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We have a number of production server domains registered with a small registration company. They all expire at the end of the month.

We would like to migrate them to godaddy.com, but are unsure if we should first renew the domains and then transfer them to godaddy, or transfer then to godaddy, renewing them in the process.

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It depends entirely on how fast the registrar processes the transfer. An hour or less is typical, though if they want to be obstructionist they can drag it on for weeks. Though your choice of GoDaddy is kind of odd...

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