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 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: Party responsible for the Proceedings
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings:insolvency proceedings declared by a court or a sales mandate granted by private individuals
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 for, real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered for sale in an Auction or Listing
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: 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 payable to participate in the Auction.
Starting Price: Starting price of each individual lot
Reserve Price: Minimum price which, once 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 is willing to pay for the lot
Minimum Bid Increment: Predetermined amount added to the current price that is required to place a static bid.
Extra time : Extension of the time allowed for placing bids in the auction (see the 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 due and any additional tax or other charges
Buyer’s Premium: Fee payable to the Agent, calculated on the taxable amount of the award price

 
2. Applicability: 
 
These terms 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, setting out all specific information relating to the auction or listing and the lots.
These terms apply unless otherwise specified in the Specific Terms and Conditions of 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 their dates, the available lots 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 and Submission of Bids.
4.1 Listing  
 
User participation in the listing process 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 by entering their personal details and requesting registration for the auction, thereby accepting 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 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 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, 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 authorized 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 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)
-       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 authorization to participate, but will be required in the event of an award)
 
-       IF A COMPANY OR OTHER ENTITY:
 

Where required by specific terms, additional documents will be requested to supplement those mentioned above.
 
5. Irrevocable offer to purchase 
 
5.1 Procedure for completing offers at the auction starting price
 
The combination 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 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.
 
The 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 multiple participants who have formalised their irrevocable offer to purchase in accordance with the procedures described above, and none of the bidders places a higher bid on the Platform, the person who first, in chronological order:
 
            - completes the aforementioned procedure
 
will be deemed the highest bidder and, therefore, the provisional successful bidder.
 
The Agent will inform all bidders, by any means, whether or not they are the highest bidder when the aforementioned irrevocable offer to purchase 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 with higher bids placed by any authorised user.
 
The user wishing to be deemed the highest bidder (and therefore the provisional successful bidder) must have placed the highest bid at the end of the online auction.
 
Clearly, if multiple 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) being sold, 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" is a bid at the price published online, plus a predetermined minimum increment.
 
 
5.2.2 Maximum bid (Proxy Bid):
 
A "proxy bid" is an offer for a maximum amount. This is the maximum amount the user is willing to offer for each lot. The proxy bid amount is entered manually by each bidder.
 
Until the maximum bid placed by the user is outbid, 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, until it reaches 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 – 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 before the auction closes, 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 available time expires.
 
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 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 a provisional award confirmation pursuant to Article 107 of the Bankruptcy Law, on the basis of which they will be required to make payment by the deadline established in the specific terms of sale.
 
The provisional award will be granted to the bidder who has submitted the highest bid for each lot or, in the absence of any further bids, to the bidder who is 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 sale price must be paid in full by bank transfer to the account in the name of the proceedings, within the deadlines established in the specific terms, failing which the buyer will forfeit the award and permanently lose the security deposit.
 
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)
 
Bids submitted are binding and constitute a formal commitment to purchase. If the successful bidder fails to pay the consideration within the deadlines established in the specific terms of sale, or if the award is revoked, 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 such cases, the award will be made successively to the next highest bidder, provided they have completed the procedure described in section 5.1 or placed a further bid, in accordance with the information set out 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 if it receives an irrevocable purchase offer that is at least ten per cent higher than the price offered.
 
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 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 pre-emption rights, entries of attachments and conservatory 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 has been 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 purchaser and is referred to as the Buyer’s Premium.  It will 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 purchaser shall bear notarial fees, statutory taxes and all expenses relating to the sale, whether tax-related or otherwise. The Principal must provide information on the exact amount of the costs and a proper breakdown of them as soon as possible.
 
The Principal must make the necessary arrangements, taking into account the tax treatment of the transaction and any tax relief the purchaser intends to claim. The Principal will therefore be required to determine whether the transaction is subject to VAT or registration tax and, where applicable, 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 the exact amount of tax payable by the purchaser can be calculated.
 
The successful bidder must pay the costs no later than the deadlines indicated 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, a BIR transfer (large-value bank transfer) is recommended.
 
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 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, the security deposit may be retained, at the Principal's discretion, to cover any costs attributable to the proceedings or 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 purchaser 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 purchaser.
If, after paying the security deposit, the bidder fails to complete the purchase within the deadlines established in the specific terms of sale, including payment of the award price, the Buyer’s Premium and any additional costs, the sale will be automatically rescinded and the security deposit will be retained as a penalty and compensation.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific terms of the auction, which will specify the deadlines for payment of both the lots awarded and the Buyer’s Premium due, as well as any additional costs, and the corresponding 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 provided in the specific terms.  The bank details will be provided when the user receives confirmation of the provisional award.
 
If payment of the amounts due is not completed within the established deadlines, the sale will be automatically rescinded in agreement with the Principal, and the security deposit will be retained.title of compensatory damages, with consequent forfeiture of the award.
 
 
 
 
11. Transfer of ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be liable for any discrepancies, in whole or in part, between the descriptions of lots offered at auction or in notices published on the platform and the actual items.
 
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 is aware of the potential objective and subjective issues arising from the use of an online auction or online listing conducted via 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 by the user that may cause damage to or malfunction of the system, inability to view and/or use www.gobidreal.it, unlawful use of www.gobidreal.it, or any event occurring after the conclusion of the auction.
 
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 Italian Civil Code). The property is sold as seen and accepted, in its actual and legal condition. In a forced sale, no warranty is given against defects in the item. The sale may not be challenged on the grounds of damage. (Article 2922 of the Italian Civil Code).
 
The Agent shall bear no liability whatsoever with regard to 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 all appurtenances, additions, rights and claims, and active and passive easements. The sale is by the property as a whole and not by measurement, and without any warranty for defects or other deficiencies.
 
UNAUTHORISED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH CURRENT REGULATIONS
For further information concerning any unauthorised works, violations, encumbrances or lack of compliance with current regulations relating to the lots for sale, please refer to the attached appraisal.
 
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 for the auction or in the notices. For this reason, inspection of the lots is strongly recommended in order to verify the actual condition of the items offered at auction.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal
 
By accepting these conditions, the purchaser indemnifies GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal against any warranty claims or claims by third parties.


In the event of any disputes concerning the interpretation of the provisions contained in the general and specific conditions displayed on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.