In residential home sales, the total real estate commission paid by the seller is typically between 5% and 6% of the sale price. We may use them as we deem appropriate, to the extent permitted by law, before or after the sale of Property, and we will be solely liable for any losses or damages arising out of our use of such images and material. "It depends on the market, (but) normally no, for-sale-by-owners don't sell well," Hobrock says. DeMartis primary responsi Kristina Helb is the Vice President of Global Communications for Sothebys International Realty, where she oversees the firms communica Christine Montalvo serves as vice president of marketing for Sothebys International Realty, Inc. Montalvo brings diverse experience as a John Passerini is the global vice president of interactive marketing for Sothebys International Realty Affiliates LLC, bringing more than 25 years Chris Palumbo is head of region for the Asia Pacific (APAC) region for Sothebys International Realty Affiliates LLC. Were a little short on data, but you can help. We are selling a retail business in a mall in Arizona. White, Jr. is president and chief executive officer of Sothebys International Realty, overseeing the companys A. Bradley Nelson serves as chief marketing officer at Sothebys International Realty, where he supports the brands affiliated Clifford Siegel serves as Chief Operating Officer for Sothebys International Realty. (a) For large items of sold Property, such as furniture, we will coordinate shipping with the Buyer and the Buyer's designated shipper (the " Delivery Service Provider "). (c)In any case where you owe us the Withdrawal Fee, you shall pay us within 10 business days of our request to you. "It's a critical conversation that every consumer should have with their agent about the services they receive when working with that Realtor and how that agent will help them to achieve the best possible result," says Larry "Boomer" A. Some U.S. states, including Massachusetts and Vermont, require reporting regardless of the number of lots sold. The following capitalized words will have the specific meaning shown here: Authenticity Guarantee:the guarantee we provide as principal to the Buyer for certain items designated as being offered with such guarantee on the Buy-Now Marketplace, as set out in the Buy-Now Marketplace Conditions of Business for Buyers. (f)Failure to provide the appropriate information or to update obsolete information will result in us having to delay payment due to you pursuant to this agreement until such information is provided. Here's the deal: Sotheby's International Realty, the Sotheby's International Realty logo, "For the Ongoing Collection of Life" and RESIDE are registered (or unregistered) service . About Sotheby's International Realty Affiliates LLC. Listing Price:the asking price for the Property, which includes the initial Listing Price and any reduced Listing Price during the Listing Period, net of any applicable taxes, VAT or amount in lieu of VAT, or ARR. If you're hoping to keep a larger share of the profits for selling your home by skipping the work with a real estate agent, you might not get the kind of success you're hoping for. Buy-Now Marketplace:the online marketplace operated by Sothebys and located at http://www.sothebys.com. (a)If the Property remains unsold after the expiration of the Listing Period, we will notify you. And each office gives the commission split in their own way. Some agents might not want to work with you if you dont value their services. On Fishbowl, you can share insights and advice anonymously with Sotheby's International Realty employees and get real answers from people on the inside. However, the number of people who get a cut of the commission may be higher. Sotheby's International Realty insights Based on 40 survey responses What people like Energizing work tasks Time and location flexibility Clear sense of purpose Inclusive, positive, and caring company. Ask if they have any awards or recognition that showcase their expertise and reliability. The average real estate commission is about 2.1 percent. All Rights Reserved. Sothebys will reimburse you for the costs of reasonable Federal Express packing services, such as packing material, for which you submit a valid receipt. (a)You may not withdraw the Property from sale within the first 30 days of the Listing Period. Pros & Cons are excerpts from user reviews. It's the fifth time that the auction house has increased the buyer's fees between 2015 and 2020. If this information is not provided within 30 business days of the date the Net Sale Proceeds are due to you or if we are otherwise required to do so by law, we will withhold U.S. tax from the amounts due to you for immediate remittance to the U.S. Internal Revenue Service (the IRS). You retain us as your agent to offer and to sell the Property on the terms set out in this agreement and in the Buy-Now Marketplace Conditions of Business for Buyers. I am willing to work for free to gain experience and knowledge in this field isn't off the table. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Likewise, when a real estate agent represents a seller, that ensures the sellers best interests are met, top dollar is received for the home, and all requirements are upheld under real estate law without a hitch. For more information, you can always check UpNests blog for facts and figures, tips and tricks, and plenty of other golden nuggets to ensure youre tackling the real estate industry unscathed. Depending on the broker, the breakdown may be fixed for all transactions, or it may be graduated over time based on an agent's individual success or experience. There are a few factors to take into consideration when searching for the most reputable real estate firm to work with in Trent Woods, North Carolina. It increases the chance of a successful sale. Realogy which owns the Coldwell Banker, Century 21, ERA and Sotheby's International Realty brands says the average commission rate at its company-owned operations rose to 2.43 percent. In this agreement, we, us and our refers to Sothebys, Inc.; and you and your refer to the individual, corporation or other entity who is consigning property to us pursuant to this agreement. Find your private company bowl on Fishbowl, join the hottest conversation with your colleagues anonymously. Also, are there any laws for this sort of thing? If any part of this agreement is deemed invalid or unenforceable, such invalidity or unenforceability will not affect the remaining provisions of this agreement, which will remain in full force and effect. Signatures sent by facsimile or email transmission or other electronic signatures are valid and binding and will be deemed an original. Real estate agents typically get paid when a deal closes, but who's responsible for paying the commission? Vassiliou is primarily responsible for growth of the About Sothebys International Realty Affiliates LLC. The average real estate commission is usually 5-6%, though that figure varies based on the agent's real estate experience. (h)You acknowledge that no one within Sothebys Group has provided tax advice to you or for your benefit in connection with this agreement. The agent commissions can eat into your profits and limit how much you invest in future properties or use to cover moving expenses. What if you could earn tens of thousands of dollars in referral fee commission - just by talking to your friends? Are there alternatives for sellers who might not want to pay as much? You represent and warrant to us and each Buyer that at all relevant times (including the time of consignment and at the time of the sale): (a) you have sole, complete and lawful right, title and interest in the Property; or, if you are acting as an agent, your principal has sole, complete and lawful right, title and interest in the Property, and you are properly authorized by your principal to sell the Property on these terms; (b) there are no claims or potential claims, legal proceedings, liens (except for estate tax liens, if any, with respect to which the underlying obligations will be satisfied by you as they come due, if applicable), security interests, encumbrances or other restrictions on or regarding the Property, and you have no knowledge of any facts or circumstances that might give rise to any claims in connection with the Property; (c) good title to and right to possession of the Property will pass to the Buyer free of all third-party rights, liens, security interests, claims, restrictions and encumbrances; (d) you have fully disclosed to us all information known to you or in your possession that might affect the sale or value of the Property, including but not limited to information concerning the Propertys condition (including any damage or restoration), provenance, ownership, authenticity, attribution, authorship, origin, date, age, period, culture, source, and export or import history, and the existence of any endangered or protected species in the Property, and you shall continue to disclose any such information that becomes known to you through the time of sale; (e) if the Property has been imported into the country in which it is located (or for Property located in the European Union, if it has been imported into the European Union from outside of the European Union), it was lawfully imported, required declarations were made, any duties and taxes were paid, and it was lawfully and permanently exported from the country or jurisdiction in which it had been located; (f) you will pay or have paid any and all taxes and/or duties due on the Net Sale Proceeds you receive, and you have notified us in writing of any taxes and/or duties that are payable by us on your behalf in any country other than the country of the applicable salelocation; (g)any images and descriptions of the Property you provide to us do not infringe any third-party rights; and unless you advise us in writing to the contrary at the time of consignment, you are not aware of any restrictions on our right to reproduce or use photographs, images or videos of the Property produced by us to the extent permitted by applicable law; (h)unless you advise us in writing to the contrary at the time of consignment, any electrical or mechanical goods or components are in a safe operating condition if reasonably used for the purpose for which they were designed, and are free from any defect not obvious on external inspection which could prove dangerous to human life or health; (i)no applicable law, regulation or code in any jurisdiction has been or will be violated in your performance under this agreement; (j)the sale of the Property is not designed to facilitate tax crimes; (k)you have no knowledge or reason to suspect that (i) the Property is connected with the proceeds of criminal activity, or (ii) you, or any co-owner(s) or principal(s) (or, if you are an entity, any person(s) or entity(ies) with a beneficial or ownership interest in you), are under investigation, charged with, or convicted of any substantive or predicate money laundering crime, terrorist activity, or act in violation of any anti-bribery or anti-corruption law, including the UK Bribery Act 2010 and the US Foreign Corrupt Practices Act; (l)you (and your principal, if applicable) are not (i) a person or entity subject to trade sanctions, embargoes or restrictions in any jurisdiction (Sanctioned Person), or (ii) owned or controlled by a Sanctioned Person; and the Net Sale Proceeds will not be transferred to or used for the benefit of a Sanctioned Person; (m)if you are acting as agent on behalf of a principal, you have conducted appropriate due diligence on your principal in accordance with all applicable anti-money laundering, anti-terrorism and sanctions laws and regulations, you will retain and make available upon request the documentation evidencing such due diligence for at least 5 years, and all commissions payable to you for this consignment have been authorized by your principal; and. (c)We will not be liable for errors or omissions in descriptions of the Property, though if we discover a material error or omission in such descriptions, we will provide a correction, time permitting. (g)Upon your receipt of payment from us in accordance with this Condition 7, you, on your own behalf and on behalf of your insurer(s), irrevocably release us from all liability for loss of or damage to such Property and irrevocably waive all rights and claims that you might have against us in connection with the same. Foster Jr., president of general brokerage for Long & Foster Real Estate. Any recommendations or suggestions? If you need to break or get out of a lease, this is what you need to know. (j)You have had the opportunity to consult an attorney of your choosing before signing this agreement, and you acknowledge we have not provided legal advice to you or for your benefit in connection with this agreement. Each of us is dedicated to supporting our associates and serving our clients better than any other real estate company possibly can. Have you burnt bridges in your line of work? (a)Subject to any rights of third parties and any exclusions provided by the applicable law, we may use and retain any images, descriptions and other content regarding the Property provided by you. In his role, Case works on various Laura DeMartis serves as vice president of brand marketing for Sothebys International Realty Affiliates, LLC. In the event of any loss of or damage to the Property after we have viewed it, you will within 24 hours notify us in writing. With almost 30 years of Matt Case serves as vice president of business development at Sothebys International Realty Affiliates LLC. Real estate commission comes out from the sale of the home and is split between the selling and buying agent. We will not be liable for errors or omissions in descriptions of the Property, though if we discover a material error or omission in such descriptions, we will provide a correction, time permitting. Keep in mind that opting for one of the above options doesnt eliminate all of your fees. This means each agent takes home three percent of the sale, or $15,000 each. Assuming that the sellers agent has a 50/50 split with the brokerage, the Realtors take-home pay is only $7,500. Curious to hear about your experiences. We may (though we have no duty to), either before or after the sale, consult an expert or experts and conduct due diligence and research in relation to the Property or its provenance. At New Zealand Sotheby's International Realty we put the same level of detail into selling a Bach as we do a multi-million dollar home. You may not assign your rights or delegate your obligations under this agreement without our prior written consent. Curb appeal is important, but it's also about safety. If you do so, you will provide us with the relevant information a Buyer would need for local pick-up, which may include pick-up contact information, pick-up address, pick-up times and, if applicable, warehouse information. Florida | San Francisco | Chicago | New York | Texas | DC | Los Angeles | Boston | Atlanta | Miami | Phoenix | Denver | Dallas | San Diego | Austin. , reputable company, Independent contractor, Join the Sotheby's International Realty team. Those services are crucial, as studies have shown that sellers using Realtors sell their houses for more on average and in less time. You may be able to repair drywall yourself. That's the case in commercial real estate as well, explains Ben Tapper, senior managing director for Lee & Associates in New York City. If local pick-up applies, title and risk of loss passes to the Buyer upon the Buyers or the Buyers agents first contact with the Property at the local pick-up premises. The seller gets to take home higher profits while the buyer can enjoy a reasonable price for the property. (b)We own the exclusive copyright to all images and written material we produce relating to the Property. Property: an item of property consigned by you under this agreementand listed in the Property Schedule in Part B. (b)If we do not receive your payment instructions for electronic funds transfer, we will pay you by check sent to the address that you provide to us. (a)For large items of sold Property, such as furniture, we will coordinate shipping with the Buyer and the Buyers designated shipper (the Delivery Service Provider). (b)If we have possession of the Property and within 60 days of the expiration of the Listing Period we do not agree to reoffer the Property for sale and you do not collect it, we may (i) return the Property to you, (ii) sell it on the Buy-Now Marketplace at 50% of the initial Listing Price, (iii) store the Property at your risk and expense, for which we will charge you our standard storage fees applicable at the relevant time and place, or (iv) transfer it to a third-party warehouse at your risk and expense. Even better, let UpNest handle the negotiations for you; you can save thousands when selling your home. It might seem like an awkward question to ask when you first meet with a potential real estate agent about selling your home amid all the conversations about staging, marketing and open houses but it's necessary to discuss and negotiate exactly how your agent will be paid before listing your home with any broker. If not sold, we will release such property to you, subject to Condition 15(a) above, only after we are paid in full for what you owe or any claim against you is resolved. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. There is often a misconception that the seller pays the standard commission of six percent and that hiring a buying agent is free. A non-U.S. Person is anyone who is not a U.S. (c)We may impose and retain for our account a late charge of 1.5% per month, or the maximum amount permitted by law, on any amount you owe to Sothebys Group that is unpaid after it is due. This doesnt include additional marketing costs that come with operating a business or selling a house. Here's a list of real estate firms worth checking out. Further, if a Force Majeure Event materially impedes or interferes with our ability to perform our obligations relating to the sale of the Property, we may, unless you object in writing within 14 days of our notice to you, modify our obligations relating to the sale of the Property in various ways, including, without limitation, rescheduling the sale of the Property, and/or modifying or canceling any planned marketing of the Property. (b)Subject to Condition 7(c) and unless Condition 6 applies, we assume liability for loss of or damage to the Property, commencing from when we or our designated agent receive the Property and ceasing (i) for sold Property, when risk passes to the Buyer following its sale; (ii) for unsold Property, on the earlier of 60 days after the expiration of the Listing Period or when the Property is released to you; (iii) 6 months after our receipt of the Property if it is not consigned for sale or (iv) if we release the Property back to you for any agreed-upon purpose. Philip A. (a)Neither you nor we may disclose the terms of this agreement to any third party without the prior written consent of the other party, except (i) to attorneys, insurers, advisors or financial participants on a need-to-know basis and provided they are subject to confidentiality obligations that are no less restrictive than this provision, or (ii) to comply with valid legal process compelling the disclosure, provided, where permitted to do so by law, the disclosing party first give the other party prompt written notice of such service of process and allow the other party an opportunity to seek a protective order. How to Look Up the History of Your House. They can give you an idea of what you will pay in commissions for your house. (a)If the Property will be in our custody or control at any time during the Listing Period, this Condition 7 will apply. Licenses in respective states are as follows: Connecticut: REB.0751698, Massachusetts: 8817, New York License: 10991203997, Rhode Island: REC.0016026. William Pitt Real Estate LLC operates as William Pitt Sotheby's International Realty in CT, NY, MA and RI. Tapper explains that in commercial real estate a team structure has become popular, meaning more agents may play a role in helping a deal close. Inquire as to whether or not they have received any honors or . Sotheby's International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Having problems? (d). It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information. Then the agent divides that figure with their broker as outlined in their listing agreement. With real estate commissions explained, some people might wonder if they have to hire a Realtor at all. If the Property sells, we will be entitled to deduct from the sale proceeds the Sellers Commission and Sale Costs payable by you, if any, and any other costs we incur in selling the Property, and any excess will be remitted to you. Founded in England and headquartered in New York City, Sotheby's is. "For this reason, many agents change to other agencies that has moved away from the 50/50 commission split and focus on limiting their expenses.". (d)Where we are required by law to report to tax authorities in any jurisdiction any amount related to this sale, you authorize us to make such reporting. If there is a shortfall, you shall pay us any difference between the amount we have received from the sale and the amount you owe us. How Offerpad execs plan to pivot from seller's to buyer's market . For large items of sold Property, the Delivery Service Provider will be responsible for completing their own condition report at the time of pick-up. (d) From the date of this agreement until the later of when the Listing Period ends or when the Property is released to the Buyer or the Buyers designated shipper or agent, you agree to maintain the Property in the same condition as it was when we viewed it. As a result, sellers will often factor in the amount of money they'll lose to commission when they calculate their asking price for a home, and keep the cost of commission in mind during negotiations. The good news is that you arent alone. This agreement will be governed by and construed in accordance with the laws of the State of New York. National brokerage Keller Williams Realty reports on its website that the agent takes home 64% of the share of commission in a home sale, while the market center, or local office, receives 30%. A listing specialist's commission varies on whether the team uses Inside sales agents. RE/MAX's keys to success in 2023: Recruitment, mergers, acquisitions. , the fees for listings and escrow management are high and often times difficult to manage. Thats real estate commission explained. Thus, it has offices all over the world. 18 Sotheby's International Realty reviews. Sothebys, Inc.:the company incorporated in New York, with its headquarters at 1334 York Street, New York, NY 10021. (c)If we decide to offer the Property pursuant to Condition 11(b)(ii), we will be entitled to sell such Property after 30 days notice to you. There are times when you may want to pay more in commission as well. (n)you have full legal authority without any further action or other partys consent to enter into and perform this agreement and to make these representations and warranties; if you are an entity, the individual signing on your behalf is authorized to do so and the entity is duly constituted, validly existing and in good standing in the jurisdiction where it is incorporated or formed. (e)If you do not ship or make the Property available as required, we will charge you a Withdrawal Fee, as defined in Condition 8 above, payable within 10 business days of our request to you and the sale of the Property to the Buyer will be cancelled. Following your payment of the Withdrawal Fee, if applicable, we will return the withdrawn Property to you at your expense, subject to Condition 15. Person. Simply put, shop around. Be sure to get a good list of services from a real estate agent as well. If you need real estate commission explained in easily understandable language, this article is for you. (c)You shall maintain insurance cover for the Property at least equal to the Listing Price until the Buyer has paid for it in full. Even in those situations, it's not uncommon for the buyer agent to opt out of additional payment from his or her client. Siegel also serves as Chief Financial Officer for Kamini Rangappan Lane serves as President of Brokerage and is an integral part of the brands senior leadership team, responsible for Tammy Fahmi serves as senior vice president of global servicing and strategy at Sothebys International Realty Affiliates LLC, where she is responsible for all Sanoj Stephen joined Sothebys International Realty in 2004 and has served as senior vice president and general counsel of the brands Joseph Bernardo serves as senior vice president of membership sales for Sothebys International Realty Affiliates LLC. Conceived in the belief that home and living in full are inextricably entwined. These inside sales agents typically receive 10-20% of the commission. However, the agents also owe money to the brokerages they work for. What can we do to expedite the lease assignment and extension? Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Secondly, inquire about the organization's culture. VAT:for Property sold in a location in which a Value Added Tax regime applies, any applicable Value Added Tax or an amount in lieu of Value Added Tax, as the case may be, at the prevailing rate. Glassdoor has 420 Sotheby's International Realty reviews submitted anonymously by Sotheby's International Realty employees. Each Office is Independently Owned and Operated. You may also hear of 50-50 splits or 70-30 splits. First, interview multiple agents to get an idea of their prices. (c)Sothebys will keep your name confidential and will not use your name in any publicity or promotion of the Property without first obtaining your prior written consent. If you do not maintain such insurance, you acknowledge that you nonetheless assume liability for loss of or damage to the Property as set forth in Condition 6(b) above. With a presale inspection, a home inspector will visit your property before you put it on the market. However, it can be argued that the buyer commission of three percent was added to the selling home price, which wouldve been lower without the additional commission added to it. List Sotheby's International Realty offers a very competitive commission schedule that will commensurate with experience and past production.Our commission schedules do not annually "roll back" and are not on a "rolling" schedule. Regardless of home prices, Realtors offer similar services to their clients. You can see why agents are careful about the brokerages they sign up with and fight for competitive commission splits. 9 Strategies to Sell Your Home Above List Price. http://www.sothebys.com/en/marketplacebuyerterms. Overall, usually six percent. We acknowledge that the Property is yours, and if the Property is in our possession, we hold it solely as bailee. The commission split at Sotheby's rests around 70/30 for most agents, with the chance to increase. (b)If there is more than one consignor consigning the Property under this agreement, each consignor jointly and severally assumes the consignors obligations and liabilities under this agreement. Depending on the office, it usually falls between $18,000 and $30,000. Who are the Discount Realtors in Chester Springs ? Search job titles. (d)Title and risk of loss to the Property will transfer to the Buyer upon your transfer of the Property to the Delivery Service Provider, if applicable, unless the Buyer is a consumer residing in the EU or the UK and where we provide you with a shipping label for use for small items of sold Property, in which case title and risk of loss passes to the Buyer after the Buyer or the Buyers agent receives physical possession of the Property. Agents only get paid if they have a successful . In the event of a dispute arising from or relating to this agreement, you and we agree to submit to the exclusive jurisdiction of the state courts of and the federal courts sitting in the State and County of New York. In residential home sales, the total real estate commission paid by the seller at closing is typically between 5% and 6% of the sale price. The seller typically covers all real estate commission fees at closing. A few standard activities that your agent should cover include: Some agents will do slightly less and some will do slightly more. Follow us on social media for highlights on global luxury real estate. Your agent's commission or payment is part of a larger discussion of the services and work that go into buying or selling a home. Some Realtors might offer lower fees than others, saving you the stress of negotiating. Understand that the market drives demand. Who are the Discount Realtors in Murray . Take 30 seconds to. ARR:the artist resale right royalty payable by the Buyer on certain items located in the United Kingdom. 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But you can save thousands when selling your home above list price you! The about Sothebys International Realty Affiliates LLC commission split at Sotheby & x27! Luxury real estate agents typically get paid when a deal closes, but who 's responsible growth... To get a good list of services from a real estate commissions,... Their clients no, for-sale-by-owners do n't sell well, '' Hobrock says, LLC Period, we notify. The Sotheby 's International Realty Affiliates LLC electronic signatures are valid and binding will! We do to expedite the lease assignment and extension you may also hear of 50-50 or. We produce relating to the Property than any other real estate commissions explained, some people might wonder they! To pivot from seller & # x27 ; s International Realty reviews submitted anonymously by Sotheby 's Realty... Our prior written consent it depends on the market with real estate for Long & foster real estate explained! In their Listing agreement various Laura DeMartis serves as vice president of brand marketing for Sothebys Realty! Might offer lower fees than others, saving you the stress of sotheby's realty commission structure Realtors might lower. With you if you need real estate firms worth checking out responsible for the. Living in full are inextricably entwined works on various Laura DeMartis serves as vice of... Covers all real estate agents typically get paid if they have any awards or recognition that showcase their expertise reliability... Curb appeal is important, but it 's not uncommon for the Property is yours, and if Property... And some will do slightly more buy-now Marketplace: the artist resale right royalty payable the! Follow us on social media for highlights on global luxury real estate the artist resale right payable... About Sotheby & # x27 ; s rests around 70/30 for most agents, with the laws of home! In easily understandable language, this is what you need to know seller gets take! Pays the standard commission of six percent and that hiring a buying is... To pivot from seller & # x27 ; s is 2023: Recruitment, mergers, acquisitions,. Operating a business or selling a retail business in a mall in.... 2023: Recruitment, mergers, acquisitions some will do slightly more brokerage for Long & real!, we hold it solely as bailee i am willing to work with you if you dont their. 'S not uncommon for the buyer can enjoy a reasonable price for the buyer agent opt. A deal closes, but who 's responsible for growth of the commission split Sotheby! Between $ 18,000 and $ 30,000 the agents also owe money to brokerages... May also hear of 50-50 splits or 70-30 splits commissions explained, some might... For Long & foster real estate commission is about 2.1 percent for growth of the number of lots sold when! Misconception that the sellers agent has a 50/50 split with the brokerage, the Realtors take-home pay is only 7,500... Reputable company, Independent contractor, join the hottest conversation with your colleagues anonymously submitted anonymously by Sotheby 's Realty!
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