{"id":18809,"date":"2023-08-17T23:09:29","date_gmt":"2023-08-17T20:09:29","guid":{"rendered":"https:\/\/dev-tidhar.pantheonsite.io\/?page_id=18809"},"modified":"2024-01-23T19:51:26","modified_gmt":"2024-01-23T17:51:26","slug":"guide-residential-real-estate","status":"publish","type":"page","link":"https:\/\/tidhar.co.il\/en\/tidhar-residential\/guide-residential-real-estate\/","title":{"rendered":"Your Guide to Purchasing an Apartment"},"content":{"rendered":"
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Your Apartment Buying Guide<\/h1>\r\n <\/div>\r\n
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What\u2019s the best way to buy an apartment? How can you be sure that the sales contract protects your interests? What should you check when purchasing a new apartment from a contractor? What is the planning coordination process? And how can you guarantee that you will receive the apartment on time? This special guide we prepared for you will provide all of the answers.<\/p>\n

The below information does not constitute mandatory and\/or comprehensive advice and\/or a recommendation. It constitutes marketing information only, and expert advisors must be consulted on your behalf prior to performing any action, including in relation to any or all of the below information.<\/p>\n<\/div>\r\n <\/div>\r\n \r\n

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Are you thinking of buying an apartment but not sure of the best way to take this big step?\r\n\t\r\n<\/svg><\/h3>\r\n
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Buying an apartment is one of the most important decisions you will ever make, and probably the biggest and most complex as well. We understand that this decision is therefore accompanied by more than a few question marks, concerns, stress over making mistakes, and the hope that you can get through the whole process in the smoothest, most convenient way \u2013 until the day you can relax, carefree, in your new apartment, and for long after that.<\/p>\n

The best advice we can give you is to be proactive. Don\u2019t just sit back and cross your fingers. Check out the area where you are looking for an apartment yourself, including the various projects available and the companies behind them. Find out what company is building your home, whether it is reliable, and what its financial situation looks like. Go to the other projects it has built and chat with the residents. It is also very important to look into the quality of the plans, the supplied specifications, the company\u2019s record of compliance with commitments and schedules, and the warranty. Make sure you will always have someone to contact, even after you have received the apartment.<\/p>\n <\/div>\r\n <\/div>\r\n

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What should be taken into account when purchasing a new apartment from a contractor?\r\n\t\r\n<\/svg><\/h3>\r\n
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A brand new apartment in a new building is not an off-the-shelf product. It is a complex and usually expensive residence, built manually over several years and specifically adapted to your needs. When buying an apartment \u201con paper,\u201d you need to take into account the fact that the construction process usually takes a number of years. You will need to prepare for this lengthy period of time. Customers are not always aware of the commitment and hands-on involvement required during the entire construction process. This includes coordinating the design of the apartment, in which customers have to make various decisions about the apartment and its design, adapting the apartment to their requirements and personal tastes, as well as meeting with suppliers and touring showrooms. During the handover period, customers need to prepare for the handover, tour the apartment, and fulfill various obligations and payments, before actually living in the apartment during the inspection period and warranty years.<\/p>\n

At Tidhar, we look at the relationship between the buyers and the developer as a kind of \u201cmarriage\u201d \u2013 a long-term relationship that lasts for years and demands extensive trust, transparency, reciprocity, and partnership. It is therefore important to select a real estate developer that will be fully committed to complying with the terms of the agreement to the letter, with complete transparency, reliability, and responsibility throughout.<\/p>\n <\/div>\r\n <\/div>\r\n

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How can we be sure that the sales contract protects us?\r\n\t\r\n<\/svg><\/h3>\r\n
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Like most real estate agreements, an apartment sales contract is long and complex, containing many meandering legal clauses that are not always clearly understood by those who are not professional insiders.<\/p>\n

In general, the agreement is intended to govern the relationship between you (the buyer) and the project developer, coordinate expectations, and precisely define all the important details about the rights and responsibilities of each party.<\/p>\n

Under the Sales (Apartments) Law, 5733-1973 (hereinafter: \u201cthe Law\u201d<\/strong>), the sales agreement must include the detailed technical specifications of the apartment, as well as the apartment blueprints, the floor plan, and other plans as required by law. So the sales agreement is actually the most reliable and accurate source of information you have about your new apartment. If something does not appear in the agreement, then it is not binding upon you, or upon the other party. This is why we recommend consulting a professional real estate attorney who will guide and represent you through the purchasing process, including before you sign the sales agreement.<\/p>\n <\/div>\r\n <\/div>\r\n

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What other costs should we take into account, beyond the price of the apartment?\r\n\t\r\n<\/svg><\/h3>\r\n
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The price of the apartment does not usually equal the actual price stated in the sales agreement, because there are various other costs you need to be aware of and take into account, such as:<\/p>\n

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  • Adjustments, Changes & Additions \u2013 We plan all of the apartments in each project in line with a certain finishing standard, which is detailed in the technical specifications attached to the sales agreement. The apartment price only includes what is guaranteed in the sales agreement and detailed in these technical specifications. It does not include any changes and additions you might want to make in order to adapt the apartment to your family\u2019s needs and your personal taste. As a rule, our projects offer you very high quality specifications, but these are not final \u2013 everything depends on your own requirements, wishes, and taste. So when you select finishing materials other than those presented in the specifications, or want to make additions not included in the sales agreement and change various parts of the standard specifications, which involve certain costs and work hours, these are not included in the apartment price and must be considered separately.<\/li>\n
  • Index Linkages \u2013 When you sign the sales agreement, you should be aware that the apartment price is generally linked to various indices \u2013 mainly, the Building Cost Index \u2013 which can affect the final price of the apartment.<\/li>\n
  • Financing Costs \u2013 Costs associated with financing the purchase of your apartment, as well as the interest rates related to taking out a mortgage and various loans.<\/li>\n
  • Legal Advice \u2013 It is highly recommended to engage the services of an attorney who will represent you and protect your interests throughout the purchase process (see \u201cHow can we be sure that the sales contract protect us?\u201d above). This is an additional expense that needs to be taken into account, should you choose to do this.<\/li>\n
  • Taxes \u2013 In Israel, there are various taxes related to real estate transactions, so it is very important to be aware of which taxes are applicable, in accordance with the law and tax planning options, as this has a direct impact on the cost of the purchase. We therefore strongly recommend that you consult a tax advisor before making the transaction, to ensure you understand the tax implications.<\/li>\n
  • Additional Expenses During & After Occupancy \u2013 When you move in, various other expenses must be taken into account that relate to payments to several parties, such as electrical meter, water meter, and gas connections. There may also be other required payments, such as payments to the homeowners\u2019 association \/ management company, if any, and of course any necessary municipal fees.<\/li>\n
  • Additional Expenses When Moving \u2013 Buying furniture and equipment, moving costs, cleaning the apartment, installing certain items, and so on.<\/li>\n<\/ul>\n

    Note that the above list is not exhaustive, and we recommend evaluating each individual transaction according to its own unique circumstances, and engaging the services of relevant consultants and experts.<\/p>\n <\/div>\r\n <\/div>\r\n

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    We don\u2019t have all the funds needed to buy an apartment and intend to take out a mortgage. What payment plan does Tidhar offer?\r\n\t\r\n<\/svg><\/h3>\r\n
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    Currently, under the law, the prerequisite for receiving a loan (mortgage) for the purpose of purchasing your sole apartment is the provision of equity capital equal to at least 25% of the apartment price (subject to the circumstances of each buyer and the bank\u2019s requirements in relation to each buyer). The mortgage is a loan, for which the ownership\/lease rights are pledged in favor of the lender, that is, the mortgage bank, as security for repayment of the mortgage. You can take out a mortgage from any bank of your choice, subject to compliance with the conditions and requirements of the various mortgage banks.<\/p>\n

    For your convenience, we have spread the payments for your new apartment across the construction period, so that they will end 7 days before you receive the keys.<\/p>\n

    Upon signing the sales agreement, ensure that you comply with the payment schedule and payment conditions as detailed in the agreement. You must also continuously check the payment dates and other dates specified in the agreement in order to avoid incurring interest on arrears due to late payments and\/or violating the provisions of the sales agreement.<\/p>\n

    The payment plans are adapted to each project and differ from project to project. You should therefore consult the sales office regarding which payment plans are offered for the project that interests you. At Tidhar, we usually offer two payment plans, such as:<\/p>\n

    (1) Fixed Payment Plan \u2013 You pay fixed amounts during fixed periods according to the payment schedule specified in the agreement.<\/p>\n

    (2) Flexible Payment Plan \u2013 You pay around 20% of the apartment cost by the date the building permit is received. Then you pay the balance in flexible installments, according to your ability, and at a time convenient for you throughout the construction period.<\/p>\n

    Regardless of the plan you choose (as determined for each and every project), you must settle the payment in full at least 7 days before the apartment handover.<\/p>\n <\/div>\r\n <\/div>\r\n

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    There have been cases where contractors went bust in the middle of construction. How can we be sure this won\u2019t happen to us?\r\n\t\r\n<\/svg><\/h3>\r\n
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    As of the time of writing, the Sales (Apartments) (Protecting the Investment of Purchasers) Law , 5735-1974, establishes several mechanisms that are designed to protect the interests of apartment buyers.<\/p>\n

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    For example, under the above law, a developer who sells you an apartment is obliged to secure your money in collateral (such as a Sales Law guarantee issued by the bank backing the project). Most of the time, and certainly in all Tidhar projects, all funds paid by the buyers go to a designated account and are used for the construction of the project.<\/p>\n

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    Regarding Tidhar\u2019s projects, we remind you that Tidhar is one of the largest private real estate groups in Israel, listed among Israel\u2019s largest companies by BDI and the country\u2019s leading real estate companies by Dun\u2019s 100. Tidhar is considered stable and reliable within the industry. Thanks to its financial resources, its economic strength, and the steady income from its income-producing assets, Tidhar enjoys significant capital raising capabilities and the support of most large financial institutions, which back its activities in Israel and around the world.<\/p>\n <\/div>\r\n <\/div>\r\n

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    How can we know that the apartment we purchased has been built to the highest standards, without shortcuts?\r\n\t\r\n<\/svg><\/h3>\r\n
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    Tidhar is committed to quality and excellence in all areas of its activities, and takes every care to uphold these values throughout all planning, construction, and finishing processes. Similarly, Tidhar works tirelessly to improve its planning and construction processes, and to perform projects of the highest quality standard.<\/p>\n

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    We only make available to you the suppliers and subcontractors who meet Tidhar\u2019s high standards and quality indices, and build in accordance with the requirements of the law as well as the most advanced quality standards. Throughout the construction process, quality is controlled in accordance with the international ISO 9001 standard for the construction industry.<\/p>\n

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    It is no wonder that our exceptional quality control system is considered the best in the industry. A QA inspector is appointed to each project, with the sole objective of ensuring that the work is performed at the highest level, in line with industry standards and Tidhar\u2019s own requirements. By using tablets, we create standardization across the implementation of various construction tasks and maintain uniformly high quality.<\/p>\n

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    Furthermore, Tidhar is the only company that uses advanced 3D BIM (Building Information Modeling) technologies, from the planning and permit stage, through construction and resident alterations, to the inspection period. These technologies, and others, enable us to provide you with the highest standards of planning, construction, and finishing within the shortest schedules, while also offering a convenient means of illustration throughout the entire construction process.<\/p>\n <\/div>\r\n <\/div>\r\n

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    What changes can we make to the apartment?\r\n\t\r\n<\/svg><\/h3>\r\n
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    An apartment in a condominium is built in accordance with a precise architectural plan, based on the applicable standards and various engineering and planning constraints. Therefore, there are various changes that can be made to the apartment, such as moving, adding, or eliminating partitions and\/or electrical outlets, moving the location of certain accessories, and so on. Similarly, there are other changes that cannot be made, such as altering the building facade or apartment perimeter, moving a protective wall in the safe room, or making changes related to the building\u2019s central plumbing system, as well as changes that could harm the plumbing system and\/or the structural integrity of the entire building, and so on.<\/p>\n

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    When we plan a project, we determine standard specifications for each of the apartment types. These include finishing materials, such as paints, flooring, bathroom and kitchen wall tiling, and so on, as well as various accessories, like sanitary ware, kitchen cabinets, bathroom cabinets, and more.<\/p>\n

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    As a general rule, Tidhar offers high quality specifications that give you a choice of various models and colors from different suppliers, so that you have great flexibility in designing your apartment according to your own tastes and preferences. However, some buyers wish to purchase accessories and finishing materials different from those offered in the project\u2019s technical specifications. In these cases, they are able to do so from the project\u2019s selected suppliers\/subcontractors and will be required to bear the costs of the upgrades, and sometimes also the costs of the additional work involved in implementing the upgrades during the construction process.<\/p>\n

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    We invite you to design your new apartment with us, inspired by your own unique requirements and dreams. Tidhar\u2019s planning and service coordinator will be at your disposal throughout the construction period, ensuring your full partnership in the process with a commitment to offering the maximum possible flexibility, attention, and willingness to make changes and additions, as needed, subject to planning, construction, and legal limitations.<\/p>\n

    Please note: not every design dream can come true! Although there are changes and additions you can make without incurring any additional cost, other changes and additions will require additional payments for the materials and labor. There are also some requests that cannot be fulfilled due to engineering and safety restrictions, non-compliance with standards, schedule restrictions, and so on.<\/p>\n <\/div>\r\n <\/div>\r\n

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    How is the resident alteration process performed for each project?\r\n\t\r\n<\/svg><\/h3>\r\n
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    Once the project\u2019s building permit is received, you will be invited to either a one-on-one meeting or a residents\u2019 meeting, where you will receive an apartment file containing all the information you need for the planning coordination and resident alteration process, including a schedule for requesting changes. After you come up with your own general idea of the changes and adjustments you want to make in the apartment, you will be invited to another meeting with the planning coordinator. During this meeting, you can evaluate the feasibility of your own plan and decide on the actual changes to be made, such as moving walls, adding electrical outlets, systems, and so on, as well on the schedule for those changes to be implemented.<\/p>\n

    Having coordinated expectations at that meeting, you will then be invited to visit the showrooms of the project\u2019s various suppliers over a period of several months, so you can select the finishing accessories (sanitary ware, kitchen cabinets, wall tiling, etc.) you prefer from the options offered in the project\u2019s technical specifications \u2013 which you can also upgrade, if you wish, in accordance with your needs and capabilities.<\/p>\n

    During the process, you will be invited to several more meetings with the planning coordinator, until the final selection of finishing materials and the creation of a work plan customized to your needs. Once this plan is approved, it will be put into practice.<\/p>\n <\/div>\r\n <\/div>\r\n

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    How can we know that we will receive the apartment on time and that it will be registered in our name?\r\n\t\r\n<\/svg><\/h3>\r\n
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    Throughout its long history, Tidhar has always been careful to comply fully and strictly with its commitments, and in particular with all aspects related to scheduling. We make every effort to comply with our predefined schedules so you can prepare for the start of the school year, make arrangements for your current rental apartment, and so on. In addition, Tidhar is obliged to complete the registration of the apartment rights in your name, in accordance with the limitations of the law.<\/p>\n <\/div>\r\n <\/div>\r\n

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    What is a building permit?\r\n\t\r\n<\/svg><\/h3>\r\n
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    A building permit is a permit issued by the local Planning & Building Committee that enables you to carry out construction work or change the zoning of the land. Without it, you are not allowed to start building!<\/p>\n

    The process of issuing a building permit for a planned project may take several months, depending on the individual circumstances. When you sign the sales agreement, you should find out what the expected receipt date is. Also, pay attention to the sections in the agreement that are related to, or dependent on, the building permit.<\/p>\n

    As Tidhar advocates complete transparency with its customers, once the building permit is received, Tidhar will invite all customers who have already signed their sales agreements to a customer event or one-on-one meeting, where they will be updated regarding the start of construction work on the project.<\/p>\n <\/div>\r\n <\/div>\r\n

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    How can we know that there will be no problems and we will still be able to talk to someone once we receive the key?\r\n\t\r\n<\/svg><\/h3>\r\n
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    Service is the central tenet of Tidhar\u2019s corporate culture. Over the years, the Group\u2019s activity has been defined by its revolutionary 360\u00b0 service concept, which places the customer at the center of every project. Tidhar operates a large, high-quality service department that will accompany you every step of the way with professionalism, dedication, and care, from the purchase stage onward.<\/p>\n

    Even after you settle into your new apartment, meet the neighbors, and discover the coolest spots in the neighborhood, we will still be by your side. Tidhar places a customer service and inspection team at your disposal, who will support you from the day you move in, throughout all the inspection and warranty periods. We also have a unique urgent call center that is active 24\/7 to handle any emergency quickly and efficiently.<\/p>\n

    If an issue arises, the inspection team will examine it and then explain the nature of the defect to you, as well as how it will be handled and the repair schedule, in the most transparent manner. We will make every effort to minimize the inconvenience associated with performing the required repairs.<\/p>\n <\/div>\r\n <\/div>\r\n

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    What happens if we discover a defect in the apartment after moving in?\r\n\t\r\n<\/svg><\/h3>\r\n
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    Your new apartment is designed and built to the highest standard, in accordance with the most stringent industry quality standards, and it is only delivered to you after it has undergone a strict QA procedure and has been approved as meeting Tidhar\u2019s high quality expectations.<\/p>\n

    That said, a new apartment in a new building that has just been constructed is a handmade product that includes many systems, most of which are hidden from view, and is subject to natural physical changes that take place in the building in the first few years. This is why, despite our best efforts, certain inconsistencies or defects may be discovered in the apartment after you move in, and sometimes even after several years.<\/p>\n

    In order to ensure that you receive the best value for your money and so that you can enjoy your new apartment for many years, we undertake to bear responsibility for defects discovered in the apartment in the period after you move in, and to repair any damage and\/or defects and\/or inconsistencies in the apartment during the inspection period and the warranty period, all in accordance with the type of defect and subject to the directives set forth in the Sales (Apartments) Law, 5733-1973.<\/p>\n <\/div>\r\n <\/div>\r\n

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    What is the inspection period?\r\n\t\r\n<\/svg><\/h3>\r\n
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    According to the Law, as defined above, the seller of a new apartment bears responsibility for defects discovered during the delivery of the apartment, and for defects discovered in the apartment during the period after it is handed over to the buyer. Under the Law, the \u201cinspection period\u201d begins on the day the apartment is made available to the buyer and lasts between 1 and 7 years, depending on the type of defect, and in some cases even longer. If a defect is discovered in the apartment during the inspection period, we are obliged to repair it, unless it is proven that the defect is a result of incorrect or unreasonable use of the apartment, or is due to poor maintenance.<\/p>\n <\/div>\r\n <\/div>\r\n

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    What is the warranty period?\r\n\t\r\n<\/svg><\/h3>\r\n
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    At the end of the inspection period for each type of defect, a 3-year warranty period begins. During this period, in order for the seller to be responsible for repairing a defect, the buyer must prove that the defect is due to the design, work, or materials used by the seller, and present the defect and the findings to the contractor.<\/p>\n <\/div>\r\n <\/div>\r\n

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    When can we see the apartment during the construction process?\r\n\t\r\n<\/svg><\/h3>\r\n
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    For safety reasons, we only allow project and apartment tours from the final stage of the steel frame work onward. You can arrange a tour of your apartment, participate in the construction experience, meet and consult with the foreman, and \u2013 above all \u2013 breathe a sigh of relief. Your new apartment is taking shape!<\/p>\n

    Towards the end of the fitout work in the apartment, just before the big day when you can receive the key, book the movers, and safely enter your new home, we will invite you to a \u201cpre-handover\u201d tour of the apartment with the project manager. (This tour is conditional on compliance with the safety guidelines, as determined by the company periodically.) During this tour, you will get an impression of the apartment and the quality of the construction and fitout, and ensure that all the changes and additions you requested have been performed to your satisfaction. If any defects are discovered during this tour, they will be repaired, if possible, before the apartment handover date.<\/p>\n

    We emphasize that, among other safety requirements, any visit to the construction site is conditional on wearing a safety hat and high-top walking shoes. Children under 18 cannot be admitted to the site.<\/p>\n

    On this happy occasion, we pledge to:<\/p>\n

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    • Make every effort to provide a complete, professional purchase experience, while ensuring quality service and, of course, building a top-quality apartment.<\/li>\n
    • Provide you with a \u201chandover\u201d and customer service call center that will answer all your questions and\/or inquiries regarding the apartment handover, the process, and the necessary preparations.<\/li>\n
    • Deliver a clean apartment that is ready to live in, after it has undergone strict quality control processes and been certified as meeting Tidhar\u2019s high standards.<\/li>\n<\/ul>\n <\/div>\r\n <\/div>\r\n \r\n
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