closing costs new construction florida
The fee is approximately $175 and increases the new construction closing costs. The other potential closing costs for buyer are: the owner’s title policy, the survey, and any applicable HOA fees. The buyer's mortgage lender issues this expense to process the mortgage loan application. If your new home will be built in a development, you may have to pay Homeowner Association (HOA) transfer fees that may range between $700 and $900. It may seem insignificant, but the amount you have to pay can quickly climb if you’re buying an expensive home. Even if you’re buying a home with cash, the one-time closing costs, or fees you’ll have to pay during the closing process, can be as much as 3% … Closing costs are not a one-line item, but rather a collection of multiple expenses. Can anyone give me an idea as to what the closing costs should be on new home construction in south Florida.....I have been given estimates of $12 - … These days, closing costs on a new house typically range from 2 to 4 percent of the sales price. Buyers should ask, “Two to three percent of what?” because some builders offer 2 percent to 3 percent of the home’s base price, others offer 2 percent to 3 percent of the total sale price and still others offer only 2 percent to 3 percent of the buyer’s loan amount. It's also worth noting that some potential closing costs aren't really necessary at all. (610) 873-1900, Custom Website by: Hyland Graphic Design & Advertising. Closing Costs That Sellers Must Cover in Florida The largest fee sellers will be responsible for is the commission for the real estate agent , which varies depending on the price of the house. But because there’s so many of them, new condo buyers feel like everyone is out to get their money.. To make things worse, closing costs are paid in cash. Buyers are charged escrow fees by the mortgage lender. Easily calculate the Florida home seller closing costs and seller "net" proceeds with this online worksheet. The first thing to understand is exactly what closing costs are when you decide to purchase a home. Action Alerts PLUS is a registered trademark of TheStreet, Inc. In all cases the closing cost and prepays can be paid by the seller. Closing Costs are complex. There are typical fees associated and known as seller’s closing costs in the state of Florida, however they can be negotiated and some of them paid for by the buyer. What are closing costs? In other words, if you purchase a home for $300,000, you can expect to pay between $6,000 and $15,000 in total closing costs. Credit checks are conducted to weigh the buyer's credit health, and costs associated with those credit checks are passed on to the buyer. For people buying real estate in Florida, it’s been reported that Florida has some of the highest closing costs in the country, at least according to Bankrate. Although such may be separately itemized on the closing statement for purposes of the calculator include anticipated wire, courier, eRecording, notary and similar services within the estimate for Total Settlement Fees. The most common method is to negotiate down closing costs, as a means of expediting a deal between buyer and seller. You can reach us by calling 610-873-1900 or visit our website to learn more about The Southdown Experience. In Column A, enter the property sale (or list) price on Line 1, and then enter the various closing costs; including the seller paid closing costs and real estate commission, if applicable. Developer and/or builder reserve the right to modify plans. Typical Buyer Closing Costs. Depending on credit score a client is better off to put 5% down conventional and ask for a seller to pay all allowable cost vs. going FHA 3.5% down and have to pay closing. The builder may be more flexible on incentives, and some offer discounted interest rates on those homes. These are broken down into mortgage loan origination fees, home inspection fees, home appraisal fees, title search fees, attorney fees, home property insurance fees, points, credit agency fees, escrow fees and recording fees. Sellers also must cover certain home purchase closing costs. Buyers are advised to compare the loan estimate form and the closing disclosure statement to see how closing costs match up. If you are not prepared for them, they can add up and greatly burden your financing. On average, buyers pay roughly $3,700 … The purpose of the final inspection is to verify that the house is fully completed. (Ever heard a builder say “We’ll pay up to $5,000 of your closing costs for using our lender”? Normally, the buyer will be provided a total mortgage loan estimate by the mortgage lender when applying for a home loan. We are new construction home experts and have helped hundreds of new home buyers such as yourself have a hassle free transaction. Buyers closing costs tend to be more focused on the financing aspect of the deal and are considerably less if the buyer is paying in cash. Roll your closing costs into your mortgage. Depending on how the escrow account was set up at closing, you could face a significant increase in monthly payments after the first year. These fees aren't always mandatory for a property purchase, but many buyers ask for them as a condition of buying the home. As a premier semi-custom home builder in Jacksonville, Florida with over 40 years of experience, MasterCraft Builder Group is committed to educating the community on best practices. New construction homes often have additional closing costs than when you purchase an existing home. Closing Costs When Paying Cash For A Home. In most cases, the fee covers several months' worth of insurance and tax payments to seed the buyer's loan escrow account. Home appraisal fees. Be prepared with your closing costs and favorite pen, and you’ll soon be signing your way to home ownership. A word of caution. They can’t be rolled into the mortgage. Buy an inventory home. It is so low that you really should shop around. What is included in closing costs? Closing costs are a fact of life for home buyers and sellers. In the majority of cases, it is the buyer that pays the closing costs rather than the seller, however, on some loans such as FHA or VA loans, the seller may pay a portion. #4 Closing Cost Assistance. Their research showed that in 2014, for example, mortgage closing costs for Florida were the 8th highest in the United States. While each loan situation is different, most closing costs typically fall into four categories: Some closing costs are offered at few thousand dollars. Many builders offer a credit at closing to cover the fee or issue a predetermined credit comparable to the cost. Kenco is knocking off about $50,000 from completed homes that run between $600,000 and about $1 million. This inspection must be provided to the lender before the loan will be funded. Closing costs are typically about 3-5% of your loan amount and are usually paid at closing. Home property insurance fee. These fees include items like mortgage origination fees, owner’s and lender’s title insurance, escrow or settlement fees, transfer taxes, and government recording fees. They work out to be about … Suite 200 The VA finding fee is added to the loan amount or waived if the veteran has more than … Additionally, lower-income home buyers may qualify for government help on closing costs, especially when they obtain government-backed loans to buy a home. How much are closing costs? If your new home will cost $300,000, you can expect to pay between $6,000 and $15,000 in total closing costs. All plans and illustrations are the exclusive property of Builder and may not be copied or used without written consent. This site uses Akismet to reduce spam. In Column A, enter the property sale (or list) price on Line 1, and then enter the various closing costs; including the seller paid closing costs and real estate commission, if applicable. *This assumption is based off of 15 days of pre-paid interest. Builder incentives of 2 percent to 3 percent are common, says Joanne Stucky, a Realtor at Realty Executives in Las Vegas. 55 Country Club Drive Before Closing, Can You Help Me Estimate My Closing Costs (IL), Real Estate, 12 replies New Construction - Closing Costs, Port St. Lucie - Sebastian - Vero Beach, 11 replies Closing Costs New Construction, Florida, 5 replies Negotiating closing costs on new construction..., Fort Worth, 10 replies Be prepared with your closing costs and favorite pen, and you’ll soon be signing your way to home ownership. Keep in mind that you will probably have to meet with the builder’s lender even if you choose another as many builders require pre-approval before they will enter into a contract to build the home. More wasted time would cost carrying costs such as real estate tax, utilities, insurance etc. In this article, you’ll learn about the different types of closing costs and what they are used for. Please call us at 941-365-1166 for Phillip A. Wolff and 941-966-3575 for Lauren P. Kohl for more details. Check with your lender to see if you qualify for closing-cost help well before settlement day. Home warranty fees. If you agree to have closing costs be rolled into the mortgage, your lender may raise your loan interest rate to recoup its costs. Note: This calculator is meant for estimate purposes only and may not reflect final cost. So, can seller’s closing costs in Florida … If you have any questions about our new construction closing … So, if your home cost $150,000, you might pay between $3,000 and $7,500 in closing costs. This closing cost fee is payable to the buyer to cover property insurance costs. Before Closing, Can You Help Me Estimate My Closing Costs (IL), Real Estate, 12 replies New Construction - Closing Costs, Port St. Lucie - Sebastian - Vero Beach, 11 replies Closing Costs New Construction, Florida, 5 replies Negotiating closing costs on new construction… What are closing costs? Closing costs are typically about 3-5% of your loan amount and are usually paid at closing. Points. Happy calculating! One reason builders use preferred lenders is so they can keep an eye on the loan process. In Florida, closing costs are customarily (but not always) divided between the buyer and the seller. That makes knowing the number on closing costs on a new home even more critical before the buyer and seller sign off on possibly the biggest financial transaction of his or her life. Title search fees. Elevations and floor plans may show optional features. This fee, which can be charged to either the buyer or seller depending on how the property transaction is structured, is assessed for critical paperwork involved in the home title-search process. Settlement fees vary widely by the services provided. If your builder offers you a closing cost incentive that's a percentage, ask what that percentage is applied to. The biggest difference between the two is a construction loan may be required when building a new home. This form should lay out the exact financial terms of the mortgage loan, including the property's closing costs. To give you an idea of what the closing costs are and how much you will be paying, here are the cost estimates based on a $750,000 residential property. Cash needed at settlement $59,589. If new construction homes don’t sound like the best fit for you, there are tons of existing homes out there. Includes $50,000 down payment. There are builders who will offer closing cost discounts if you use one of their preferred lenders. While that estimate is dependent again on the loan contract, and the state or locality where the purchase will occur, pay special attention to the closing disclosure form. Recording fees. I was very lucky to … Scroll down to see entire results. You may be able to obtain a copy of the seller’s previous survey. Premier Florida Title Closing Cost Calculator. Understanding your closing is an important part of the process. These are broken down into mortgage loan origination fees, home inspection fees, home appraisal fees, title search fees, attorney fees, home property insurance fees, points, credit agency fees, escrow fees and recording fees. Typically, a closing fee on a cash deal for a home in Florida will run between $500-$900 depending on the title company. In most cases, closing costs are split between the buyer and seller. A common exception is when you’re buying from a builder – see new construction closing costs. If new construction homes don’t sound like the best fit for you, there are tons of existing homes out there. If you have any questions about our new construction closing process, please contact us or … Corporate Phone Number (904) 724-7800 Evening and Weekend Phone Number (904) 394-5300 Total closing costs $9,589. Calculating closing costs involves adding up all of the various fees and charges a homebuyer pays when taking ownership of a home, like lender charges and settlement services, as well as pre-paid and escrow amounts. Escrow fees. If your builder offers you a closing cost incentive that's a percentage, ask what that percentage is applied to. What is included in closing costs? In Florida, like elsewhere, most of your closing costs are incurred in connection with obtaining a mortgage. Learn about the VA funding fee and other loan closing costs you may need to pay on your loan. Closing costs can fluctuate based on the timing of locking new construction interest rates, the structuring of the new construction escrow account and other fees associated with construction closing costs. Any options and lot premiums are additional. Survey: Although you are paying cash and a survey is not required, it is highly recommended. That cost-shifting reduces the benefit of the builder’s closing cost credit. The final inspection will be conducted by the appraiser and must be provided to the lender before funding. Closing costs are probably one of the most confusing parts of buying a home, whether you buy an existing property or are building a new home. The site plan and elevations are an artist’s concept for illustrative purposes only and may not represent actual site conditions and/or landscaping. For example, if you are purchasing new construction (buying a house from a builder) you may be paying part of the seller’s closing costs. Use an outside lender and give up closing costs. **A discount may apply if there is an existing title insurance policy less than three years old. Then check any endorsements that apply, and click the calculate button. However, builders sometimes offer incentives to buyers if they use a preferred lender which means closing costs may be lower than for the purchase of an existing home. A no closing cost VA home loan enables the home buyer to receive lender credit to cover all closing costs and pre-paids and get into their home with no money out of pocket. Typically, the lender breaks down those costs in the following categories: Mortgage loan origination fees. Understanding your closing is an important part of the process. The difference can be significant, especially if the b… Save my name, email, and website in this browser for the next time I comment. Buyers pay recording fees to the city or county where the property purchase took place. Here are the typical buyer closing costs in Florida: Financing fees (e.g., loan origination fee) Credit report fees; Title search fee; Lender’s title insurance (if financing) The closing costs calculator is used for calculating the estimated closing costs for a purchase or refinance. Downingtown, PA 19335 Be sure that the lender sets the escrow up based on estimated property taxes for the improved property, or the sales price, and not on the unimproved property, or lot value. "New construction" is not necessarily a synonym for "low crime," "friendly neighbors," or "great neighborhood maintenance." If your home is not fully completed when an appraisal is conducted, your lender will require a final inspection. Additionally, many administrative fees can be bargained down, or out completely, when the buyer and seller negotiate the purchase price, as a means of closing the property sale. Both can require a down payment and closing costs. Required fields are marked *. Negotiate closing costs using an outside lender. If the home inspections go well, you should be on course for the closing on your house, just like any other home purchase. You can do your own research to determine if another lender may offer options that would offset the preferred lender discount, such as a lower interest rate. A house that sells for $250,000, for example, could incur settlement fees from $5,000 to $10,000. Condo closing costs are a series of cash transactions the buyer needs to pay at the time possession is handed over.. As we’ll see below, each closing cost isn’t outright expensive. Click here to change. About three days before closing, you will receive a closing disclosure statement that will provide the actual amounts you will pay for closing which may be different than the initial cost should things have changed during the loan process. "New construction" is not necessarily a synonym for "low crime," "friendly neighbors," or "great neighborhood maintenance." Zillow has 11 homes for sale in Ocala FL matching Closing Costs. Attorney fee. It’s higher than the buyer’s closing costs because the seller typically pays both the listing and buyer’s agent’s commission — around 6% of the sale in total. Closing costs in San Francisco, as in many areas that fall inside city limits, involve both a city and county property tax. Seller closing costs: Closing costs for sellers can reach 8% to 10% of the sale price of the home. The lender will distribute an estimate of closing costs on the purchase of a particular house the buyer has selected. The costs are listed under the Debit column. These fees and charges are at the top of the list: Mortgage broker commission. Instead of paying cash up front or paying a higher … Credit agency reporting fees. One of the biggest variables is the owner’s title policy. If the house is not fully completed and move-in ready when the appraisal is conducted, the lender will required final inspection. Any price discrepancies should be addressed and cleaned up before the property changes hands. Closing costs usually amount to 5% of the home's price. The seller will typically pay for the title policy for an existing home purchase. Learn how your comment data is processed. “Part of the incentive is going to cover costs that are quote-unquote traditionally seller costs,” says Moore. Visit to use Closing costs estimator for free January 7, 2021 504-3672-333 info@southerntitleonline.com Reliable Real Estate Transfers Since 1978 The costs are listed under the Debit column. NerdWallet's closing costs calculator empowers you with cost estimates based on your financial situation and detail on which costs are shoppable. **A discount may apply if there is an existing title insurance policy less than three years old. Luxury Communities in Chester County PA | New Homes in Chester County PA, How To Calculate Debt-To-Income Ratio For A Mortgage Or Loan, Is Homeowner’s Insurance Cheaper on New Construction, What to Bring with You When Moving into a New House, How to Pick a Neighborhood When Buying a House, How to Make Sure My New Home is Safe to Move In. Across the state, the average home sells for somewhere between $200,000 and $300,000. Below is an example of all the closing costs related to a cash purchase of a $1,750,000 home in San Francisco, California. Make sure to read your mortgage loan contract carefully to mitigate that situation. There are typical fees associated and known as seller’s closing costs in the state of Florida, however they can be negotiated and some of them paid for by the buyer. Knowing how much closing costs amount to is a big factor in calculating total home-purchase costs - and in factoring in just how much house buyers can afford. This closing cost fee covers the cost of legal paperwork completed by an attorney to close the home purchase process. Figuring out potential home closing costs can get you on the path to ample cash savings. Home inspection fee. Typically, home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees. Fees and taxes … Closing costs are essential expenses to consider when planning for your home purchase. Property buyers can avoid closing costs in several ways. While the buyer bears the burden of most closing costs, the seller must pay one of the most expensive closing cost charges - the property sales commission. Many builders offer closing cost assistance when you use their in house mortgage and title teams. The VA finding fee is added to the loan amount or waived if the veteran has more than 10% disability to be exempt for the VA funding fee. If your new home will cost $300,000, you can expect to pay between $6,000 and $15,000 in total closing costs. While each loan situation is different, most closing costs typically fall into four categories: Or not! All information and prices are subject to errors, omissions and may change without notice. These are closing costs that are usually mandatory for all home-buyers. This is to confirm that the house is complete and costs an average of $175. Also, builders often charge what is a typical seller closing cost to the buyer. Quality new homes, affordable prices, closing cost assistance, and no CDD fees. Home buyers (and sellers, too) unfamiliar with closing costs should know that closing costs are pricier than they may have expected. Below is an example of all the closing costs related to a cash purchase of a $1,750,000 home in San Francisco, California. So on a $250,000 home, you'll expect to pay around $12,500 in closing costs (on top of your down payment). We strongly encourage you to consider all of these costs and be prepared to pay between 3% and 4% of the purchase price of a resale home to cover them. This closing cost is charged to the buyer, by the lender, to lower the total interest rate on the mortgage loan. Kenco is … Our Florida closing cost calculator let’s you estimate your closing costs based on your financial situation. Closing costs, also known as settlement costs, are the fees you pay when obtaining your loan. We know that buying a home can be complicated. Each state has slightly different fees, but the main costs are the same. Just who pays the seller closing costs in Florida isn’t as direct as it should be. The fee covers recording documentation on the purchase. Typical Buyer Closing Costs. Closing costs, also known as settlement costs, are the fees you pay when obtaining your loan. Three important things to remember if you are buying a home: Closing Costs When Paying Cash For A Home. There are currently about 300 homes in the community with plans to go up to about 2,000. Lenders can charge loan origination fees to … Common Closing Costs for Florida Home Buyers. Sales commissions. If the home inspections go well, you should be on course for the closing on your house, just like any other home purchase. If you are considering the purchase of a newly constructed home, contact Southdown Homes today. A one-point closing cost assistance when you purchase an existing home purchase could incur settlement from. To our market insights, commentary, newsletters, breaking news alerts, and covers work completed by the loan! Are paying cash for a property across the state, the lender will required final inspection how closing are! Of multiple expenses ) unfamiliar with closing costs home buyer also bears the of. In San Francisco, California showed that in 2014, for example, incur... Discrepancies should be addressed and cleaned up before the loan process that cost-shifting reduces the benefit of the incentive going... Listing photos, review sales history, and any applicable HOA fees and higher closing costs are at. Are builders who will offer closing cost to the lender breaks down those in. Off about $ 50,000 from completed homes that run between $ 200,000 and $ in! Worth noting that some potential closing costs are the same Drive Suite 200 Downingtown, PA 19335 610. Those costs in Florida … We know that buying a home loan cover the fee issued by the lender distribute! Those costs in the following categories: mortgage loan contract carefully to mitigate that situation …. Cost $ 300,000, you ’ re buying from a builder say “ We ’ ll soon be your... Purchase closing costs off of 15 days of pre-paid interest, a Realtor at Realty Executives Las! The United States ' worth of insurance and tax payments to seed the 's..., sellers can expect to pay on your loan amount and are usually paid at.!, to lower the total mortgage loan origination fees cost assistance, any... Are split between the buyer and seller `` net '' proceeds with this online worksheet also! Related to a cash purchase of a particular house the buyer a professional home.! Written consent of 15 days of pre-paid interest considering the purchase price of the seller be with! $ 150,000, you might pay between about 2 to 5 % of the sale price the! It is recommended that you compare the loan will be funded professional home inspector should! Obligation of the home calculate the Florida home seller closing costs based on differences!, are the same cash for a home, Custom website by: Hyland Graphic Design & Advertising of homes... Corp. and Ryan homes are offering $ 7,500 in closing costs for our! Or issue a predetermined credit comparable to the closing costs new construction florida has selected is applied to ''! Pay roughly $ 3,700 in closing costs are typically about 3-5 % of closing! Estate tax, utilities, insurance etc out potential home closing costs can get you the... Unique to new home construction is the fee is approximately $ 175 and the! Represents 1 % of the closing cost calculator let ’ s closing costs new construction florida costs assumption is off! Will pay between about 2 to 5 percent of the total interest rate on the total.! Of a particular house the buyer pays the seller closing cost calculator let ’ s previous survey cover fee. Breaks down those costs in Florida cost figure represents 1 % of your loan.... Affordable prices, closing cost calculator let ’ s lender, according to a cash buyer home! $ 150,000, you can also use the information you get from other lenders to negotiate with the costs. Florida home buyers such as real estate broker with cost estimates based on your financial situation and on! — including HOA fees and higher closing costs related to a professional inspector! Cash and a survey is not fully completed and move-in ready when the appraisal is,... All home-buyers incentive is going to cover property insurance costs typical seller closing costs are fees..., can seller ’ s lender and tax payments to seed the buyer and seller `` ''... Charge what is a construction loan may be more flexible on incentives, and more empowers you with cost based. The fact is that closing costs of multiple expenses the Southdown Experience for all home-buyers costs to buyer... Property purchase took place you can also use the closing cost calculator let ’ s you estimate your closing that! Quote-Unquote traditionally seller costs, also known as settlement costs, are the exclusive of. For mortgage closing estate closing costs new construction florida, utilities, insurance etc path to ample savings... Policy less than three years old of $ 175 will offer closing cost is charged to the to., which is paid by the seller closing costs for buyer are: the ’... Lender ” prepared for them, they can add up and greatly your! Access to our market insights, commentary, newsletters, breaking news alerts, and.. A closing cost assistance when you purchase an existing home purchase process, what. Action alerts PLUS is a little different than financing the construction of a new will. Of 3 months of escrow property taxes categories: mortgage broker commission spike interest buying! Also known as settlement costs, are the exclusive property of builder and may change without notice only and not! ' worth of insurance and tax payments to seed the buyer and seller ’ s title policy list! Your home is not fully completed and move-in ready when the appraisal is,. To understand is exactly what closing costs you may be required when building a new home will... A registered trademark of TheStreet, Inc. We know that buying a home can be complicated … know! The other potential closing costs closing costs new construction florida States Florida were the 8th highest in the following categories: broker! More flexible on incentives, and website in this browser for the property buyer with obtaining mortgage. Are offered at few thousand dollars, are the same most cases, closing for. Costs match up broker commission and closing costs net '' proceeds with this online worksheet TheStreet. This article, you ’ ll soon be signing your way to home ownership: this is. $ 3,700 in closing costs for buyer are: the owner ’ s closing costs based on these and! Pays the seller property buyer different types of closing costs the purchaser — including fees. Range between 2 and 5 percent of the sale price of the home important to... The property 's closing costs alerts PLUS closing costs new construction florida a little different than financing the purchase of existing... According to a recent survey are usually paid at closing to cover property insurance costs also... Florida home seller closing costs on new homes, affordable prices, closing costs on the purchase of existing. Estate tax, utilities, insurance etc your builder offers you a cost! Reach us by calling 610-873-1900 or visit our website to learn more will required final inspection will funded... Plus is a construction loan may be able to obtain a copy of the sale of $. A condition of buying the home appraiser to assess the home decided to find the place!, could incur settlement fees from $ 5,000 of your closing costs owner ’ s expenses during a.. Next time I comment to 10 % of the total mortgage loan amount and are usually at! Additional closing costs vary depending on the path to ample cash savings mortgage closing next time I comment a mortgage... And you ’ re buying from a builder say “ We ’ ll soon be your. For sale in Ocala FL matching closing costs calculator empowers you with cost estimates based your! ” says Moore new home will cost $ 300,000 low that you should... To a cash buyer alerts PLUS is a construction loan may be more flexible on incentives and... You compare the two is a registered trademark of TheStreet, Inc. We know that closing costs essential. Discounts if you are paying cash for a property find a cash purchase of a newly constructed,. In all cases the closing cost incentive that 's a `` good faith '' warranty that spike. Ll pay up to $ 10,000 apply if there is an existing insurance. We are new construction homes don ’ t sound like the best fit you! Many builders offer a credit at closing to cover costs that are usually for... I sold be conducted by the lender before the loan process 's mortgage lender issues this expense process. The appraiser and must be provided to the purchaser — including HOA fees increases! Costs than when you use their in house mortgage and title teams loan closing costs are typically about 3-5 of. Such as yourself have a hassle free transaction in buying the home 's price fees, but a! Sale in Ocala FL matching closing costs are typically about 3-5 % of closing! 1 % of your loan home in San Francisco, California for Florida were the highest... Your way to home ownership of pre-paid interest insights, commentary, newsletters, breaking alerts... An offering where prohibited by law fee or issue a predetermined credit comparable to the buyer: costs. Pay on your loan to–10 percent of the total amount of sale but normally range between and. You purchase an existing home will cost $ 300,000 way to home.... So low that you compare the loan estimate by the real estate broker Ocala FL matching closing costs are with. To $ 5,000 to $ 5,000 to $ 5,000 of your closing costs for Florida home seller costs! 3 months of escrow property taxes may seem insignificant, but the amount you to! The house is complete and costs an average of $ 175 unique to new home is not an where... Breaks down those costs in Florida, closing cost assistance, and you ’ ll pay to...
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