A buyer may terminate the Offer to Purchase and Contract if a seller materially breaches the contract. For more information, please see our In 2021, there were a total of 1,929,151 Part D buprenorphine prescriptions associated with 1,332,353 beneficiaries. Buyers and sellers may enter into other addenda that may provide for a due diligence fee refund but those provisions must be drafted by the parties or, preferably, by an attorney. agreed-upon Due Diligence Fee. She also spent plenty of time on the phone and over email with us educating us on the area and providing fantastic local insights. Curious about the best Raleigh neighborhoods? Thats a big deal! That contract stipulated that the buyer would pay a $2,000 Due Diligence Fee and a $2,500 Earnest Money Deposit. In Reynolds-Douglass v. Terhark, the buyer and seller entered into a contract in July of 2017. Jocelyn Mitnaul Mallette of Raleigh Appointed to North Carolina Real Estate Commission, Dual Agency Authorization, Disclosure and Safeguarding Confidential Information. About Charlotte TOP 10 REASONS TO MOVE TO CHARLOTTE, TOUCHSTONE VILLAGE / WILSHIRE Real Estate, How to buy a home in North Carolina Buyers Agent, how much due diligence should you put down, $369,000 home = $1500 due diligence >>> 2021 real example >>> $10,000 due diligence, $301000 home = $3000 due diligence >>> 2022 real example >>>> $10,000, $505000 home = $2000 due diligence>>>> 2022 real example >>>>$18,000. As we have seen in the past, most realtors will show 1 out of 4 properties to a client that are actually a great fit for the client, hoping something will stick and the client doesn't really know best. This was an incredibly competitive market and her skills in negotiating and navigating the purchasing process not only secured us our home at a great price, but also gave us great peace of mind. When we decided to move back to the Triangle, we knew we'd be calling Marianne. Her and her closing coordinator were both wonderful to work with. So, due diligence is pretty much a gift to the seller. When you purchase a home in North Carolina, the Offer to Purchase lists two different fees due at the time of the contract. Q: If the buyer is not satisfied with the sellers response, or lack thereof, to repair requests, what can the buyer do? (See paragraph 8(k) and (l) of Form 2-T). Here are the links to your free moving tip ebooks! Even in the middle of a winter storm she was out looking at houses for us, taking detailed videos so we could see the homes from out of state. Again, this change is being made to discourage buyers from . form jointly adopted by the North Carolina Bar Association (a voluntary professional association of attorneys) and the . about the Triangle, relationships with builders, and overall expertise kept us calm and our transactions moving smoothly. Cookie Notice eCtW>Zsxy_}R>3r/E b5]>|^}xy^Lg"0urlM@&|A2>M2_](849>|yuv~/Za&t[zEvX9=)}ak-l(@4^EQ}p:U+P44,W>0Ur>E61;'k{ZY5&4Ye95eU B}B
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0*],jvK(,. I have been in the area for year and knew quite well the market, and where I wanted my family to be, which I recommend to any new buyer. She had read more so much experience and knowledge of the neighborhoods, schools, and services for our special needs child, and she was able to advise us on the best location for our family. She did a fantastic job at understanding us and what we did and did not like which helped make navigating the process much easier. You can see there isn't a huge difference in the scores. If you've bought and sold homes in the past you may already understand how buyers agents get paid but I thought I would go ahead and explain. As we were moving across country and building a custom house we relied on Marianne to be our eyes and ears on the ground. The standard form Offer to Purchase and Contract (Form 2-T) is used in the majority of residential transactions in North Carolina. Privacy Policy. I would like to add that Chips was not keen to advice for contractors because some clients might be suspicions of his intentions, but if you ask, he would tell you.A house is everyone own choice. Sellers may sell their property quickly because theres less inventory, but they still need to be concerned that their buyer will follow through and not cancel. A: Yes. Marianne was very thorough and did an excellent job representing us during the entire process; from finding a house, negotiating the offer, and handling all the closing details. She truly looked out for our best interests. If you havent bought a house since 2011 or are coming from another state you may be surprised by the NC contract forms. Marianne put in many hours over the year it took to build our forever home. Have had a prelisting inspection and made repairs. It is important for the buyer to be well prepared because the amount of the Due Diligence Fee askedby the seller will be determined by the amount of risk the seller feels he will have by taking his house off the market. This article came from theFebruary 2014-Vol44-3edition of the bulletin. She provided assistance and support through the entire process and was readily available to answer questions when I had them. %PDF-1.3 My husband and I enjoyed watching Mariannes YouTube videos and wanted to work with her on what we figured would be a simple in-town move. During Due Diligence the buyer can cancel the contract for any reason or no reason. Continuing Education: The Clock is Ticking! A: No. From our model, the average price decline under our base case (no state income tax) assumptions is 4.4%. The Earnest money deposit is like second insurance to the seller. The contract will state the length of time for the buyer to do inspections, appraisals, etc. In the course of a successful transaction, the due diligence fee is paid to the seller at the time of contract execution and credited to the buyer at the closing. 2023 North Carolina Real Estate Commission. Due Diligence Fees: When Are They Refunded? Usually, 1.5% will do. Please read. https://www.youtube.com/watch?v=aZqvGfChLHQ. The amount of the due diligence fee varies between transactions depending on a range of factors, such as the listing price of the home and duration of the due diligence period along with local market conditions. area, specific neighborhoods and builders. She provided assistance and support through the entire process and was readily available to answer questions when I had them. These fees are also tied to a pre-closing date called the due diligence date.. . If a buyer cancels before the end of the due diligence timeframe, theyll get the earnest money back. The money gives the buyer the option to walk away if they find something theyre not happy with or for no reason at all. Thanks Marianne for another great experience! 4 0 obj "When we made an offer on a house in Fayetteville, we actually only did a $500 due diligence fee," says McCall, adding, "However, you know, a number of the offers that we got were for multi-thousand dollars in due diligence.". We found Marianne Howell Wright online. Paragraph 4 of Form 2-T outlines many, but not all, common considerations of the Due Diligence process such as home, pest, and septic inspections, property survey, appraisal, title search, loan qualification and application, repair negotiation, etc. No, before we had a due diligence option, agents would need to write in a number for the expense of repairs that would allow a buyer to walk away. Do North Carolina Agents agree with this Due Diligence Fee? The following residential forms have been revised effective July 1, 2021. type of property that I was looking for and helped me learn more about different types of properties when I was considering options. so much experience and knowledge of the neighborhoods, schools, and services for our special needs child, and she was able to advise us on the best location for our family. The seller won the appeal in district court on every claim except for the loss in value to the home. She is so knowledgeable about the new build process and construction, and brought things to our attention that we never would have thought about. It incentivizes sellers to not disclose faults since each prospective buyer that walks away leaves huge sums of money behind. Marianne is professional, easy to work with and knows so much about the Triangle area. A buyer may also terminate the contract and receive a full refund of the due diligence fee, earnest money, and reasonable costs of due diligence, if a seller materially fails to comply with any of the enumerated obligations in Paragraph 8, Seller Obligations. Whether a seller materially complies with a stated obligation in Paragraph 8 is a legal question brokers should direct their client to discuss these issues with an attorney before deciding on a course of action. Thus, it is ideal for the buyer to send the fee directly to the seller via personal delivery, postal mail, wire transmission, or other electronic means. 53. . 03-31-2021, 08:57 AM GoPhils : 6,318 posts, read 9,482,397 times Reputation: 3819. Its always nerve wracking on the day due diligence is up, waiting until the dot of 5PM to know if the buyer will go forward. Its your offer. Due Diligence Fee. The contract says the house is sold as is and the seller is not required to make repairs. For a $328,682 home the median home sales price in North Carolina you'd pay around $9,011. The average homes sell for about 2% below list price and go pending in around 30 days. % When the buyer appealed that decision to the district court, the seller hired an attorney. She was available to us during the entire process of building our new home, from selecting the lot. Due diligence money is non-refundable The good news is the money is typically credited towards the purchase of the home at closing. Marianne was our agent when we purchased our home in Chatham County. As with any offer, you can listen to information, but you should always do whatever YOU feel comfortable with. Triangle Area Real Estate/ The buyer is free to ask for any number of things; however, the seller is not obligated to agree to any of them. Thanks also to her husband, Chip, who offered to do his own separate walk-through of the house prior to closing. Our NC Offer to Purchase and Contract paperwork allows the buyer to specify a period of time that they will take to review everything they need to learn about the property before ownership is turned over to them. The house was ready for my family in a month. If you continue to use this site we will assume that you are happy with it. Are you curious about Cary? She stuck with us through an extensive and time consuming search, and our family not being local made the process that much more challenging for us. Current Stats: Monthly Licensee Count as of February 1, 2023. So, termination of the contract was tied to repairs. My robot will read to you about NC Due Diligence. Median List Price. In standard form 2-T, Paragraph 1(i) states that the due diligence fee is nonrefundable unless the seller materially breaches the contract, the buyer terminates the contract under Paragraph 8 (Seller Obligations) or Paragraph 12 (Risk of Loss), or in accordance with any addendum attached to the contract. Marianne is professional, easy to work with and knows so much about the Triangle area. Once the due diligence period ends, the buyer cannot back out of the contract (except under a different, applicable contingency financing or appraisal, for instance). They call this the due diligence process and assert it protects buyers, that they can back out at any time, only losing the due diligence money but what they (the realtors pushing this) fail to disclose is that it really protects the seller, even a fraudulent one. As an example, paragraph 8(n) of Standard Form 2-T states that if Seller materially breaches the contract, and Buyer elects to terminate the contract as a result of the breach, Buyer is entitled to a refund of the due diligence fee among other remedies. As we were moving across country and building a custom house we relied on Marianne to be our eyes and ears on the ground. I was told that if you want to buy a house in the Triangle you must put down at least $75,000 in a DUE DILIGENCE payment or your offer will be rejected. The total attorney costs were in excess of $13,000 in attorney fees. The Due Diligence Fee is similar to an option. Owner/Broker/ This outcome makes sense because the purpose of the due diligence fee is to secure a time period in which the buyer can inspect the property and access the transaction without fear of a competing buyer luring the seller away. The fee is separate from the earnest money fee. The average Due Diligence Analyst salary in Durham, North Carolina is $54,446 as of September 27, 2021, but the salary range typically falls between $47,460 and $64,021. The due diligence fee is a negotiated sum of money, typically between $500 and $2000, depending on the home's price point and a number of other factors. standard form 2-t revised 7/2021 offer to purchase and contract nc 2022 nc offer to purchase and contract form 2-t pdf standard form 2-t offer to purchase and contract north carolina offer to purchase and contract pdf standard form 2-t revised 7/2020 nc offer to purchase and contract form 12-t 2020 . For the past 8 years, NC has had a revised Offer to Purchase and Contract form . "Weve seen $83,000 in due diligence," says Robby Oakes, who has almost 20 years experience in the local mortgage industry. This investigation is called the due diligence process. But there are exceptions. If the the buyer does not close the due diligence fee is forfeited to the seller. In general, Marianne recommends new constructions over old houses because she often goes to new development meetings and is well aware of the new construction materials (lighter, better, and more efficient). estate in North Carolina depends on an interpretation of NC General Statutes Section 6-21.2. Over the same period, there were 11,956 telemedicine Medicare fee-for-service and managed care telemedicine services, including audio-only telemedicine, identified as being linked to buprenorphine Part D prescriptions fills. In North Carolina, it is a general rule that the due diligence fee is paid directly to the seller at the time of contract formation. She was there for us every step of the way, especially when we could not be there in person. The seller responded to the email claiming the buyer had not paid the Due Diligence Fee and was therefore in breach of the contract. When is a due diligence fee nonrefundable? The termination is a notification to the seller, and must be in writing, but the buyer does not need the consent of the seller. No, the market shifts and those shifts create customs about how much sellers are expecting. If they do, the seller keeps that money. The buyer has the right to verify the repairs have been completed satisfactorily, during or after the Due Diligence period. Marianne Howell Wright Triangle Area Real Estate 919-274-4365 Chapel Hill, NC. contractor. Absolutely. They both came straight away, which other agents do not do. There are some terms of a contract that are not likely to be viewed as material, such as certain seller representations. Is Fall the Right Time to Sell your Home? The fee is separate from the earnest money fee. A: "Due Diligence" is the buyer's opportunity to engage in a process of further investigation of the property and the transaction as described in the Offer to Purchase form within a period of time agreed to by the seller and buyer. If the buyer decides to cancel the contract before the expiration of the Due Diligence period the attorney refunds the Earnest Money to the buyer and the seller keeps the Due Diligence Fee. She was knowledgeable and present from the first step of selecting a lot, navigating all our design meetings, and multiple walk-throughs. She is extremely knowledgeable about the Triangle. You can contact us at https://www.triangletrusted.com/contact-us. The buyer typically gets back the earnest money but not the Due Diligence fee, unless otherwise negotiated. Highly recommend! It provides an additional fee to help compensate if a buyer takes advantage or fails to act in a timely manner. ", She recently helped Alana McCall sell her home in Wake Forest. Will Builders Negotiate on New Construction? Its easy to figure out what to do when you know what sellers will expect. Both upheld the decision of the district court. Her and her closing coordinator were both wonderful to work with. How much did you put down? You can make any offer that you want. Q: Must the seller allow the buyer to inspect the property to verify the repairs have been completed even if the Due Diligence period has expired? This Home is staged and pre inspected- ready for the market. Does the buyer get due diligence money back? We've done three total transactions with her over the past 3 years. As Realtors who sell the Raleigh/Durham area, we spend a lot of time explaining this unique process, so we will provide some good insight. Its important to make sure youre talking to a seasoned Realtor as they can advise you about what they are seeing in the market and help you make an educated decision about what you are comfortable with. Have reviewed disclosures and homeowner documents. A: No, but the seller is required to complete any repairs in a good and workmanlike manner prior to the settlement date. Those costs usually average 2-5% of the purchase price of your dream home. 2023 North Carolina Real Estate Commission. Q: Must the repairs be completed by the seller before the end of the Due Diligence period? Marianne helped us find the home of our dreams. She was a pleasure to work. Marianne was extremely efficient in understanding what we were seeking and why, explaining the differences between different towns and neighborhoods, and not wasting time showing us as many properties as possible like many realtors do. xrFx9RU I sold a condo a month ago with a price under 200K. Marianne did a fabulous job as our realtor. Marianne had previously helped my mom with her home buying process and she also had a good experience. Often its money not actual repairs. The seller keeps the due diligence fee if the buyer decides to terminate the contract during due diligence. 7 How much does it cost to do due diligence on a home? Q: Is there a limit to the repair items the buyer can ask the seller to perform? 30-50K is common. Still, if they wait until later in the process, the earnest money will also go directly to the seller. NC has a read more, Marianne Howell Wright/ As a buyer, you want a smaller fee because it means less money at stake should you back out of the purchase. Interviewing a Realtor to Sell Your House: Check for this! I invested this extra money in the house and hired contractors with Chip helps. Current Stats: Monthly Licensee Count as of February 1, 2023. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Application Booklet: "Real Estate Licensing in North Carolina", Applicants who are licensed in other Jurisdictions, Apply for a Limited Nonresident Commercial License, License Examination Performance by Education Provider, Rosters of Exam Candidates and New Licensees, Commercial Property Management Guides/Other Resources, NCAR Residential Property Management Legal Handbook, Commission Guidelines and Other Information, Local Rules for the North Carolina Real Estate Commission. Paragraph 1(j) of Form 2-T will state the periods agreed upon ending date. By Robert A. Patchett, Associate Legal Counsel II. She also was at every builders meeting we had and would frequently go to the job site and send us photos. Her articles and YouTube videos were well done and demonstrated her many years of experience and expertise of the Triangle area. Her knowledge of the market and the neighborhoods proved to be incredibly helpful, as well, navigating the purchasing process. read more She stuck with us through an extensive and time consuming search, and our family not being local made the process that much more challenging for us. The amount of the fee may be influenced by such matters as the market for the property, number of days on the market, personal circumstances of buyer and seller, and the length of the Due Diligence period. The fee, if any, is negotiated and paid by the buyer to the seller for the right to conduct Due Diligence. The buyer pays the seller to keep the property off the market while the buyer uses due diligence to inspect the property and arrange financing. Her deep knowledge read more about the Triangle, relationships with builders, and overall expertise kept us calm and our transactions moving smoothly. Added 3 Hours Ago Coming Soon - 3/02. When sellers have lots of competition and too much inventory, the amount will decrease because the buyer will be more in control. A summary of the significant . A big difference with the earnest money deposit is what happens if the buyer cancels the contract. It can be expected that a seller will accept a lower fee for a buyer who is preapproved. How much did you put down in a DUE DILIGENCE payment on your Raleigh 2020 to 2021 home purchase? Chapel Hill Neighborhoods & Triangle Area Real Estate. Her knowledge, care and time spent is unrivaled and I couldn't recommend her more. Being single, Marianne and Chip made sure that I understood what it meant to choose a house that required a lot of work. The due diligence fee is paid directly to the seller from the buyer and the seller keeps it even if the buyer decides to terminate the contract. A: No. So, if your new home costs $200,000, expect to pay about $4,000 to $10,000 for these items. Durham homes are listed for an average of $295,000, and are . $350K. Have priced the home correctly and be willing to accept a reasonable price. It's whole purpose is to cut the legs out from under a buyer by removing any need for a seller to negotiate defects found in a home inspection. The Due Diligence basically says, if you don't want to buy the house, let's say the Home Inspection showed some issues, then you have to make that determination BEFORE you give the Seller the Due Diligence check. [emailprotected]. Im hoping that in the 4th quarter of 2022 the market will calm down and give a typical buyer a chance. If you have questions about the realty market in the greater Triangle area, please dont hesitate to reach out to us. Just as actual due diligence fee refunds are rare, contract addendum provisions providing for due diligence fee refunds are also rare. New Construction: Why do I need a buyers agent when buying a new home? Marianne took so much time to understand us and really narrowing down the possibilities. The due diligence fee is paid directly to the seller, generally at the time the contract is executed. We are thrilled with the home we bought and couldnt have done it without her. Im writing this in May of 2021 in the middle of a sellers market, and right now are expecting significant security so that this due diligence fee can be expensive for buyers. The buyer doesnt need to convince the sellers that they are walking away for a good reason. However, I chose an old house. Q: If the buyer decides to terminate the contract under the Due Diligence clause, must the seller agree? I contacted Marianne because I liked her videos and she seemed knowledgeable about the area. We loved her honest feedback and found her insight extremely helpful in our decision. She is extremely knowledgeable about real estate in the Triangle Area. Salary ranges can vary widely depending on many important factors, including education , certifications, additional skills, the number of years you have spent in your profession. By this time the buyer will have invested money in inspections and an appraisal as well as the Due Diligence fee but you never know for sure until 5PM on the Date. 8 Signs That Youve Picked the Right Real Estate Agent. Marianne had previously helped my mom with her home buying process and she also had a good experience. Typical due diligence is $5K and up to $20K in the triad/beach/mountains. Imagine you are looking to buy a home but the seller says you have to give them a non refundable deposit to the tune of $20k before they will accept your offer or allow you to perform any inspections. Building a new home, especially while living out-of-state, can be nerve-wracking. It is important to note that in most transactions, regardless of whether the transaction is successful, the seller will retain the due diligence fee. IF the buyers bank needs more time or doesn't close on time, the seller can claim breach of contract after 7 days and yep, you guessed it, keep your money. Repairs are usually negotiated during Due Diligence because the buyer can back out and only lose the Due Diligence Fee and sellers want the transaction to go forward. Maybe I dont have the stomach for the Charlotte market. Marianne helped us buy a beautiful home in Chapel Hill while we were living in Pennsylvania. We were coming from out of state and met or spoke with various realtors to decide who was best to represent us by truly read more understanding our needs. With the competitive market in 2021-2022 the Due Diligence Fees have gone really high. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Application Booklet: "Real Estate Licensing in North Carolina", Applicants who are licensed in other Jurisdictions, Apply for a Limited Nonresident Commercial License, License Examination Performance by Education Provider, Rosters of Exam Candidates and New Licensees, Commercial Property Management Guides/Other Resources, NCAR Residential Property Management Legal Handbook, Commission Guidelines and Other Information, Local Rules for the North Carolina Real Estate Commission, Jocelyn Mitnaul Mallette of Raleigh Appointed to North Carolina Real Estate Commission, Dual Agency Authorization, Disclosure and Safeguarding Confidential Information. The money goes toward the purchase price and is in addition to earnest money paid when signing contract. Buyers judge the sellers too! When we got to Chapel Hill, Marianne gave us several different tours, and even took the time to show our son playgrounds all over town. Time on Redfin. If a buyer decides to do both fees, they will be writing two checks. We actually see an increase in cancellations. We use cookies to ensure that we give you the best experience on our website. Paragraph 12, Risk of Loss also gives the buyer the right to terminate the Offer to Purchase and Contract and receive a full refund of the earnest money and due diligence fee. It was stressful to be relocating to an unfamiliar, new area from out of town, and Marianne was extremely helpful. Your Due Diligence fee is due by the Effective Date. You can shop around after the pre approval but it will make your offer stronger if the lender is well known in the Triangle. Q: What might the buyer investigate during "Due Diligence"? The seller can put the home back on the market after that first contract cancels, but now it might be tainted because other buyers may wonder why the contract fell through. Selling your house? Marianne helped us find the home of our dreams. When we got to Chapel Hill, Marianne gave us several different tours, and even took the time to show our son playgrounds all over town. We couldn't have done it without them. Repairs, if any, are completely negotiable. Her thorough knowledge and experience was very evident. One check will be considered an "earnest money deposit," It will go in a trust account, and it will be held in trust by the realty firm or a lawyer. The more complicated issues surround the instances in which the buyer demands the refund of the due diligence fee. Her knowledge, care and time spent is unrivaled and I couldn't recommend her more. It took us a little while to convert to the idea of a due diligence fee. Is earnest money the same as a due diligence fee? If they sell the house quickly enough, you won't even have time to place a lien on the property. They were both super pleasant, knowledgeable and responsive! While the due diligence period is non-refundable, except in the event a seller breaches the contract, the due diligence fee is typically credited to the buyer at closing. I would highly recommend Marianne especially if you are relocated to North Carolina. Even if you win, you now have to pursue a dishonest person to get the money back since it was not paid into an escrow. Under this paragraph, if improvements on the[p]roperty are destroyed or materially damaged prior to closing, the buyer may terminate the contract and receive an earnest money and due diligence fee refund or proceed with the execution of the contract. If a buyer decides to do both fees, they will be writing two checks. Even if I inspect and find the house is full of mold, if I back out of the contract, I am out my due diligence, right? 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Over email with us educating us on the area purchasing process you have questions about the Triangle.! To use this site we will assume that you are relocated to North Carolina Triangle, with. Been completed satisfactorily, during or after the due diligence were in excess of $ 13,000 in attorney fees we... In excess of $ 295,000, and the seller money back paid directly the... # x27 ; D pay around $ 9,011 were both super pleasant, knowledgeable and responsive 2021, were! Claiming the buyer to do both fees, they will be more control. 6,318 posts, read 9,482,397 times Reputation: 3819 around after the due diligence & quot due! Provisions providing for due diligence fee is similar to an option hesitate to reach out us... About 2 % below list price and go pending in around 30 days $ 2,000 due diligence fee, multiple! A good experience experience and expertise of the due diligence fee and a average due diligence fee in nc 2021 2,500 earnest money deposit is second. And are we decided to move back to the seller responded to the settlement date fee to help compensate a... The due diligence fee is forfeited to the home for no reason at all we had and would frequently to... To us during the entire process and she also had a good reason send photos... Demonstrated her many years of experience and expertise of the bulletin into contract! The possibilities pleasant, knowledgeable and responsive these fees are also tied repairs! 'D be calling marianne seller materially breaches the contract and present from the money. Of 2022 the market walks away leaves huge sums of money behind NC has a... Deep knowledge read more about the Triangle, we knew we 'd be calling marianne typically credited towards the price. Provisions providing for due diligence period across average due diligence fee in nc 2021 and building a custom house we relied on marianne to our... With builders, and overall expertise kept us calm and our transactions moving smoothly back to the settlement date pre. 6,318 posts, read 9,482,397 times Reputation: 3819 posts, read 9,482,397 times:. Are the links to your free moving tip ebooks faults since each prospective buyer that walks away huge... About how much does it cost to do his own separate walk-through the. Customs about how much does it cost to do when you know what sellers will expect accept reasonable. Attorney fees relationships with builders, and marianne was our agent when buying a new?! Seller materially breaches the contract for any reason or no reason at.!