New SC tax law makes second homes more affordable!

Richard Kerr — Mon, 05 Sep 2011 01:32:21 +0000

Governor Nicki Haley recently signed a new tax law which lowers the costs of owning a second home or commercial property in South Carolina. The new law limits and in some cases eliminates rapid tax increases at the “point of sale” in South Carolina. The new law applies to commercial property and non-owner occupied homes. It does NOT apply to agricultural property or owner-occupied homes. Those properties will continue to be assessed and taxed under the old “ATI” rules.

The change in the tax law is designed to prevent large variances in the tax assessment of similarly situated properties. Under current law, property is re-assessed every five years. Provided no change in ownership has occurred, the maximum increase in assessed value is 15%. However, if the value of the property has increased substantially and a change in ownership has occurred the new assessment is the market price of the property, i.e. what is sold for or the “point of sale” value. In the early part of this decade when real estate was appreciating at a remarkable rate a home’s tax assessment could increase 50% or more in just a few years. In contrast, the home next door which did not change hands would be subject to the maximum 15% increase. Many believe this led to a decrease in the percentage of second homes owned in the State of South Carolina.

To counter this the South Carolina Legislature passed and Governor Nicki signed South Carolina Code Section 12-37-3135. This new law applies only to commercial properties and non-owner occupied resident property. Both must undergo a sale or transfer of ownership after the 2010 tax year to avail themselves of the benefits of the new law. Under the new law owners of either commercial property or non-owner occupied residential property may elect to have the assessed value of their property reduced by 25% on the day of sale. If after the 25% discount the assessed value of the property is lower than the property tax value prior to the sale or transfer, the prior tax value will remain. However, if after the 25% discount the value is still higher than the prior tax value, the 25% disounted value will be used for tax assessment purposes.

How about an example:

Gamecock owns a home in Palmetto Dunes with a current tax value of $500,000. Beaufort County has recently re-assessed the property using the maximum 15% increase cap which results in a new tax assessed value of $575,000. Gamecock decides he wants a home in Long Cove and sells his home to Buckeye, who intends to use it as a vacation home until he retires to Hilton Head in five years. Buckeye pays Gamecock $1,000,000 for the home. (Yes, it’s a really nice place!) Under the old law the new assessed value of Buckeye’s home would be the price paid at the point of sale, $1,000,000. However, given a 25% discount under the new law Buckeye’s assessed value falls to $750,000. Since $750,000 is still higher than the prior assessed value of $575,000 Buckeye shall be assessed at the $750,000 value.

As always, if you have questions about tax law, please consult a tax lawyer. If you have question about real estate in the Hilton Head area, contact Coastal Living Real Estate!

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If I stay in my foreclosed home can I gain title under adverse possession?

Richard Kerr — Sun, 04 Sep 2011 03:16:26 +0000

Lots of people want to know . . . if I stay in my home for a while after the foreclosure can I obtain title to it under South Carolina’s adverse possession law? It all depends on how long a “while” you stay there and under what circumstances you occupy the home.

Let’s start the analysis with the premise that adverse possession of a foreclosure is not likely to happen. The mere fact that the bank has proceeded to foreclosure means they are aware of their legal title to the property and are working to defend their interest. Therefore, an adverse possession claim on a foreclosure is not likely to succeed in the modern age.

To constitute adverse possession a person must occupy the home or land for at least ten years. The South Carolina Statute on adverse possession states as follows:

SECTION 15-67-210.Presumption of possession; when occupation deemed under legal title.

In every action for the recovery of real property or the possession thereof the person establishing a legal title to the premises shall be presumed to have been possessed thereof within the time required by law. The occupation of such premises by any other person shall be deemed to have been under and in subordination to the legal title unless it appear that such premises have been held and possessed adversely to such legal title for ten years before the commencement of such action.

Furthermore, possession of the property must be continuous, open, actual, notorious and exclusive during that time period. What this means is you can’t hide in the back of a barn on the property for ten years and then claim adverse possession. Your possession of the property must be obvious to your neighbors, the general public and to the actual title holder should he examine the property. It also must be continuous. You can’t stay for three years, take a five year vacation in the Caribbean and then come back for another seven years. The ten years must run consecutively.

Therefore, gaining title of your home from a bank after a foreclosure just by occupying the home for a period of time will not likely work. In some cases these days banks are taking quite some time to eject homeowners after foreclosure. However, ten years is quite some time and not likely to occur.

At Coastal Living Real Estate we are constantly educating our members on the laws and regulations affecting real estate transactions. As always, if you have a legal question, please consult a real estate attorney. If you need to buy or sell real estate, please consult Coastal Living Real Estate!

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South Carolina Supreme Court Issues Foreclosure Moratorium

Richard Kerr — Tue, 10 May 2011 23:42:45 +0000

South Carolina Supreme Court Chief Justice Jean H. Toal this week issued an Administrative Order halting all foreclosure proceedings in the entire State of South Carolina. Court dockets and staff are overwhelmed with foreclosure filings from Spartanburg to Hilton Head. Banks and mortgage servicers are filing foreclosures as fast as they can find lawyers to draft the paperwork.

However, after nearly five years of the foreclosure and housing crisis, the number one complaint from affected homeowners is the ineptitude of the banks in communicating with and attempting to resolve mortgage issues with homeowners. Short sales are still taking five months minimum. The loan modification application and decision process can take a year or more and even then a large percentage are ultimately denied.

Facing a growing chorus of homeowners indicating the banks are foreclosing before discussing both voluntary and legally mandated alternatives to foreclosure, Justice Toal stepped in and issued his administrative order. While it doesn’t apply to all properties, just owner-occupied residences, it does require the foreclosing bank to certify it provided certain information and reviewed documentation provided by homeowners who wish to participate. The notice and review required by banks is as follows:

(a) that the Mortgagor has been served with a notice of the Mortgagor’s
right to foreclosure intervention for the purpose of seeking a resolution of the
foreclosure action by loan modification or other means of loss mitigation;

(b) that the Mortgagee, or its designated agent, has received and examined
all documents and records required to be submitted by the Mortgagor to evaluate
eligibility for foreclosure intervention;

(c) that the Mortgagor has been afforded a full and fair opportunity to
submit any other information or data pertaining to the Mortgagor’s loan or
personal circumstances for consideration by the Mortgagee;

(d) that after completion of the foreclosure intervention process, the
Mortgagor does not qualify for loan modification or other means of loss
mitigation, in accordance with any standards, rules or guidelines applicable to
the mortgage loan, and the parties have been unable to reach any other agreement
concerning the foreclosure process; and,

(e) that notice of the denial of loan modification or other means of loss
mitigation has been served on the Mortgagor by mailing such notice to all known
addresses of the Mortgagor; provided, that such notice shall also state that the
Mortgagor has 30 days from the date of mailing of notice of denial of relief to
file and serve an answer or other response to the Mortgagee’s summons and
complaint.

If within thirty days after having been served with notice of the homeowners rights, the homeowner has failed, refused, or voluntarily elected not to participate in any foreclosure intervention process, the bank or lending institution, through its attorney, shall certify that fact to the Court, and the foreclosure action may proceed.

If you are underwater on your home and want to learn more about short sales and how they may help you, call us at Coastal Living Real Estate. We will be happy to discuss your situation and let you know how we can help.

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Hilton Head Foreclosures and Short Sales

Coastal Living Real Estate Group — Fri, 11 Mar 2011 19:36:43 +0000

A foreclosure or short sale of a home can present a terrific entry point for the investor or second-home buyer in the Hilton Head Island area. Find that diamond in the rough! Search here for listings of bank owned and short sale properties in the area.

Hilton Head Foreclosures | updated daily:

Hilton Head Foreclosures - Homes

Hilton Head Foreclosures - Villas

Hilton Head Foreclosures - Lots

Hilton Head Short Sales | updated daily:

Hilton Head Short Sales - Homes

Hilton Head Short Sales – Villas

Hilton Head Short Sales - Lots

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Bluffton Foreclosures and Short Sales

Coastal Living Real Estate Group — Sun, 06 Mar 2011 02:14:53 +0000

While foreclosures and short sales represent a gloomy time for the distressed property seller, they are also a fantastic opportunity for buyers. Living on the coast hasn’t been this affordable in ages! Here you will find all the current Bluffton foreclosures and short sales, updated daily. Check back often to see the newest listings.

Bluffton Foreclosures | updated daily

Bluffton foreclosures – homes

Bluffton foreclosures – villas

Bluffton foreclosures – lots

Bluffton Short Sales | updated daily

Bluffton short sales – homes

Bluffton short sales – villas

Bluffton short sales – lots

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Sea Pines

Coastal Living Real Estate Group — Fri, 04 Mar 2011 09:51:08 +0000

About Sea Pines:

The community that put Hilton Head Island on the map in terms of coastal living lifestyle, Sea Pines real estate continues to lead the Hilton Head market as the most sought-after plantation. Fifty years after its inception Sea Pines has retained the tranquil environment that inspired visionary developer Charles Fraser. Thanks to his careful touch in planning, the homes, villas and condos blend with the landscape. Prices currently range from $180,000 to more than $8 Million. Situated on the southern part of the Island, Sea Pines sits on about 5000 acres between five miles of beaches and the Calibogue Sound. Four fine golf courses pass through the plantation including Harbour Town Golf Links that is home to the annual PGA Tour Verizon Heritage Championship. Numerous tennis courts, swimming pools, bike paths and walking trails complement the natural surroundings of majestic live oaks and tall sea pines. The community is loved and shared by full time residents, second home owners and vacationers alike.

If we can help or answer any questions you have about real estate in the Hilton Head Island area, call us toll free at 877-426-2781 or send us a message via the link on the right of this page ->

Most recent Sea Pines Homes listings | Updated Daily:

Showing properties 1 - 25 of 187. See more Current Sea Pines community listings.
(all data current as of 6/19/2013)

$649,000 : 8 Marsh Dr, Hilton Head Island

5 beds, 3 full, 1 part baths

Home size: 4,074 sq ft

Lot size: 21,261 sqft

Year built: 1983

Parking spots: 2

Days on market: 1
$519,000 : 82 Forest Dr, Hilton Head Island

3 beds, 2 full baths

Home size: 2,116 sq ft

Lot size: 10,576 sqft

Year built: 1981

Parking spots: 1

Days on market: 8
$1,124,000 : 15 Spartina Ct, Hilton Head Island

5 beds, 4 full baths

Home size: 4,468 sq ft

Lot size: 10,890 sqft

Year built: 1999

Parking spots: 2

Days on market: 9
$1,100,000 : 13 Gull Point Rd, Hilton Head Island

4 beds, 4 full baths

Home size: 2,595 sq ft

Lot size: 17,572 sqft

Year built: 1975

Parking spots: 2

Days on market: 9
$569,000 : 38 Wood Duck Rd, Hilton Head Island

3 beds, 2 full, 1 part baths

Home size: 2,300 sq ft

Lot size: 6,982 sqft

Year built: 1994

Parking spots: 2

Days on market: 9
$799,000 : 4 E Garrison Pl, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 2,268 sq ft

Lot size: 13,987 sqft

Year built: 1988

Days on market: 12
$749,000 : 261 Greenwood Dr, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 2,893 sq ft

Lot size: 17,994 sqft

Year built: 1990

Parking spots: 2

Days on market: 12
$1,099,000 : 12 Braddock Cove, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 3,479 sq ft

Lot size: 43,560 sqft

Year built: 2007

Parking spots: 2

Days on market: 13
$544,000 : 15 Newhall Rd, Hilton Head Island

3 beds, 3 full baths

Home size: 2,672 sq ft

Lot size: 18,033 sqft

Year built: 1993

Parking spots: 2

Days on market: 18
$1,595,000 : 8 Wood Ibis Rd, Hilton Head Island

6 beds, 4 full baths

Home size: 3,622 sq ft

Lot size: 11,495 sqft

Year built: 1980

Parking spots: 2

Days on market: 19
$1,450,000 : 19 Wood Ibis Rd, Hilton Head Island

5 beds, 5 full baths

Home size: 3,400 sq ft

Lot size: 10,001 sqft

Year built: 1981

Parking spots: 2

Days on market: 21
$825,000 : 115 Governors Rd, Hilton Head Island

3 beds, 3 full, 1 part baths

Home size: 3,286 sq ft

Lot size: 15,359 sqft

Year built: 1983

Parking spots: 2

Days on market: 21
$1,549,000 : 50 Heritage Rd, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 3,455 sq ft

Lot size: 16,722 sqft

Year built: 1999

Parking spots: 2

Days on market: 22
$399,000 : 10 Fawn Ln, Hilton Head Island

3 beds, 3 full baths

Home size: 2,602 sq ft

Lot size: 5,950 sqft

Year built: 1981

Days on market: 22
$450,000 : 74 Forest Dr, Hilton Head Island

3 beds, 2 full baths

Home size: 2,277 sq ft

Lot size: 11,112 sqft

Year built: 1980

Days on market: 25
$795,000 : 33 Saint Andrews Pl, Hilton Head Island

3 beds, 3 full, 1 part baths

Home size: 2,425 sq ft

Lot size: 18,064 sqft

Year built: 1988

Parking spots: 2

Days on market: 26
$385,000 : 45 Oak Ct, Hilton Head Island

3 beds, 2 full, 1 part baths

Home size: 1,921 sq ft

Lot size: 5,401 sqft

Year built: 1980

Days on market: 29
$1,799,000 : 14 Grey Widgeon Rd, Hilton Head Island

5 beds, 5 full baths

Home size: 4,038 sq ft

Lot size: 11,852 sqft

Year built: 1974

Parking spots: 2

Days on market: 30
$1,100,000 : 22 Battery Rd, Hilton Head Island

3 beds, 3 full, 1 part baths

Home size: 4,052 sq ft

Lot size: 1 sqft

Year built: 2000

Parking spots: 3

Days on market: 30
$595,000 : 43 Shell Ring Rd, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 1,984 sq ft

Lot size: 6,612 sqft

Year built: 1996

Parking spots: 2

Days on market: 33
$699,000 : 67 Forest Dr, Hilton Head Island

4 beds, 4 full baths

Home size: 3,000 sq ft

Lot size: 13,542 sqft

Year built: 1974

Parking spots: 2

Days on market: 34
$609,000 : 3 Tupelo Rd, Hilton Head Island

3 beds, 2 full baths

Home size: 1,657 sq ft

Lot size: 20,220 sqft

Year built: 1988

Days on market: 34
$749,500 : 6 Saint Andrews Pl, Hilton Head Island

3 beds, 3 full, 1 part baths

Home size: 2,260 sq ft

Lot size: 18,534 sqft

Year built: 1973

Parking spots: 2

Days on market: 39
$1,695,000 : 30 Marsh Dr, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 5,094 sq ft

Lot size: 36,106 sqft

Year built: 2006

Parking spots: 2

Days on market: 40
$800,000 : 76 S Sea Pines Dr, Hilton Head Island

3 beds, 2 full baths

Home size: 1,814 sq ft

Lot size: 19,074 sqft

Year built: 1971

Parking spots: 1

Days on market: 42

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Hilton Head Plantation Real Estate

Coastal Living Real Estate Group — Thu, 03 Mar 2011 04:38:02 +0000

About Hilton Head Plantation:

Comprising nearly 4000 acres on the northern heel of the island, Hilton Head Plantation’s size does not mean it sacrifices for sense of community. Individual neighborhoods with names such as Hickory Forest, The Rookery and Dolphin Head reflect the changing landscape of the plantation. Pine forests, conservancy, salt marsh, lakes, Intracoastal and sound are all enhanced by careful land planning and a wide range of amenities. Four golf courses each with different membership options seamlessly flow with the land. The Spring Lake Recreation Area includes swimming, tennis, playground, and practice field. Dolphin Head Park offers spectacular views of the Port Royal Sound and its wildlife. Seven miles of leisure trails connect all these amenities to the residents. Homes and a few villas begin in the $200,000′s up to several million dollars for sound front properties.

If you have questions about Hilton Head Plantation Real Estate or any other real estate in the Hilton Head or Bluffton area, please call us at 877-426-2781 or email us at info@coastallivingrealestate.com.

25 Most Recent Hilton Head Plantation Listings | Updated Daily:

Showing properties 1 - 25 of 94. See more Current Hilton Head Plantation community listings.
(all data current as of 6/19/2013)

$2,490,000 : 49 Ribaut Dr, Hilton Head Island

5 beds, 5 full, 1 part baths

Home size: 5,170 sq ft

Lot size: 25,700 sqft

Year built: 1994

Parking spots: 3

Days on market: 89
$1,995,000 : 1 GRANDVIEW CT #341, Hilton Head Island

4 beds, 5 full, 1 part baths

Home size: 4,746 sq ft

Year built: 2003

Parking spots: 2

Days on market: 34
$1,899,000 : 26 China Cockle Ln, Hilton Head Island

5 beds, 5 full, 1 part baths

Home size: 5,423 sq ft

Lot size: 14,997 sqft

Year built: 2003

Parking spots: 3

Days on market: 447
$1,699,000 : 14 Herring Gull Ln, Hilton Head Island

5 beds, 5 full, 1 part baths

Home size: 5,722 sq ft

Lot size: 23,147 sqft

Year built: 2003

Parking spots: 2

Days on market: 337
$1,650,000 : 32 Ribaut Dr, Hilton Head Island

6 beds, 5 full baths

Home size: 6,313 sq ft

Lot size: 21,771 sqft

Year built: 1995

Parking spots: 3

Days on market: 82
$1,500,000 : 25 Sams Point Ln, Hilton Head Island

3 beds, 3 full, 1 part baths

Home size: 4,155 sq ft

Lot size: 23,404 sqft

Year built: 1994

Parking spots: 2

Days on market: 37
$1,295,000 : 21 China Cockle Way, Hilton Head Island

3 beds, 2 full, 1 part baths

Home size: 3,362 sq ft

Lot size: 15,899 sqft

Year built: 1978

Parking spots: 2

Days on market: 103
$999,000 : 24 Ribaut Dr, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 5,300 sq ft

Lot size: 22,925 sqft

Year built: 1995

Parking spots: 2

Days on market: 65
$997,000 : 19 Bayley Point Ln, Hilton Head Island

5 beds, 4 full, 1 part baths

Home size: 3,778 sq ft

Lot size: 10,715 sqft

Year built: 2000

Parking spots: 2

Days on market: 384
$899,000 : 17 Old Fort Dr, Hilton Head Island

4 beds, 5 full baths

Home size: 4,536 sq ft

Lot size: 18,364 sqft

Year built: 1989

Parking spots: 2

Days on market: 420
$894,500 : 17 Dolphin Point Ln, Hilton Head Island

5 beds, 5 full, 2 part baths

Home size: 5,325 sq ft

Lot size: 11,743 sqft

Year built: 2008

Parking spots: 2

Days on market: 57
$835,000 : 7 Ladson Ct, Hilton Head Island

3 beds, 3 full, 1 part baths

Home size: 3,287 sq ft

Lot size: 15,533 sqft

Year built: 1991

Parking spots: 2

Days on market: 520
$829,000 : 29 Stonegate Dr, Hilton Head Island

5 beds, 3 full, 1 part baths

Home size: 3,900 sq ft

Lot size: 12,013 sqft

Year built: 2006

Parking spots: 2

Days on market: 8
$799,000 : 14 Old Fort Ln, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 3,272 sq ft

Lot size: 11,099 sqft

Year built: 1992

Parking spots: 2

Days on market: 75
$739,000 : 25 Palm View Dr, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 3,035 sq ft

Lot size: 17,859 sqft

Year built: 2003

Parking spots: 2

Days on market: 65
$699,000 : 3 Carma Ct, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 3,880 sq ft

Lot size: 18,181 sqft

Year built: 1991

Parking spots: 2

Days on market: 104
$698,500 : 26 Lenora Dr, Hilton Head Island

5 beds, 4 full, 1 part baths

Home size: 4,937 sq ft

Lot size: 18,025 sqft

Year built: 1995

Parking spots: 2

Days on market: 292
$695,000 : 72 Deerfield Rd, Hilton Head Island

3 beds, 3 full baths

Home size: 2,911 sq ft

Lot size: 18,678 sqft

Year built: 1984

Parking spots: 2

Days on market: 478
$674,500 : 2 Carma Ct, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 3,432 sq ft

Lot size: 19,819 sqft

Year built: 1997

Parking spots: 2

Days on market: 86
$669,000 : 23 Lenora Dr, Hilton Head Island

4 beds, 4 full baths

Home size: 4,160 sq ft

Lot size: 20,194 sqft

Year built: 1999

Parking spots: 2

Days on market: 128
$659,000 : 13 Foxbriar Ct, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 3,436 sq ft

Lot size: 17,802 sqft

Year built: 1988

Parking spots: 2

Days on market: 26
$645,000 : 52 Knollwood Dr, Hilton Head Island

4 beds, 3 full, 1 part baths

Home size: 3,552 sq ft

Lot size: 10,001 sqft

Year built: 2000

Parking spots: 2

Days on market: 227
$629,900 : 43 Oyster Reef Dr, Hilton Head Island

5 beds, 3 full, 1 part baths

Home size: 3,700 sq ft

Lot size: 19,201 sqft

Year built: 1992

Parking spots: 2

Days on market: 106
$599,995 : 21 Pearl Reef Ln, Hilton Head Island

4 beds, 3 full baths

Home size: 2,686 sq ft

Lot size: 9,583 sqft

Year built: 2004

Parking spots: 2

Days on market: 199
$599,000 : 170 High Bluff Rd, Hilton Head Island

4 beds, 4 full, 1 part baths

Home size: 3,133 sq ft

Lot size: 21,300 sqft

Year built: 1989

Parking spots: 2

Days on market: 50

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Palmetto Bluff

Coastal Living Real Estate Group — Thu, 03 Mar 2011 02:50:36 +0000

Located between the resort town of Hilton Head Island and the city of Savannah, Palmetto Bluff is a newer creation that blends modern amenities with southern hospitality and charm. Carved from thousands of acres of pristine sea pines and live oak forest, and resting on the bluffs of the New River, the village is the center of the community, complete with book store, chapel, inn and market store. Homes and home sites are available from $300,000 to $2 Million.

If you have questions about Palmetto Bluff Real Estate or any other real estate in the Hilton Head Island area, call us toll free at 877-426-2781 or email us at info@coastallivingrealestate.com.

Most Recent Listings in Palmetto Bluff | Updated Daily:

Showing properties 1 - 3 of 3. See more Current Palmetto Bluff community listings.
(all data current as of 6/19/2013)

$1,295,000 : 20 Bennington Rd, Bluffton

4 beds, 4 full, 1 part baths

Home size: 4,300 sq ft

Lot size: 33,105 sqft

Year built: 2010

Parking spots: 3

Days on market: 247
$1,265,000 : 21 Mason St, Bluffton

4 beds, 4 full, 1 part baths

Home size: 3,868 sq ft

Lot size: 10,454 sqft

Year built: 2009

Parking spots: 2

Days on market: 75
$990,000 : 615 Old Palmetto Bluff Rd, Bluffton

3 beds, 3 full, 1 part baths

Home size: 2,902 sq ft

Lot size: 8,838 sqft

Year built: 2004

Days on market: 35

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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