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. 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, authorised to sell by auction 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 or the collection of bids/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: Authorisation requested by the Registered User to participate in an individual Auction
Bidder Number: Identifier 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 to be paid to participate in the Auction.
Starting Price: Starting price of the individual lots
Reserve Price: Minimum price whose attainment 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 submit a static bid.
Extra time : Extension of the time available to place 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 Award Price for the lot, excluding any applicable Buyer's Premium and any additional taxes and 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 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 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, with details of 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 interrupt the auction or listing.
 
 
4. Participation Procedures and Submission of Bids.

4.1 Listing 
 
User participation in the listing procedure 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 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 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 payment of the security deposit, 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 may not be registered in the name of a person 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 authorisation but will be required in the event of an award)



-       IF A COMPANY OR OTHER LEGAL ENTITY:
 
-       Up-to-date company register extract or C.C.I.A.A. certificate
-       Copy of a valid identity document belonging to the person who signed 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 code of the person who signed the bid
-       Any duly legalised translation of the company register 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 provided for by specific terms and conditions, additional documents will be required to supplement those mentioned above.
 
5. Irrevocable purchase offer
 
5.1 Procedure for completing 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 supporting documentation required, 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 will 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.
           
If several participants 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 highest bidder and, therefore, 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, whether or not they are the highest bidders when the aforementioned irrevocable purchase offer is submitted. 

 
5.2 Submission of offers to increase the starting price.
 
Placing higher bids
 
The offer submitted by the first bidder may be outbid by higher bids placed by any authorized user.
 
To be the highest bidder (and therefore the provisional successful bidder), the user must have placed the highest bid by the end of the online auction.
 
Clearly, if several participants place higher bids on the offer at the auction's 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 shown 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 up to a maximum amount. This is the maximum amount the user is willing to offer for each lot. Each bidder enters the proxy bid amount 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 by the predetermined bid increments until it reaches the amount set as the "maximum bid".
 
The maximum bid (proxy bid) entered by a user will not be visible to other users.
 
 
5.3. Validity of offers
 
In all cases (static bid – maximum bid – open bid), offers 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 last bid 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 offer 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 highest bidders will be sent confirmation of provisional award pursuant to Article 107 of the Italian 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 higher bids are placed, to the bidder recognized as the first in chronological order to have completed the procedure for submitting the irrevocable purchase offer described in section 5.1.
 
If a lot is awarded, the full purchase price must be paid by bank transfer to the account designated for the proceedings within the deadlines specified in the specific terms, failing which the award will be forfeited and the security deposit permanently lost.
 
The sale deed 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 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 revoked, the sale shall automatically be deemed terminated and the security deposit shall 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 higher bid, in accordance with the provisions of 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, paragraph four, of the Italian Bankruptcy Law and suspend the sale upon receipt of an irrevocable purchase offer that improves on the existing 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 the lots in agreement with the Principal.
 
 
 
6. Obligations of the Principal

Pursuant to Article 107 of the Italian Bankruptcy Law, the Principal undertakes to notify each mortgage creditor or other creditor 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 by filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to rights of pre-emption, transcriptions 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 Italian 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 identified as the Buyer’s Premium.  It shall be calculated on the awarded price of the asset, in accordance with the procedures indicated in the specific terms of sale.
 
 
8. Costs
 
The buyer shall bear notarial fees, statutory taxes, and all costs relating to the sale, whether tax-related or otherwise.   The Principal shall provide information on the exact amount of the costs and a proper breakdown of them as soon as possible.
 
In this regard, the Principal shall take into account the tax treatment of the transaction and 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 they intend 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 any other tax benefit, and will inform the Principal accordingly so that they can calculate the exact amount of taxes the purchaser will be required to pay.
 
The successful bidder must pay the expenses within the time limits specified in the special conditions of sale.
 
 
 
9. Security deposit
 
Participation in the auction is subject to payment of a mandatory security deposit, as specified in the special 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 special conditions, by credit card through the platform. Payments must be made as set out in the special conditions of sale.
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 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 relating to the Procedure or any other services provided by the Agent.
If the security deposit is paid by credit card, the deposit will be charged to the Agent’s current account, and the Agent will refund the amount withheld in this way according to the procedures described above.
If the purchaser wins at least one lot at auction, the Agent, in agreement with the Principal, may deduct the security deposit from the total amount due from the purchaser.
If, after paying the security deposit, the bidder does not complete the purchase within the time limits set out in the special 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 special auction conditions, 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 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 provided for in the special conditions. 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 time limits, the sale will be automatically terminated in agreement with the Principal, and the security deposit will be retained as liquidated damages, resulting in the award being forfeited.
 
 
 
 
11. Transfer of ownership
 
Ownership will be transferred only after full payment of the winning bid price and expenses, as provided for in the special conditions of sale, by means of a notarial deed in accordance with the procedures established by the Principal, unless otherwise specified in the special conditions of sale.
In the case of court-ordered sales, the Principal will also notify the Delegated Judge so that they may arrange for the cancellation of any prejudicial registrations affecting the properties being transferred pursuant to Art. 108 of the Bankruptcy Law, as specified in Art. 6.
Once the payment deadlines set out in the special conditions of sale have passed, if the transfer of ownership has not been completed, the sale will be automatically 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. is not responsible for any discrepancy or partial discrepancy between the descriptions of lots offered at auction or in advertisements published on the platform.
 
For all matters not covered by these general conditions or the special conditions, the provisions of 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 advertisement 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; 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 covered by these general and special 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 (Art. 2919 of the Italian Civil Code). The properties are sold as inspected and accepted, in their actual and legal condition. In a forced sale, no warranty is given for defects in the property. The sale cannot be challenged on the grounds of damage. (Art. 2922 of the Italian Civil Code).
 
The Agent accepts no liability for the existence of third-party rights over property included in the sale (Art. 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 made as a whole and not by measurement, and without any warranty against 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 relating to the lots for sale, please refer to the attached appraisal.
 
Lots are sold as inspected 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 disclaim all liability for any errors, omissions or inaccuracies in photographs, descriptions or any other details provided for the auction or in 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 special conditions published 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 special conditions and on the platform refer to the time zone indicated by the server time published on the website