seizures, and any other encumbrances on the real estate offered for sale will be canceled pursuant to Article 108 of the Bankruptcy Law once the sale has been completed and the price has been paid in full. Unless otherwise specified 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 will be borne exclusively by the buyer and indicated as the Buyer’s Premium.  It will be calculated on the sale price of the asset, in accordance with the procedures specified in the specific terms of sale.
 
 
8. Costs 
 
The buyer will be responsible for notarial fees, statutory taxes, and all expenses relating to the sale, whether tax-related or otherwise. The Principal must communicate the exact amount of the costs and provide an accurate breakdown as soon as possible.
 
The Principal must do so 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 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 any other tax benefit, and will inform the Principal accordingly so that it can calculate the exact amount of tax payable by the buyer.
 
The successful bidder must pay the costs no later than the deadlines specified in the specific terms of sale.
 
 
 
9. Security deposit
 
 
Participation in the auction is conditional upon payment of a mandatory security deposit, as specified in the specific terms 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 terms, by credit card through the platform. Payments must be made as specified in the specific terms of sale.
The security deposit must be credited before the auction ends.
 
For payment by bank transfer, it is recommended that participants make a BIR transfer (high-value bank transfer).
 
If participants do not win any assets at the auction, 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 buyer 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, the security deposit may be retained to cover any costs attributable to the Proceedings, at the Principal's discretion, as well as to cover 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 retained 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, the bidder fails to complete the purchase within the deadlines specified in the specific terms of sale, including payment of the sale price, the Buyer’s Premium and any additional costs, the sale will be automatically terminated and the security deposit will be retained as compensation by way of a penalty.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific auction terms, which will specify the deadlines for payment both for the lots awarded and for the Buyer’s Premium due, as well as any additional costs, and the corresponding compensation clauses in the event of non-compliance 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 by the established deadlines, the sale will be automatically terminated in agreement with the Principal and the security deposit will be retained asby way of compensatory penalty, with the consequent 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 the lots offered at auction or in the listings published on the platform and the actual lots.
 
For anything not provided for in these general terms or in the specific terms, the provisions contained in the Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user is aware of 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 damage or cause the system to malfunction; unavailability of the display and/or use of www.gobidreal.it; unlawful use of www.gobidreal.it; or any event occurring after the conclusion of the auction.
 
For anything not expressly provided for in these general and specific terms, 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 Italian Civil Code). The sale is made on an as-seen, where-is basis, in the factual and legal condition in which the properties are found. In a compulsory sale, no warranty is provided for defects in the property. The sale may not be challenged on grounds of damage. (Art. 2922 of the Italian Civil Code).
 
The Agent shall have no liability whatsoever with regard to the existence of third-party rights over the assets being sold (Art. 2920 of the Italian Civil Code).
           
The sale of real estate shall take place in the factual and legal condition in which the properties are found, together with all appurtenances, additions, rights and claims, and active and passive easements. The sale is made as a whole and not by measurement, and without any warranty for defects or other deficiencies.
 
UNAUTHORISED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information concerning any unauthorised works, violations, encumbrances or lack of compliance with applicable regulations relating to the lots for sale, please refer to the attached appraisal.
 
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 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 terms, the purchaser indemnifies GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal against any warranty claims or third-party claims.


In the event of any disputes 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.