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 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. and Tax Code 09441470961, authorized 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 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 offers/expressions of interest in real estate, published on www.gobidreal.it
Lot: An asset or group of assets offered in an Auction or Listing
Registered User: A user registered on www.gobidreal.it
Auction Registration: Authorization 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 which, once reached, authorizes 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 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's award price, 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 www.gobidreal.it website 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 for each individual auction or listing. 
 
 
 
3.  Publication and conduct of auctions and listings
 
Auctions and listings will be published on the www.gobidreal.it website, indicating the dates on which they are held and the lots offered 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 listings.
 
 
4. Participation and submission of bids.
4.1 Listing  
 
User participation in the listing option 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 www.gobidreal.it website by entering 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 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 persons. Any powers of attorney or delegations may be considered subject to the Principal's authorization.
 
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 stated 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 crediting the security deposit, to be authorized 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 anyone other than the person completing the registration, in accordance with the procedure described in section 5.1)
-       Copy of the tax identification number
-       If the bidder is married under the joint ownership of 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 authorization but will be required in the event of an award)
 
-       IF A COMPANY OR OTHER ENTITY:
 
-       Certificate from the Chamber of Commerce, Industry, Crafts and Agriculture (C.C.I.A.A.) showing the company's incorporation and the powers granted to the bidder
-       Copy of a valid identity document for the director or legal representative
-       Copy of the tax identification number of the director or legal representative
-       Any duly legalized translation of the company registration certificate, if the company is not Italian
 
 
-       Special power of attorney executed or authenticated by a notary, if participating through a representative
 
Where required by specific conditions, additional documents will be requested to supplement 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 documents, 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 auction, and shall itself constitute a binding purchase commitment on the part of the user.
 
This 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 multiple participants 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 person who shall be deemed the highest bidder and, therefore, the provisional successful bidder shall be the first, in chronological order, to:
 
            - complete the aforementioned procedure.
 
The Agent shall inform all bidders, by any means, whether or not they are the highest bidders when the aforementioned irrevocable purchase offer is formalized. 


5.2 Submission of bids to increase the starting price.
 
Placing higher bids
 
The offer formalized for the first bidder may be outbid by higher bids placed by any authorized user.
 
To be deemed the highest bidder (and therefore the provisional successful bidder), the user must have placed the highest bid at the end of the online auction.
 
Naturally, if 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 shown 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" is a bid 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 shall remain the highest 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) shall not be visible to other users.
 
 
5.3. Validity of bids
 
In all cases (static bid – maximum bid – open bid), bids will be deemed valid only if submitted during the auction period.
 
5.3.1 Extra time 
 
If a winning bid is placed in the 5 minutes preceding the auction’s closing, the time available to place another bid will be extended by a further 5 minutes from the latest bid received. This will continue indefinitely for each winning bid received within the 5-minute extra-time period, until the bidding period ends.
 
In the event of extra time, 5 minutes must elapse without any additional bid being recorded after the latest bid received before the auction can be considered definitively closed.
 
Automatic bids in the case of a maximum bid (proxy bid) will also be considered winning bids.
 
 
5.4. Awarding of lots
 
At the end of each auction process, following a review phase, the highest bidders will be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Law, following which they will be required to make payment by the deadline specified in the specific terms of sale.
 
The provisional award will be granted to the bidder who submitted the highest bid 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 sale price must be paid by bank transfer to the account of the proceedings within the deadlines specified in the specific terms, failing which the award will be forfeited and the deposit permanently lost.
 
The deed of sale will be executed by means of a 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 specified in the specific terms of sale, or if the award is forfeited, the sale will automatically be terminated and the deposit will be retained in accordance with the procedures set out in the “Security deposit” section.  In such a case, the award will be made successively to the next highest bidder, who will have completed the procedure described in section 5.1 or placed a further bid as described in 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 4, of the Bankruptcy Law and suspend the sale upon receipt of an irrevocable purchase offer that is higher 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 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 each sale attempt, by filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to rights of pre-emption, records of seizures and precautionary attachments, and any other encumbrances on the real estate put up for sale will be cancelled pursuant to Article 108 of the Bankruptcy Law once the sale has been completed and the price has been paid in full. Unless otherwise provided in the specific terms of sale, all formalities required for cancellation will be completed by the Principal, at its expense, as soon as possible.
 
7. Buyer’s Premium 
The fee payable to the Agent will be borne exclusively by the buyer and identified as the Buyer’s Premium.  It will be calculated on the amount for which the asset is awarded, in accordance with the procedures indicated in the specific terms of sale.
 
 
8. Costs 
 
Notarial fees, statutory taxes and all expenses relating to the sale, whether tax-related or otherwise (except those listed above in section 6), will be borne by the buyer. The Principal must communicate the exact amount of the costs and provide a correct breakdown as soon as possible.
 
The Principal must do so while taking into account the tax rules applicable to the transaction and any tax relief the buyer intends to claim. The Principal will therefore be required to determine 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 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 the exact amount of taxes payable by the buyer can be calculated.
 
The successful bidder must pay the expenses no later than the deadlines indicated 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 deposit must be credited before the auction closes.
 
For payments by bank transfer, a BIR transfer (high-value bank transfer) is recommended.
 
If auction participants do not win any assets, the deposit will be refunded within 20 business days of the award, without interest.
If one or more lots are awarded, the security deposit will be refunded after the buyer 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 this case, at the Principal’s discretion, the security deposit may be retained to cover any costs attributable to the proceedings or other services provided by the Agent.
If the security deposit is paid by credit card, it will be collected into the Agent’s current account, and the Agent will refund the amount retained in this way in accordance with the procedures described above.
If the buyer wins at least one lot at auction, the Agent may, in agreement with the Principal, deduct the deposit from the total amount due from the buyer.
If, after paying the deposit and being awarded a lot, the bidder fails to complete the purchase within the deadlines specified in the specific terms of sale, including payment of the award price, the Buyer’s Premium and any additional costs, the sale will automatically be terminated and the deposit will be retained as compensation by way of penalty.
 
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 costs, and the relevant compensation clauses in the event of failure to comply with those terms.
All payments must be made in full exclusively by bank transfer, unless otherwise provided in the specific terms.  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, in agreement with the Principal, be shall automatically be deemed terminated and the security deposit shall be retained as liquidated damages, with the resulting forfeiture of the award.
 
 
 
 
11 . Transfer of ownership
 
Ownership shall be transferred only after full payment of the successful bid price and the expenses, 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 indicated in the specific terms of sale.
In the case of judicial sales, the Principal shall also notify the Delegated Judge, who shall in turn arrange for the cancellation of any adverse registrations on the properties being transferred pursuant to Article 108 of the Bankruptcy Law, as indicated in Article 6.
Once the payment deadlines set out in the specific terms of sale have expired, if the transfer of ownership is not completed, the sale shall automatically be deemed terminated and the amount paid by the successful bidder as a Buyer’s Premium shall be retained by the Agent as liquidated damages. The amount paid by the successful bidder as a security deposit shall 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.
 
For all 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 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 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 taken directly by the user that may cause damage 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 conclusion of the auction.
 
For all 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 forced sale (Article 2919 of the Italian Civil Code). The assets are sold as seen and accepted, in their actual and legal condition as they stand. In a forced sale, no warranty is given for defects in the item. The sale may not be challenged on grounds of damage. (Article 2922 of the Italian Civil Code).
 
The Agent shall bear no liability whatsoever with regard to the existence of third-party rights over assets offered for sale (Article 2920 of the Italian Civil Code).
           
The real estate is sold in the actual and legal condition in which it stands, together with all appurtenances, accessions, rights and claims, and active and passive easements. The sale is by the property as a whole and not by unit of measurement, and is made without any warranty for defects or any other deficiency.
 
UNAUTHORISED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH APPLICABLE REGULATIONS
For further information concerning any unauthorised 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 current 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 terms, 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 published on the platform, which may have been translated into other languages, the Italian version of the text shall prevail.