GENERAL TERMS AND CONDITIONS
Index of contents:
· Art. 1. Definitions
· Art. 2. Applicability
· Art. 3. Publication and conduction of auctions and notices
· Art. 4. Participation and Bids presentation procedure
· Art. 5. Irrevocable Purchase Bid
· Art. 6. Obligations of Consignor
· Art. 7. Buyer’s Premium
· Art. 8.Expenses
· Art. 9. Security deposit
· Art. 10. Payments
· Art. 11.Transfer of Property Ownership
· Art. 12. Guarantees
GOBID INTERNATIONAL AUCTION GROUP S.r.l.
: Owner and Manager of online-auctions , internet http://www.gorealbid.it, head-office in Milan, Via P.O. Vigliani , 19, VAT-No. -.F.C. 09441470961 , authorised for on-line auctions with Licence issued by the Questore of Milano no.13/2008 on 9/04/2008.
: registered trademark owned by GOBID INTERNATIONAL AUCTION GROUP S.r.l.
: Website managed by GOBID INTERNATIONAL AUCTION GROUP S.r.l. for the sale of real estate on mandate on behalf of and conferred by Consignor.
: Responsible for procedure
Consignee (Authorised Auctioneer):
GOBID INTERNATIONAL AUCTION GROUP S.r.l.
bankruptcy procedure declared by Court or sales–agent assigned by provate citizens
: On-line Competitive sale of real estate property published on www.gorealbid.it
Publication of notices concerning the sale or groups of bids/ or prospective buyers published on www.gorealbid.it
: Asset or groups of assets which make up the object of the auction/notice
: Registered subscriber to www.gorealbid.it
: Authorisation requested by registered user to participate in one single auction
: Sales number/letter designated to registered user
General sales conditions
These terms and conditions
Specific Sales conditions
Specific terms and conditions of auction
: sum to be deposited in order to participate in an auction .
: Opening price of single lots
: Minimum price required for the lot to be temporarily adjudicated
: Current price of lot, resulting from various overbid/s submitted by users/bidders
: bid submitted by user on current price of lot
: maximum bid submitted by a willing buyer of lot
: Pre-set amount added to current price of lot in order to formalize a static bid.
: Extension of time required to execute bids at an auction (consult section under Extra-time)
: Message posted to best bidder byGOBID INTERNATIONAL AUCTION GROUP S.r.l.
Price to be paid for a lot when the auctioneer’s “hammer” falls, net of any due Buyer’s Premium and any additional sales tax
: Amount higher than hammer-price to be paid to Consignee, calculated as a percentage of the winning bid and added on to it
The underlying conditions constitute guidelines for the use of the site www.gorealbid.it and in particular, the publication and conduction of auctions and notices, as well as terms and conditions of participation of users/subscribers.
2.1. Specific conditions
For every auction or notice wherever prescribed, specific conditions shall be posted, which shall contain all the specific information relating to the auction or notice itself including lots.
The underlying conditions are applicable unless otherwise specified under Specific Conditions in every single auction or notice.
3. Publication and conduction of auctions and notices
Auctions and notices shall be posted on the site www.gorealbid.it indicating the dates and existing lots, as well as the terms and general and specific conditions wherever prescribed.
GOBID INTERNATIONAL AUCTION GROUP S.r.l, in agreement with Consignor, is entitled to cancel, extend or interrupt the auction or the notice.
4. Participation and bids presentation procedure.
The participation of the user/subscriber relating to the item ‘notice’ shall be regulated under specific conditions wherever present.
4.2 On-line Auction
4.2.1 Registration Process
To participate in auction-bids, the user/subscriber is required to subscribe to www.gorealbid.it
, entering his/her personal details, and is required to subscribe to the auction and accept the related terms and conditions.
The user’s/subscriber’s personal details entered during registration process on the site and auction-bids shall be the same to whom the property shall be adjudicated to. All required payments, preceding and following the sale shall be settled by the registered user . Any eventual mandates or proxies shall not be taken into consideration prior to Consignor’s authorisation.
The user shall undertake to pay the security deposit via bank remittance on the current account as specified under the section of specific sales conditions and on the registration page, or effect payment on-line by credit-card.
The user shall undertake to specify the designation-number which he intends participating in and to provide a copy of the effected payment to be posted on email@example.com
The requested sum must be paid before the end of the auction, unless otherwise specified under the section of specific conditions of sale.
Further to the security deposit, in order to participate in the auction the user/subscriber shall be required to provide the following documents by uploading from section “My Documents” or via request posted on firstname.lastname@example.org
- If it is a PHYSICAL PERSON:
- Copy of a valid I.D. Document of the person who is to assign the property/asset (assigning the asset to other participants other than the subscriber himself/herself shall not be permitted, as prescribed in the procedure described under point 5.1)
- Copy of the Tax-Code number
- Should bidder be married in community of property , he/she is required to provide personal information of his/her spouse posting a copy of the related I.D. Document (document is not binding for participation but will be request in case of awarding )
- If a COMPANY or BODY:
- Updated certificate of incorporation or C.C.I.A.A.
- Copy of a valid identity document of the person who signed the offer on behalf of the company and, in the case of a person other than the legal representative, copy of the deed showing the related powers
- Copy of the tax code of the person who signed the offer
- Duly legalized translation of the chamber's certificate, if the company is not Italian
- Special power of attorney received or authenticated by the notary, in case of participation through a representative
Where relevant and in consistency to specific conditions, supplementary documents shall be requested which shall be added to the a.m. mentioned documents.
5. Irrevocable Purchase Bid
5.1 Completion procedure of Bids at auction opening price
The payment of the security deposit along with the formalisation of the registration to the auction – with expressed acceptance of the general and specific conditions of sale posted on line on www.gorealbid.it – as well as the provision of all the required supplementary documents by the user, as already specified under point 4.2.1, shall be deemed equivalent to an irrevocable purchase-bid at the starting price fixed for each sale and shall itself be deemed a binding purchase contract on the part of the user.
Said offer shall be expressly officialised on the platform directly by the Consignee (auction-agent/Auctioneer ) via on-line, on behalf of the first user who will have completed the completion procedure described above.
Where more than one bidder have proceeded in officialising their irrevocable purchase-bid in accordance to the above mentioned conditions, and none of the bidders shall raise a bid on the platform, the highest bidder, and therefore the provisional ‘buyer’ , will be the first one in order of time:
- who will have carried out the procedure described above
The Consignee (Auctioneer) shall duly inform all bidders via any means whether they be or not the highest bidders in the formalisation of the aforementioned irrevocable purchase bid.
5.1.1 - Participation in sale on behalf of a person or company to be appointed
It will be possible for users to participate in sale in the name and on behalf of person or company to be appointed, in compliance with procedure to finalize irrevocable purchase offer above-mentioned.
Participation in the auction in the name and on behalf of the person or company to be appointed must take place by completing, by user, a specific form provided by Agent.
Power of attorney from which it will be possible to identify the "person or company to be appointed" must be presented by user during notarial deed. It must have been issued at least 5 working days before date set for notarial deed.
5.2 Submission of bids for starting price increment
Formulation of overbids
The bid, formalised by the first bidder in line, may be outbid following various offers which may be formulated by any enabled user.
The user that wishes to be the highest bidder (and thus provisional purchaser), will need to have put up the highest bid on completion of the on-line auction.
Understandably, amongst the several participants/bidders bidding over the auction opening price, the user too will be recognised as the “first Bidder” and will be entitled to take part in the awarding of lots by bidding over the current price of the lot.
In order to be assigned with a lot up on sale, the users/bidders will be invited to raise their bids over the starting price ( thus making at least one overbid) as according to the following conditions:
5.2.1 Static bid
“Static bid” is a bid submitted equivalent to the price published on-line, plus a minimum fixed overbid .
5.2.2 Proxy Bid
“Proxy bid” is the highest bid made. It is the maximum amount that a willing user/buyer makes for each lot. The value of the proxy bid is manually entered by each single bidder.
Until the user/bidder is not outbid by a higher offer, he shall be considered the highest bidder, thus provisional buyer of the lot.
The current price shall automatically be adjusted on the basis of the pre-set overbids made, until the highest fixed amount is achieved hence “proxy bid”.
The amount of the proxy bid, submitted by the user shall not be shown to other bidders..
5.3. Validity of the bids
In all a.m. cases (static bid – proxy bid – free bid), bids shall be deemed valid only if submitted during the auction.
5.3.1 Extra time
Should a winning bid be submitted 5 minutes before the completion of the auction, extra 5 minutes time shall be given to submit a further bid following the previous bid. So forth and so on, until the best proxy bid is submitted within the extra 5 minutes following the completion.
In case of extra time, no supplementary bids must be made in the 5 minutes following the last bid submitted, before the auction can be said to be completed.
In the case of proxy bids, automatic overbids shall also be considered as ‘winning bids’.
5.4. Awarding of lots
After the completion of auctions, following preliminary activities, the highest bidders shall receive a confirmation of provisional awarding as pursuant to art. 107 l. fall., after which they shall be required to carry out payments within the terms and deadlines that have been specified under the sale conditions.
The provisional awarding shall be assigned to the bidder with the highest offer on each lot, or, should no further overbids have been submitted, the bidder that shall be awarded shall be the first in order of time as long as he/she shall have finalised the procedure on the irrevocable purchase bid, as described under point 5.1.
On awarding of the lot, the amount due must be fully paid via bank remittance addressed to the auction within the terms and conditions specified, unless otherwise, the user is liable to a penalty of forfeiture and a loss of the deposit.
The deed of sale shall be stipulated through a notary act, pursuant to the conditions specified by the Consignor. (as described under point 11, Transfer of Property Ownership)
Bids submitted shall be considered binding and constitute an official purchase commitment. Should the highest bidder not fully pay the due amount within the deadlines specified under the terms and conditions of sale , or should the awarding expire, then the sale shall automatically be deemed cancelled and the deposit withheld, pursuant to the conditions specified under the section “Security Deposit”. In this case, the awarding shall be assigned to the next best bidder who will have finalised the procedure described under point 5.1 or who will have submitted a higher bid on the basis of what has been specified under point 5.2.
5.5 Supplementary Provisions
Wherever prescribed by law, the Consignor shall be entitled to suspend the sale’s process, as pursuant to art. 107 fourth para.l.fall., should an irrevocable higher bid be received which is not less than 10% of the bid received.
In any case, GOBID INTERNATIONAL AUCTION GROUP S.r.l. holds the faculty to suspend the bid or the lots awarding , in agreement with Consignor.
6. Obligations of Consignor
As pursuant to art. 107 l. fall., Consignor shall undertake to inform via notices each mortgage creditor or each creditor holding a right at least 20 days before the final date that has been set for the completion of the sale’s trial, as well as informing the Delegated Judge and the Creditors Committee of the outcome of each sale’s trial, filing the relating documents at the Registry office.
Consignor shall undertake to approve that any eventualentriesconcerning pre-emption rights, distraint or confiscation of real estate assets put on sale, shall be cancelled as pursuant to art. 108 l.fall. once the sale has been carried and the sum entirely paid for. Unless otherwise prescribed in the provisions specified under these sale conditions, any formality arising from the cancellation and expenses thereof, shall be borne by the purchaser.
7. Buyer’ s Premium
This is the compensation owed to Consignee which shall entirely be borne by the purchaser and shall be indicated with the heading ‘ Buyer’s Premium’. It shall be calculated on the hammer-price of the asset, according to the specific sales conditions
Shall be borne by the purchaser notary fees, state taxes as well as all sale expenses, imposed and non-imposed taxes. The notice relating to the exact amount of the expenses and correct specification, shall be submitted by Consignor in the shortest time possible.
Consignor shall hence provide the purchase the a.m. details, taking into account the existing applicable taxes governing the transaction and of any eventual existing tax advantages the purchaser may avail himself of. Consignor shall hence be exhorted to check if the transaction is subjected to VAT fee or tax registration fee, as well as expressly specifying whether he intends availing himself/herself of the reverse charge.
On completion of the sale, Consignee shall pledge to ask the highest bidder/purchaser, if he/she intends to avail himself/herself of the right of a tax exemption on the house as long as he/she intends using it as a primary residence or of other fiscal benefits and to inform Consignor consequently, in order for him/her to calculate the precise amount to be paid by the purchaser in terms of imposed taxes.
The highest bidder shall be expected to settle all expenses within and not beyond the deadlines specified under the specific sale conditions.
9. Security Deposit
In order to participate in an auction, the payment of a security deposit is compulsory, as it has been specified under the specific sale conditions.
Before being entitled to participate in an auction, bidders will need to effect payment via bank remittance or, wherever prescribed under the specific sale conditions , by credit-card via a platform. All payments must be effected as specified under the specific sale conditions.
The security-deposit must be duly settled before the completion of the auction.
If payment through a bank remittance is chosen, it would be preferable to choose the ‘significant amount’ wire transfer type .
Should the participants/bidders in the auction not be awarded with any asset, the security deposit shall be refunded entirely excluding interests within 20 working days from the completion of the awarding .
Should more than one lot be awarded, the security-deposit shall be refunded after the purchaser will have transferred ownership of the real estate purchased via the auction through a notary, upon the Consignor’s authorisation has been given. In this case, the security-deposit may be withheld in order to cover any eventual expenses or fees deriving from the procedure, at the discretion of Consignor, as well as any other eventual services provided by the Consignee.
Should the payment have been effected by credit card, the deposit shall be cashed in by Consignee, who shall refund the amount as pursuant to the a.m. conditions of sale specified.
Should the purchaser be awarded at least a unit-lot at the auction, Consignee, in agreement with Consignor shall have the faculty to subtract the amount of the deposit from the total amount owed by the purchaser.
If, in the case of an awarding, and after the security-deposit has been paid, the bidder not complete the purchase as pursuant to the terms specified under the conditions of sale, in terms of both the hammer-price and the Buyer’s premium plus any additional deriving fees, the sale shall automatically be cancelled and the deposit withheld as a penalty fee for damages.
The provisional highest bidder of one or more lots shall undertake to observe the terms and conditions of the auction which shall also specify the terms and conditions for both the payments of the awarded lots and the Buyer’s Premium including any additional fees deriving thereof, further to a compensation for the violation of any of the afore-going terms.
All payments shall be effected exclusively via bank remittance, unless otherwise specified under the specific terms and conditions. The details shall be specified after the provisional highest bidder shall have received the provisional awarding confirmation.
Should the amount of the payments due not be settled within the terms specified, in agreement with Consignor, the sale shall automatically be deemed cancelled and the security-deposit withheld as a penalty compensation, following the annulment of the assignment.
11 . Transfer of Property Ownership
Transfer of Property Ownership shall take place only after the entire sum of the hammer-price and the expenses have been paid, as pursuant to the specific sale conditions , through a notary act , according to the terms and conditions established by Consignor, unless otherwise specified under the conditions of sale.
In the case of judicial sales, Consignor shall pledge to inform the appointed judge who shall have the faculty to cancel all adverse/judicial entries on real estate on sale as pursuant to art. 108 l.f., as specified in art. 6.
Once the terms of payment as specified under the conditions of sale have expired, and the procedure for the Transfer of Property Ownership not have been completed, the sale shall automatically be deemed cancelled, and the sum paid by the bidder as Buyer’s Premium, shall be withheld by Consignee as a penalty compensation. The sum paid by the highest bidder as a security deposit, shall instead be withheld pursuant to the provisions specified under the section Security Deposit.
GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be held liable for the total or partial lack of correspondence to descriptions provided for the lots or notices published on the platform.
For other matters that have not been included in the underlying general conditions or in the specific conditions, shall apply the provisions specified in the Terms and Conditions of use on website www.gorealbid.it
The subscribed user shall acknowledge the existence of possible objective or subjective problems deriving from the use of online-auctions/notices and for which GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be held responsible for.
GOBID INTERNATIONAL AUCTION GROUP S.r.l. is not liable for any direct or indirect damages except in case of willful misconduct or gross negligence. GOBID INTERNATIONAL AUCTION GROUP S.r.l. shall not be held liable for any direct actions by the user that may damage or provoke any malfunctioning of the system, impossibility of viewing and/or using www.gorealbid.it, or illicit use of www.gorealbid.it, any event following the completion of the auction.
As far as what has not expressly been prescribed under the specific and general conditions is concerned , please refer to the rules of law in the c.p.c. and the Bankruptcy Act Law.
The sale of real estate is to be intended as a forced sale (Art. 2919 of civil code). ‘As is’ is intended for the sale of assets seen and liked the way they really and rightfully are. Forced sales are not covered by any warranty on existing faults or imperfections on the items. As such, no damages may thus be claimed (Art. 2922 c.c.).
The Consignee shall not be held responsible for any third party existing rights/claims over assets subjected to sale. (Art. 2920 c.c.).
Real estate is sold in the conditions ‘as is’ , with all the appurtenances, accessions, rights, interests , positive and negative easements . The sale is intended as a bulk sale and not per unit lot ( sale per aversionem) , without any warranty for any defects or imperfections.
ABUSES, VIOLATIONS, ENCUMBRANCES, COMPLIANCE WITH EXISTING STANDARDS
For further information relating to any abuses, violations, encumbrances or non-compliances of lots with standards, please refer to the report enclosed.
Lots are sold ‘as is’. It is strongly recommended to view the lots on auction. GOBID INTERNATIONAL AUCTION GROUP S.r.l. or the Consignor decline all responsibility for any possible error, negligence or inaccuracies on photos, in the descriptions and in any other detail indicated at the auction or on the notices; for this reason the viewing of the lots up on sale is highly recommended in order to assess the real condition of the items.
No warranty is given by GOBID INTERNATIONAL AUCTION GROUP S.r.l. or by the Consignor.
The purchaser hereby accepts the afore-going terms and conditions and exempts GOBID INTERNATIONAL AUCTION GROUP S.r.l. and the Consignor from any guarantee or claims made by third party subjects.
In the event of any controversy arising from the interpretation of the provisions specified under the general and specific conditions found on the platform , eventually available in other languages, the Italian language version shall prevail.
Where not indicated, the time present in the specific terms and on the platform, referes to the time zone indicated in the server time published on the website.