GENERAL TERMS AND CONDITIONS

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and listings
·         Art. 4. How to participate and submit 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 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 assignment granted by private individuals
Auction: Competitive online sale of real estate published on www.gobidreal.it
Listing: Publication of a notice concerning the 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 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 a specific 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 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 submit a static bid.
Extra time : Extension of the time available 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 Lot's Award Price, excluding any Buyer’s Premium due and any additional tax and non-tax 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
 
Specific Terms and Conditions, where applicable, will be published for each auction or listing, 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 the dates on which they will take place 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. How to Participate and Submit Bids.

4.1 Listing 
 
The user's participation in the listing process shall 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 website www.gobidreal.it 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 the auctions will be the same details to which the award may be granted and in whose name the property will be registered. All required payments, 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 for which they intend to participate 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 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 by 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 cannot be registered in the name of someone other than the person who completed 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 ENTITY:
 
-       An up-to-date company register extract or certificate issued by the Chamber of Commerce, Industry, Crafts and Agriculture
-       Copy of a valid identity document belonging to the person who signed the offer on behalf of the company and, if that person is not the legal representative, a copy of the document establishing their relevant authority 
-       Copy of the tax code of the person who signed the offer
-       Any duly legalised translation of the company register certificate, if the company is not Italian
-       Special power of attorney received or authenticated by the notary, in the event of participation through a representative   

 
Where provided for in the specific terms, additional documents will be required and added to those mentioned above.
 
5. Irrevocable offer to purchase
 
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 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 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.
           
Where there is more than one participant who has submitted an irrevocable offer to purchase in accordance with the above procedures, 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 offer to purchase is submitted. 

 
5.2 Submission of bids 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), a user must have placed the highest bid by the end of the online auction.
 
Clearly, where several participants place higher bids on the 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 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 based on the predetermined bid increments, up to 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 — free bid), bids will be deemed valid only if submitted during the auction period.
 
5.3.1 Extra time
 
If a winning bid is placed during the 5 minutes before the auction closes, the time allowed to place another bid will be extended by a further 5 minutes from the last bid received. This will continue for every winning bid received within the 5-minute extra-time period, until the time allowed has elapsed.
 
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 increases in the event of 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 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 higher bids are placed, to the bidder recognized as the first, in chronological order, to have completed the procedure for submitting an irrevocable offer to purchase 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 held 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 sale deed will be executed by notarized 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 set out in the specific terms of sale, or if the award is forfeited, the sale will automatically be terminated and the security deposit will be retained in accordance with the procedures established in the "Security deposit" section.  In this case, the award will be made successively to the next highest bidder who has 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 permitted by law, the Principal, as the party responsible for the sale procedure, may exercise the right provided for under Article 107, fourth paragraph, of the Bankruptcy Law and suspend the sale upon receipt of an improved irrevocable offer to purchase for an amount no less than ten percent 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 the 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 other creditor 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 rights of first refusal, records of attachments and precautionary 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 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.
 
7. Buyer’s Premium

The fee payable to the Agent shall be borne exclusively by the buyer and is referred to as the Buyer’s Premium.  It will be calculated on the winning bid amount for the asset, in accordance with the procedures specified in the specific terms of sale.
 
 
8. Costs
 
The buyer shall bear the notary's 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 specify them correctly as soon as possible.
 
The Principal must do so, taking into account the tax treatment of 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 benefit or another tax benefit, and will inform the Principal accordingly so that it can calculate the exact amount of taxes payable by the purchaser.
 
The successful bidder must pay the expenses within the time limits 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 closes.
 
For payment by bank transfer, a BIR bank transfer (high-value bank transfer) is recommended.
 
If participants do not purchase any items at the auction, the security deposit will be refunded within 20 business days of the auction 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 Procedure, as well as any other services provided by the Agent.
If the security deposit is paid by credit card, it will be charged to the Agent's bank account, and the Agent will refund the amount so retained 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, after paying the security deposit, the bidder does not complete the purchase within the time limits specified in the specific terms of sale, including payment of the auction price, the Buyer’s Premium and any additional charges, the sale will be automatically terminated and the security deposit will be retained as compensation for damages.
 
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 awarded lots and the Buyer’s Premium due, as well as any additional charges, and the relevant 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 payment of the amounts due is not completed within the specified time limits, the sale will be automatically terminated by agreement with the Principal, and the security deposit will be retained as compensation for damages, resulting in the forfeiture of the award.
 
 
 
 
11. Transfer of Ownership
 
Ownership will be transferred only after the auction price and expenses have been paid in full, as provided for in the specific terms of sale, by means of a notarial deed in accordance with the procedures established by the Principal, unless otherwise specified in the specific terms of sale.
In the case of judicial sales, the Principal will also notify the delegated judge so that the judge may arrange for the cancellation of any adverse registrations affecting the real estate being transferred pursuant to Art. 108 of the Bankruptcy Law, as specified in Art. 6.
After the payment deadlines specified in the specific terms of sale have passed, if the transfer of ownership is not 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 compensation for 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. 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 and the lots themselves.
 
For any matters not covered by these general terms or the specific terms, the provisions contained in the Terms of Use of the website www.gobidreal.it shall apply.
 
The registered user acknowledges that objective and subjective issues may arise from using 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 taken directly by the user that may damage or impair the system; inability to view and/or use www.gobidreal.it; unlawful use of www.gobidreal.it; or any event occurring after the auction has concluded.
 
For any matters not expressly covered by these general and specific terms, reference is made to the provisions of the Italian 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 properties are sold as seen and accepted, in their actual and legal condition. In a compulsory sale, no warranty is given against defects in the property. The sale cannot be challenged on the grounds of damage. (Art. 2922 of the Italian Civil Code).
 
The Agent shall have no liability whatsoever regarding the existence of third-party rights over the assets being sold (Art. 2920 of the Italian Civil Code).
           
The real estate is sold in the actual and legal condition in which it is found, together with all appurtenances, additions, rights and claims, and easements, whether active or passive. The sale is of the property as a whole and not by measurement, and is made 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.
 
The 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 disclaim all liability for any errors, omissions or inaccuracies in photographs, descriptions or any other details provided for the auction or in listings. 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 terms, the purchaser releases GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal from all warranties and third-party claims.

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

Unless otherwise specified, the times stated in the specific terms and on the platform refer to the time zone indicated by the server time published on the website