GENERAL TERMS AND CONDITIONS

Table of Contents:
 
·         Art. 1. Definitions
·         Art. 2. Applicability
·         Art. 3. Publication and conduct of auctions and listings
·         Art. 4. Methods of participation 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 - Tax Code 09441470961, authorized for auction sale with License issued by the Milan Police Commissioner no. 13/2008 dated 9/04/2008.
gobidreal.it: Registered trademark owned by GOBID INTERNATIONAL AUCTION GROUP S.r.l.
www.gobidreal.it: The website managed by GOBID INTERNATIONAL AUCTION GROUP S.r.l. for the sale of real estate on behalf of the Principal.
Principal: Responsible for the Procedure
Agent:GOBID INTERNATIONAL AUCTION GROUP S.r.l.
Procedure:insolvency procedure declared by the Court or sale mandate conferred 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 on real estate published on www.gobidreal.it
Lot: Asset or set of assets present, subject to Auction or Listing
Registered user: User registered on www.gobidreal.it
Auction registration: Authorization requested by the registered user to participate in the individual Auction
Bidder Number: Identifier of the registered User
General Conditions: these terms and conditions
Specific Conditions: Specific terms and conditions of the Auction
Deposit: Amount to be paid for participation in the Auction.
Base Price: Starting price of individual lots
Reserve price: Minimum price whose achievement authorizes the provisional award of the lot
Current price: Current price of the Lot, resulting from the bid(s) made 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 intends to pay for the lot
Minimum bid increment: Pre-established amount added to the current price required to formalize the static bid.
Extra-time : Extension of the time available to place bids in the auction  (see Extra-time section)
Provisional award: Communication addressed to the highest bidder by GOBID INTERNATIONAL AUCTION GROUP S.r.l.  
Award price: Award amount of the lot, net of any Buyer’s Premium due and any additional fiscal and non-fiscal charges
Buyer's Premium: Fee due to the agent calculated on the taxable amount of the award price

 
2. Applicability: 
 
These 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 the terms and conditions of user participation.
 
     2.1. Specific conditions
 
For each auction or listing, where provided, the Specific Conditions will be published, with which all specific information relating to the auction or listing itself and the lots will be indicated
These conditions apply unless otherwise indicated by the Specific Conditions of 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 with indication of the dates and lots present and, where provided, 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. Methods of Participation and Submission of Bids.
4.1 Listing  
 
The user's participation in the listing mode will be governed by the specific conditions, where present.
 
4.2 Online Auction
4.2.1 Registration process
To participate in the sale, the user must register on the website www.gobidreal.it, entering their personal data, request registration for the auction, accepting its terms and conditions.
 
The data entered by the subject during registration to the website and auctions will be the same to which the award may be attributed and to which the property will be registered. All payments required, before and after the sale, must be made by the registered subjects.  Any powers of attorney or delegations may be considered subject to authorization by the Principal.
 
The user must pay the required security deposit by bank transfer to the account specified in the specific sale conditions and on the registration page.
Where indicated in the specific sale conditions, payment of the deposit may be made online by credit card.
 
The user is required to specify the auction number for which they intend to participate and simultaneously send an accounting copy of the transfer made to the address [email protected]
 
The deposit must be credited before the auction deadline, unless otherwise indicated in the specific sale conditions.
 
In addition to crediting the security deposit, the user, to be enabled to participate in the auction, must provide the following documents by upload in the "My Documents" section or by sending them to the address [email protected]
 
-       IF A NATURAL PERSON:
 
-       Copy of a valid identity document of the subject to whom the property will be registered (it will not be possible to register the property to a subject other than the one who signs the registration, according to the procedure described in point 5.1)
-       Copy of the tax code
-       If the bidder is married under a legal community property regime, the corresponding spouse's data must also be indicated, sending the relevant copy of the identity document (document not binding for enabling but required in case of award)
 
-       IF A COMPANY or ENTITY:
 

Where provided for by specific conditions, additional documents will be required, which will be integrated with the aforementioned ones.
 
5. Irrevocable purchase offer 
 
5.1 Procedure for finalizing offers at the auction base price
 
The combined effect of the crediting of the security deposit, the formalization of registration for the auction – with express acceptance of the general and specific conditions of sale, published online at www.gobidreal.it – and the user's sending of all the supporting documentation required, as specified above in point 4.2.1, will be considered equivalent to an irrevocable purchase offer at the price set as the auction base for each sale attempt and will constitute, in itself, a binding commitment to purchase on the part of the user.
 
Such offer will be formalized on the platform directly by the Mandatary by means of an online bid, on behalf of the first user who has completed the finalization procedure described above.
           
Where there are more participants who have formalized their irrevocable purchase offer, according to the procedures described above, and none of the bidders places a higher bid on the Platform, the highest bidder and therefore provisional successful bidder will be the one who, first, in chronological order:
 
            - has carried out the aforementioned procedure.
 
The Mandatary will take care to inform all bidders by any means whether or not they are the highest bidders at the time of formalization of the aforementioned irrevocable purchase offer. 

5.2 Submission of offers for increase of the base price.
 
Formulation of higher bids
 
The offer, formalized for the first bidder, may be exceeded by bids of a higher amount, placed by any enabled user.
 
The user who wishes to be the highest bidder (and therefore provisional successful bidder) must have placed the highest offer at the end of the online auction.
 
Clearly, if there are several participants who place higher bids on the offer at the auction base price, the user recognized as the "first bidder" may also compete for the award of the lots by placing higher bids on the current price.
 
In order to be awarded the lot(s) for sale, users will be invited to increase the price indicated in the auction (and therefore to place at least one higher bid) according to the following methods:
 
 
 
5.2.1 Static offer 
 
By "static offer" is meant a bid at the price published online, plus a pre-set minimum increment.
 
 
5.2.2 Maximum offer (Proxy Bid):
 
By "proxy bid" is meant an offer for a maximum amount. It corresponds to the maximum figure that the user is willing to offer for each lot. The value of the proxy bid is entered manually by each bidder.
 
Until the maximum offer placed by the user is exceeded by an offer of a higher amount, that same user will be the highest bidder and therefore provisional successful bidder.
 
The current price will automatically adjust based on the amount of the pre-set increments, until reaching the value set as the "maximum offer".
 
The value of the maximum offer (proxy bid) placed by a user will not be visible to other users.
 
 
5.3. Validity of bids
 
In any case (static bid – maximum bid – free bid), bids shall be considered valid only if submitted within the duration of the auction.
 
5.3.1 Extra time 
 
If a winning bid is placed in the 5 minutes preceding the closing of the auction, the time available to make another bid will be extended by an additional 5 minutes from the last bid received. And so on, for each winning bid received within the 5 minutes of extra time, until the end of the available time.
 
In the event of extra time, 5 minutes must pass without any additional bid being registered from the last bid received before the auction can be deemed definitively concluded.
 
Automatic counterbids in the case of a maximum bid (proxy bid) shall also be considered winning bids.
 
 
5.4. Award of lots
 
At the end of each auction solution, following an assessment phase, the best bidders will be sent a provisional award confirmation pursuant to Art. 107 of the Bankruptcy Law, against which they shall be required to make payments by the deadline established in the specific sale conditions.
 
The provisional award shall be granted to the bidder who has submitted the highest bid for each lot, or, in the absence of further counterbids, to the bidder who is recognized as the first, in chronological order, to have completed the procedure for finalizing the irrevocable purchase offer described in point 5.1.
 
In the event of award, the sale price must be paid in full by bank transfer made out to the procedure within the deadlines established in the specific conditions, on penalty of forfeiture and definitive loss of the security deposit.
 
The deed of sale shall be executed by notarial deed in accordance with the methods established by the Principal (described in point 11, Transfer of ownership)
 
Bids submitted are binding and constitute a formal commitment to purchase. If the successful bidder does not pay the consideration within the deadlines established in the specific sale conditions, or if the award should lapse, the sale shall be automatically terminated and the security deposit shall be retained, in accordance with the methods established in the "Security deposit" section.  In such case, the award shall be granted successively, in favor of the next best bidder, who has completed the procedure described in point 5.1 or placed a counterbid, on the basis of what is illustrated in point 5.2.
 
 
 
5.5 Other provisions
 
Where provided by law, the Principal, as person responsible for the sale procedure, may exercise the power provided by Art. 107, fourth paragraph, of the Bankruptcy Law, and suspend the sale in the event of receipt of an improved irrevocable purchase offer for an amount not less than ten percent of the price offered
 
In any case, 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 Art. 107 of the Bankruptcy Law, the Principal undertakes to give notice by notification to each of the mortgage creditors or otherwise creditors with a privilege at least 20 days before the date set for the conclusion of each sale attempt, as well as 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 preemption, transcriptions of foreclosures and conservatory seizures and any other encumbrance burdening the real estate put up for sale shall be cancelled pursuant to Art. 108 of the Bankruptcy Law once the sale has been executed and the price fully collected. Unless otherwise provided in the specific sale conditions, all formalities for cancellation shall be carried out at the expense of the successful bidder.
 
7. Buyer’s Premium 
The fee due to the Mandatary shall be borne exclusively by the buyer and indicated with the wording Buyer’s Premium.  It shall be calculated on the award amount of the asset, in accordance with the methods indicated in the specific sale conditions.
 
 
8. Charges 
 
Notarial charges, statutory taxes and all expenses relating to the sale, fiscal and otherwise, shall be borne by the buyer. Communication regarding the exact amount of the charges and their correct specification must be made by the Principal as soon as possible.
 
The Principal must act accordingly, taking into account the tax regime of the transaction and any         reliefs that the buyer intends to use. The Principal shall therefore be required to verify whether the transaction is subject to VAT or registration tax and to specify, if the conditions exist, whether it intends to use the reverse charge.
 
At the end of the sale, the Mandatary shall, finally, ask the successful bidder whether it intends to use the first-home benefit or another tax benefit and inform the Principal accordingly, so that it may calculate the exact amount that the buyer will be required to pay in terms of taxes.
 
The successful bidder must pay the expenses within and not beyond the deadlines indicated in the specific sale conditions.
 
 
 
9. Security deposit
 
 
Participation in the auction is conditional upon payment of a mandatory security deposit defined in the specific sale conditions.
 
Before being enabled to participate in the auction, participants must pay the amount established above by bank transfer or, where provided in the specific conditions, by credit card through the platform. Payments must be made as established in the specific sale conditions.
The security deposit must be compulsorily credited before the end of the auction.
 
For payment by bank transfer, it is recommended to make a BIR-type transfer (significant amount transfer)
 
If auction participants do not win any asset, the security deposit shall be returned within 20 working days of the award, without interest.
In the event of award of one or more lots, the security deposit shall be returned after the buyer has completed the transfer of ownership of the real estate purchased at auction by notarial deed, following authorization provided by the Principal. In such case, the security deposit may be retained both to cover any charges attributable to the Procedure, at the Principal's discretion, and to cover any other services provided by the Mandatary.
In the event of payment of the security deposit by credit card, the deposit shall be collected into the Mandatary's current account, which shall return the amount so retained in accordance with the methods described above.
If the buyer wins at least one lot at auction, it shall be at the Mandatary's discretion, in agreement with the Principal, to deduct the security deposit from the total amount owed by the buyer.
If, in the event of award, after paying the security deposit, the bidder does not complete the purchase within the deadlines established in the specific sale conditions, as regards both the award price and the Buyer’s Premium and any additional charges, the sale shall be automatically terminated and the security deposit shall be retained as compensation for damages.
 
10. Payments
 
The provisional successful bidder of one or more lots is required to comply with the specific auction conditions, which shall specify the deadlines for  payment of both the awarded lots and the Buyer’s Premium  due as well as additional charges,         and the relevant compensation clauses in the event of failure to comply with the aforementioned conditions.
All payments must be made in full exclusively by bank transfer, unless otherwise indicated in the specific conditions.  The details will be specified upon the user's receipt of the provisional award confirmation.
 
In the event that payment of the amounts due is not completed within the established deadlines, in agreement with the Principal, the sale shall be automatically terminated and the security deposit shall be retained to as a compensatory penalty, with consequent forfeiture of the award.
 
 
 
 
11 . Transfer of ownership
 

12.  Warranties
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.  is not responsible for the failure or partial correspondence of the descriptions of the lots present in the auction or in the advertisements 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 is aware of the possible issues, both objective and subjective, arising from the use of an online auction or online advertisement conducted via the internet for which GOBID INTERNATIONAL AUCTION GROUP S.r.l. cannot be held liable.
 
GOBID INTERNATIONAL AUCTION GROUP S.r.l.  is not liable for direct and/or indirect damage or liability except in cases of its own willful misconduct or gross negligence. Under no circumstances GOBID INTERNATIONAL AUCTION GROUP S.r.l.  is liable for: direct actions of the user that may cause damage or malfunction to the system, unavailability of display and/or use of www.gobidreal.it, unlawful use of www.gobidreal.it, any event after the conclusion of the auction.
 
For all matters not expressly provided for in these conditions, general and specific, reference is made to the rules of the Code of Civil Procedure and the Bankruptcy Law.
The sale of real estate is understood as forced (Art. 2919 of the Civil Code). It is arranged for goods seen and liked in the state of fact and law in which they are found. In forced sale, there is no warranty for defects of the thing. It cannot be challenged for damages. (Art. 2922 of the Civil Code).
 
Any liability on the part of the Agent is excluded regarding the existence of third-party rights on the goods subject to the sale (Art. 2920 of the Civil Code).
           
The sale of real estate occurs in the state of fact and law in which they are located, with any appurtenances,     accretions, claims and actions, active and passive easements. The sale is by lump sum and not by measure, and without any warranty for defects       or other lack.
 
ABUSES, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH CURRENT REGULATIONS
For further information regarding any abuses, violations, encumbrances or non-compliance with current regulations of the lots for sale, please refer to the attached appraisal.
 
The lots are sold as seen and liked in the condition in which they are found.
Viewing of the lots in auction is strongly recommended, GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Principal decline any liability for any errors, omissions and inaccuracies in the photos, descriptions and any other detail indicated in the auction or in the advertisements,  for this reason viewing of the lots is strongly recommended in order to verify the actual condition of the goods in auction.
 
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or by the Principal
 
The buyer, by accepting these conditions, indemnifies GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Principal from any warranty or claim of third parties.


In the event of any disputes relating to the interpretation of the provisions contained in the general and specific conditions set out on the platform, possibly translated into other languages, the Italian version of the text shall prevail.