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. Obligations of the Principal
·         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, 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 Principal.
Principal: The person responsible for the Proceedings
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Proceedings:insolvency proceedings declared by a Court or a sale mandate granted 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 in 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: Identification number 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 payable to participate in the Auction.
Starting Price: Starting price of the individual lots
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 to place bids at 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 for which the lot is awarded, excluding any applicable Buyer’s Premium and any additional tax or other charges
Buyer's Premium: Fee due 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 will be published for each auction or listing, where applicable, 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, indicating their dates, 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. 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 person when registering on the website and for the auctions will be those to which the award may be made and in whose name the property will be registered. All required payments, both before and after the sale, must be made by the registered persons. 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 in 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 auction closes, unless otherwise specified in the specific terms and conditions of sale.
 
In addition to paying 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 cannot be registered in the name of anyone other than the person who signs the registration, as described in section 5.1)
-       Copy of the tax code
-       If the bidder is married under the 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 if the property is awarded)



-       IF A COMPANY OR ORGANISATION:
 
-       An up-to-date company registration certificate 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 bid on behalf of the company and, if this 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 legalized translation of the company registration certificate, if the company is not Italian
-       Special power of attorney received or authenticated by a notary, in the case of participation through a representative   

 
Where provided for by specific conditions, additional documents will be required and added to those mentioned above.
 
5. Irrevocable offer to purchase
 
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 offer to purchase at the price set as the starting price for each auction attempt and shall itself constitute a binding commitment to purchase on the part of the user.
 
This 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 offer to purchase in the manner described above, and none of the bidders places a further 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 offer to purchase is formalized. 

 
5.2 Submission of bids to increase the starting price.
 
Placing bids
 
The offer formalized by the first bidder may be outbid by higher bids placed by any authorized user.
 
A user wishing to be the best bidder (and therefore the provisional successful bidder) must have placed the highest bid by the end of the online auction.
 
Clearly, if several participants place 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 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 place at least one 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. The value of the proxy bid is entered manually by each bidder.
 
Until the user's maximum bid is exceeded by a higher bid, that user shall remain the best bidder and, therefore, the provisional successful bidder.
 
The current price will automatically adjust according to the predetermined bid increments, up to the value set as the "maximum bid".
 
The value 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 – 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 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 in the same way for every winning bid received within the 5-minute extra-time period, until the available time expires.
 
In the event of extra time, 5 minutes must pass without any additional bid being recorded after the last bid received before the auction may be deemed definitively concluded.
 
Automatic increments in the event 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 phase, the best bidders will be sent confirmation of provisional award pursuant to Article 107 of the Bankruptcy Act, and will 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 bid for each lot or, in the absence of further bids, to the bidder recognized as the first, in chronological order, to have completed the procedure for finalizing the irrevocable offer to purchase described in section 5.1.
 
In the event of an award, the full purchase price must be paid by bank transfer to the account 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 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 commitment to purchase. If the successful bidder fails to pay the purchase price within the deadlines established in the specific terms of sale, or if the award is forfeited, the sale shall be automatically rescinded and the security deposit shall be retained in accordance with the procedures established 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 further bid, as explained in 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 in Article 107, fourth paragraph, of the Bankruptcy Act and suspend the sale upon receipt of an irrevocable offer to purchase 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 Bankruptcy Act, 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, filing the relevant documentation with the Court Registry.
 
The Principal declares that any registrations relating to rights of pre-emption, entries 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 Act 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 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. Fees
 
The buyer shall bear the notarial fees, statutory taxes and all expenses relating to the sale, whether tax-related or otherwise.   The information regarding the exact amount of the fees and their correct specification must be provided by the Principal as soon as possible.
 
The Principal must act accordingly, 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 verify whether the transaction is subject to VAT or registration tax and, where the 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 relief or any other 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 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 to the account before the auction closes.
 
For payment by bank transfer, a BIR transfer (high-value bank transfer) is recommended.
 
If participants in the auction do not successfully bid on any item, the security 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 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 credited to the Agent’s bank account, and the Agent will refund the amount so retained in accordance with the procedures described above.
If the buyer 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 buyer.
If, after paying the security deposit, the bidder fails to complete the purchase within the deadlines specified in the specific terms of sale, including payment of the hammer price, the Buyer’s Premium and any additional fees, the sale will automatically be 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 specific terms of the auction, which will specify the deadlines for payment of both the lots awarded and the Buyer’s Premium due, as well as any additional fees,     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 specified 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 in full 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, resulting in the award being forfeited.
 
 
 
 
11. Transfer of ownership
 
Ownership will be transferred only after full payment of the hammer price and 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 specified in the specific terms of sale.
In judicial sales, the Principal will also notify the Delegated Judge, who will in turn arrange for the cancellation of any prejudicial registrations on the real estate being transferred pursuant to Art. 108 of the Bankruptcy Law, as indicated in Art. 6.
Once the payment deadlines specified in the specific terms of sale have passed, if the transfer of ownership has not been completed, the sale will automatically be 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.  shall not be liable for any discrepancy, whether total or partial, between the descriptions of the lots offered at auction or in the listings published on the platform and the actual lots.
 
For all matters not covered by these general terms or the specific terms, the provisions of the website’s Terms of Use at www.gobidreal.it shall apply.
 
The registered user acknowledges 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 damages or liability, except in cases of its own willful misconduct or gross negligence. 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, the unavailability of www.gobidreal.it for viewing and/or use, the 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 terms, 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 Italian Civil Code). The properties are sold as inspected and accepted, in their actual and legal condition. In a forced sale, no warranty is provided against defects in the property. The sale cannot be challenged on grounds of damage. (Art. 2922 of the Italian Civil Code).
 
The Agent accepts no liability for the existence of third-party rights over the assets being sold (Art. 2920 of the Italian Civil Code).
           
The real estate is sold in its actual and legal condition, with all appurtenances,     additions, rights and actions, and active and passive easements. The sale is on a lump-sum basis and not by unit of measurement, and without any warranty against defects       or other deficiencies.
 
UNAUTHORIZED WORKS, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH CURRENT REGULATIONS
For further information regarding any unauthorized works, violations, encumbrances or non-compliance with current regulations affecting the lots for sale, please refer to the attached appraisal.
 
The 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 in the auction listing or 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 terms, the buyer releases GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal from any warranty or third-party claims.

In the event of any disputes concerning the interpretation of the provisions contained 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.

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