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 offer to purchase
·         Art. 6. Client'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, based 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 behalf of the Client.
Client: The person responsible for the proceedings
Agent: GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings: Insolvency proceedings declared by the Court or a sales engagement awarded by private individuals
Auction: Online competitive sale of real estate published on www.gobidreal.it
Listing: Publication of a notice concerning the sale 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: Authorisation requested by a Registered User to participate in an individual Auction
Bidder Number: Registered User identification number
General Terms and Conditions: These terms and conditions
Specific Terms and Conditions: Terms and conditions specific to the Auction
Deposit: Amount to be paid in order to participate in the Auction.
Starting Price: Starting price of each lot
Reserve Price: Minimum price which, when reached, 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: Notice 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 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 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
 
Where applicable, Specific Terms and Conditions will be published for each auction or listing, setting out all information specific to the auction or listing in question and its 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 be held 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 Client, reserves the right to cancel, extend or suspend the auction or listings.
 
 
4. Participation procedures 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, 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 details 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 authorisations may be considered subject to the Client'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 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 auction ends, unless otherwise specified in the specific terms and conditions of sale.
 
In addition to payment of the security deposit, in order 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 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 authorisation to participate, but will be required if the property is awarded)
 
-       IF A COMPANY OR ORGANISATION:
 

Where provided for by specific conditions, additional documents will be required and added to the aforementioned documents.
 
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 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.
 
Said offer shall 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.
           
If there are multiple participants who have formalized their irrevocable purchase offers in accordance with the procedures 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 at the time the aforementioned irrevocable purchase offer is formalized. 


5.2 Submission of bids to increase the starting price.
 
Placing higher bids
 
The offer formalized 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, if multiple participants place higher bids on the offer at the starting price, the user identified 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 shown 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 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 bid, that user shall remain the highest bidder and, therefore, the provisional successful bidder.
 
The current price will automatically increase 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 bids
 
In all cases (static bid – maximum bid – open bid), bids shall 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 most recent bid received. This will continue indefinitely for every winning bid received within the 5-minute extra-time period, until the time available has elapsed.
 
In the event of extra time, 5 minutes must pass without any further bid being recorded after the most recent bid received before the auction can be considered definitively closed.
 
Automatic increments in the case of a maximum bid (proxy bid) shall also be considered winning bids.
 
 
5.4. Awarding of lots
 
At the end of each auction process, following a review stage, the highest bidders shall be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, and shall be required to make payment by the deadline specified in the specific terms of sale.
 
The provisional award shall be made to the bidder who submitted the highest offer for each lot or, if no further bids are placed, to the bidder identified 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 full purchase price must be paid by bank transfer to the account held in the name of the proceedings, within the deadlines specified in the specific terms, failing which the award shall be forfeited and the security deposit definitively lost.
 
The deed of sale shall 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 purchase commitment. If the successful bidder fails to pay the purchase price within the deadlines specified in the specific terms of sale, or if the award is forfeited, 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 this case, the award shall be made successively to the next-highest bidder who completed the procedure described in section 5.1 or placed a higher bid, as explained in section 5.2.
 
 
 
5.5 Other provisions
 
Where permitted by law, the Principal, as the party responsible for the sale proceedings, may exercise the right provided for in Article 107, fourth paragraph, of the Bankruptcy Law and suspend the sale upon receipt of an improved irrevocable purchase offer for an amount not 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 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 every sale attempt by 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 shall 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 shall 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 shall be indicated as the Buyer's Premium.  It shall 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 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 shall provide information on the exact amount of the costs and specify them correctly as soon as possible.
 
The Principal shall act accordingly, 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 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 expenses no later than the deadlines specified in the specific conditions of sale.
 
 
 
9. Security deposit
 
 
Participation in the auction is subject to payment of a mandatory security deposit, as specified in the specific sale conditions.
 
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, we recommend making a BIR transfer (high-value bank transfer).
 
If participants do not win any lots at the auction, the 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 attributable to the Proceedings or to cover 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 withheld in accordance with the procedures described above.
If the purchaser wins at least one lot at auction, the Agent, in agreement with the Principal, may deduct the deposit from the total amount due from the purchaser.
If, after paying the deposit, the bidder fails to complete the purchase within the deadlines specified in the specific conditions of sale, including payment of the winning bid price, the Buyer’s Premium and any additional charges, the sale will automatically be terminated and the deposit will be retained as liquidated damages.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific 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 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 specified deadlines, the sale will automatically be terminated, in agreement with the Principal, and the security deposit will be retained as liquidated damages, with the award consequently being forfeited.
 
 
 
 
11. Transfer of ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not responsible for any failure of, or partial failure of, the descriptions of lots listed for auction or in advertisements published on the platform to correspond to the actual lots.
 
For anything not provided for in these general conditions or the specific conditions, the provisions of 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 disrupt the system; the 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 anything 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, there is no warranty against defects. The sale cannot be challenged on grounds of damage. (Article 2922 of the Italian Civil Code).
 
The Agent shall have no liability whatsoever for 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 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.
 
Lots are sold as seen and accepted, in their current condition.
Viewing the auction lots 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 for the auction lots or in the advertisements. For this reason, viewing 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 set out in the general and specific terms and conditions displayed on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.