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. Fees
·         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 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 the 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 or the collection of offers/expressions of interest in real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered for Auction or included in a 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 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 payable to participate in the Auction.
Starting Price: Starting price of each Lot
Reserve Price: Minimum price which, if 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 to place 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 of the Lot, excluding any Buyer’s Premium due and any additional fiscal 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 and the lots.
These terms and conditions apply unless otherwise provided in the Specific Terms and Conditions of an 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 included 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 Procedures and Submission of Bids.

4.1 Listing 
 
User participation through the listing format 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 those to which any award will be assigned and in whose name the property will be registered. All required payments, 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 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 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 in the "My Documents" section or sending them to [email protected]
 
-       INDIVIDUALS:
 
-       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, in accordance with the procedure described in section 5.1)
-       Copy of the tax code
-       If the bidder is married under the joint 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)



-       COMPANIES OR ENTITIES:
 
-       Up-to-date company register extract or certificate from the Chamber of Commerce, Industry, Crafts and Agriculture (C.C.I.A.A.)
-       Copy of a valid identity document for 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 evidencing their relevant authority 
-       Copy of the tax code of the person who signed the offer
-       Any duly legalised translation of the company registration 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, to be added to those mentioned above.
 
5. Irrevocable purchase offer
 
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 the required supporting documentation, 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.
 
The said 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.
           
If there are several participants who have formalized their irrevocable purchase offer in the manner described above, and none of the bidders places a higher bid on the Platform, the best bidder and, therefore, 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 best bidders when the aforementioned irrevocable purchase offer is formalized. 

 
5.2 Submission of offers to increase the starting price.
 
Placing higher bids
 
The offer formalized by the first bidder may be exceeded by higher bids placed by any authorized user.
 
To be the best bidder (and therefore the provisional successful bidder), a 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 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 stated in the 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 an offer for 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 best 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 offers
 
In all cases (static bid – maximum bid – free offer), 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 latest bid received. This will continue in the same way for every winning bid received during 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 latest bid received before the auction can be considered definitively closed.
 
Automatic 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 be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, and will be required to make payment by the deadline established 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 bids are placed, to the bidder 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 full purchase price must be paid by bank transfer to the account held in the name of the proceedings within the deadlines established in the specific terms, failing which the award shall be forfeited and the security deposit permanently lost.
 
The sale deed shall 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 purchase commitment. If the successful bidder fails to pay the amount due within the deadlines established in the specific terms of sale, or if the award is forfeited, the sale shall be automatically terminated and the security deposit shall be retained in accordance with the procedures set out in the "Security Deposit" section.  In such case, the award shall 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 permitted by law, the Principal, as the party responsible for the sale proceedings, may exercise the option provided for in Article 107, fourth paragraph, of the 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 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 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 every sale attempt, filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to pre-emption rights, transcriptions 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 price 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 is referred to as the Buyer’s Premium.  It shall be calculated on the amount for which the asset is awarded, in accordance with the procedures set out in the specific terms of sale.
 
 
8. Costs
 
The buyer shall bear the 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 these costs and an accurate breakdown as soon as possible.
 
The Principal shall make the necessary arrangements in this regard, taking 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 requirements 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 the exact amount of tax payable by the purchaser can be calculated.
 
The successful bidder must pay the expenses within the deadlines specified in the specific conditions of sale.
 
 
 
9. Security Deposit
 
Participation in the auction is conditional upon 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 (large-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 working days of the auction closing.
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 notarized 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 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 thus held 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 security deposit from the total amount due from the purchaser.
If, after paying the security deposit, the bidder fails to complete the purchase within the deadlines set out in the specific conditions of sale, including payment of the auction price, the Buyer's Premium and any additional charges, the sale will be automatically rescinded and the security deposit will be retained as compensation by way of a penalty.
 
10. Payments
 
The provisional successful bidder for one or more lots must comply with the specific auction conditions, which will 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 in full by the specified deadlines, the sale will be automatically rescinded in agreement with the Principal, and the security deposit will be retained as compensation by way of a penalty, with the award consequently becoming void.
 
 
 
 
11. Transfer of Ownership
 
Ownership will be transferred only after full payment of the auction price and expenses, as provided for in the specific conditions of sale, by means of a notarized deed in accordance with the procedures established by the Principal, unless otherwise specified in the specific conditions of sale.
In judicial sales, the Principal will also notify the Delegated Judge so that the Judge may arrange for the cancellation of any prejudicial registrations on 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 specific conditions of sale have passed, if the transfer of ownership has not been completed, the sale will be automatically rescinded and the amount paid by the successful bidder as the Buyer's Premium will be retained by the Agent as compensation by way of a penalty. 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 failure to correspond, or partial correspondence, between the descriptions of the lots offered at auction or in the listings published on the platform.
 
For all matters not provided for in these general conditions or in the specific conditions, 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 the use of an online auction or listing conducted over the internet, for which GOBID INTERNATIONAL AUCTION GROUP S.r.l. cannot be held responsible.
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be liable for any 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 auction has ended.
 
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 (Art. 2919 of the Civil Code). The properties are sold as seen and accepted, in their actual and legal condition as they stand. In a forced sale, no warranty is provided for defects in the property. The sale cannot be challenged on the grounds of damage. (Art. 2922 of the 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 Civil Code).
           
The real estate is sold in its actual and legal condition as it stands, together with all appurtenances, additions, rights and claims, and easements, both active and passive. The sale is for a lump sum and not by measurement, and without any warranty for defects or other shortcomings.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information concerning any unauthorized works, violations, encumbrances or failures to comply with applicable regulations relating to the lots for sale, please refer to the attached appraisal.
 
The lots are sold as seen and accepted in their existing condition.
Viewing 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 for the auction or in the listings. For this reason, viewing the lots is strongly recommended in order to verify the actual condition of the assets offered at auction.
 
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 dispute concerning the interpretation of the provisions contained in the general and specific 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 specific conditions and on the platform refer to the time zone indicated by the server time published on the website