GENERAL TERMS AND CONDITIONS

This is a collection of irrevocable purchase offers relating to the lots published on the platform www.gobidreal.it.
Please note that the irrevocable purchase offers covered by this collection do not impose on the PRINCIPAL any obligation or commitment to sell, nor any costs for any brokerage or consulting services (other than the engagement entrusted to the AGENT), and do not constitute invitations to make offers, offers to the public pursuant to art. 1336 of the Italian Civil Code, or solicitations of public savings pursuant to art. 94 et seq. of Legislative Decree 58/1998.
For the participation rules and all information relating to the above collection, please refer to the specific terms and conditions published on the platform www.gobidreal.it.

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. Obligations of the Principal
·         Art. 7. Buyer’s Premium
·         Art. 8. Costs
·         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 under an engagement entrusted by 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 entrusted by private parties
Auction: Competitive online sale of real estate published on www.gobidreal.it
Listing: 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 a 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 an individual Auction
Bidder Number: Identifier assigned to the Registered User
General Terms and Conditions: These terms and conditions
Specific Terms and Conditions: Terms and conditions specific to the Auction
Deposit: Amount to be paid to participate in the Auction.
Starting Price: Starting price of each individual lot
Reserve Price: Minimum price whose achievement 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 placing bids in an auction (see the Extra time section)
Provisional Award: Notification sent to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.  
Award Price: Amount of the Lot award, excluding any Buyer’s Premium due and any additional fiscal or other costs
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
 
Specific Terms and Conditions will be published for each auction or listing, where applicable, setting out all specific information relating to the auction or listing itself 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, indicating their dates 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 and submission of bids.
4.1 Listing  
 
User 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 person when registering on the website and for the auctions will be the same details to which any 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 persons. Any powers of attorney or delegations may be considered subject to the Principal’s authorisation.
 
The user must pay the required security deposit by bank transfer to the current 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 end of the auction, 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]
 
-       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 a person other than the person who completes the registration, according to the procedure described in section 5.1)
-       Copy of the tax identification number
-       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 authorisation but is required in the event of award)
 
-       IF COMPANIES OR ENTITIES:
 

Where provided for by specific conditions, additional documents will be required and added to those mentioned above.
 
5. Irrevocable offer to purchase 
 
5.1 Procedure for completing offers at the auction 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 supporting documentation required, as specified above in section 4.2.1, shall be deemed equivalent to an irrevocable offer to purchase at the price set as the auction starting price for each sale attempt and shall itself constitute a binding commitment to purchase by the user.
 
This offer will 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.
           
Where there are multiple participants who have formalized their irrevocable offers to purchase 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:
 
            - completed the aforementioned procedure.
 
The Agent shall notify all bidders by any means as to whether or not they are the best bidders when the aforementioned irrevocable offer to purchase is formalized. 


5.2 Submission of bids above the starting price.
 
Placing higher bids
 
The offer formalized by the first bidder may be exceeded by higher bids placed by any authorized user.
 
A user wishing to be the best bidder (and therefore the provisional successful bidder) must have placed the highest bid by the end of the online auction.
 
Clearly, where multiple participants place higher bids on the offer at the auction starting 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 at 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 preset minimum increment.
 
 
5.2.2 Maximum bid (Proxy Bid):
 
A “proxy bid” means a bid for a maximum amount. This is the maximum amount the user is willing to offer for each lot. Each bidder manually enters the value of their proxy bid.
 
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 according to the preset bid increments, until it reaches the amount 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 within the 5 minutes before the auction closes, the time available to place another bid will be extended by a further 5 minutes from the last bid received. This will continue for each 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 closed.
 
Automatic higher bids placed in response to a maximum bid (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 receive confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, and will be required to make payment by the deadline set out 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 higher bids are placed, to the bidder recognized as the first, in chronological order, to have completed the procedure for finalizing the irrevocable offer to purchase 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 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 bids are binding and constitute a formal commitment to purchase. 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 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 as explained in section 5.2.
 
 
 
5.5 Other provisions
 
Where provided by law, the Principal, as the party responsible for the sale procedure, may exercise the right provided for in Article 107, paragraph 4, of the Bankruptcy Law and suspend the sale upon receipt of an irrevocable offer to purchase that is at least ten percent higher than the offer received.
 
In any event, GOBID INTERNATIONAL AUCTION GROUP S.r.l. reserves the right to suspend the auction or the awarding 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 lien 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 rights of first refusal, registrations of attachments and preventive seizures, and any other encumbrances on 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 purchase 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 buyer and is identified as the Buyer’s Premium.  It will be calculated on the amount of the winning bid for the asset, in accordance with the procedures set out 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 (except for those mentioned above in section 6). 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 rules applicable to the transaction and of any         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 tax 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 no later than the deadlines specified in the specific conditions of sale.
 
 
 
9. Security Deposit
 
 
Participation in the auction is subject to the payment of a mandatory security deposit, as 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 (a bank transfer for a significant amount) is recommended.
 
If participants do not win any lots at auction, the security deposit will be refunded within 20 business days of the auction closing, without interest.
If one or more lots are won, 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 this case, at the Principal's discretion, the security deposit may be retained to cover any costs attributable to the Proceedings or to cover any other services provided by the Agent.
If the security deposit is paid by credit card, it will be credited 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 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 purchaser.
If, after paying the security deposit and winning a lot, the bidder fails to complete the purchase within the deadlines set out 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 liquidated damages.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific conditions of the auction, 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 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 by the established 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 revoked.
 
 
 
 
11. Transfer of Ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.  is not responsible for any discrepancies, whether total or partial, between the descriptions of lots offered at auction or in listings published on the platform and the actual lots.
 
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 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; 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 concluded.
 
For all matters not expressly provided for in these general and specific conditions, reference is made to the provisions of the Italian 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 properties are sold as seen and approved, in their current factual and legal condition. In a forced sale, no warranty is given for defects in the property. The sale may not be challenged on the grounds of damage. (Article 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 (Article 2920 of the Italian Civil Code).
           
The real estate is sold in its current factual and legal condition, together with all appurtenances,     accessions, rights and claims, and easements, whether benefiting or burdening the property. The sale is of the property as a whole and not by measurement, and is made without any warranty for defects       or other deficiencies.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information regarding any unauthorized works, violations, encumbrances or non-compliance with applicable regulations affecting the lots for sale, please refer to the attached valuation report.
 
The lots are sold as seen and approved, in their current condition.
Inspection of 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, 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 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 and conditions set out on the platform, which may be translated into other languages, the Italian version of the text shall prevail.