Answers - Real Estate

We've all heard the term "Buyer's Agent" or "Exclusive Buyer's Agent".....but what do these terms mean? What do they do? How are they paid? Aren't they just another Realtor?

Not long ago, the real estate ind

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ustry operated completely different than it does today! The rule, for many years, was that the seller paid the commission...so therefore, all agents involved in the transaction worked for that seller. It was a

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

"buyer beware" situation. This is not true anymore.

Lawmakers have been trying for years to come up with a way that agents could represent the buyer...legally! As of right now (at least in the State of Tennes

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

see), everyone involved in a real estate transaction must be made aware of who is representing who...and it must be in writing. This document is a legal part of every real estate contract for purchase.

When a

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

isting agent takes a "listing", they enter into a legal and binding contract with the seller to represent them in the sale of their home. The seller is actually signing an agreement with the real estate firm th

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

t the agent represents. Therefore, every other agent that works with that real estate firm legally represent that seller.

The problem arises when the listing agent (or any other agent affiliated with the real

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

estate firm) shows the property. How can they represent the buyer when they are already representing the seller? The law provides the solution: The managing broker can "designate" one of the firm's agents to

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

function as a buyers agent to work with that particular buyer. But guess what? That agent is still in the same office...talking over the same water cooler...and many times has access to the files in the office

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

. They do the best they can, but agents are still human...and mistakes occur.

The law goes one step further. In the event that the "listing agent" actually brings the buyer and writes the contract, it really

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

ecomes a sad case. That agent must revert to a "facilitator" status. This means that they can no longer represent either side. At this point, they can only take care of the paperwork involved in

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

the transaction. This agent, the buyer and the seller must sign a document that they understand this new arrangement. I've seen this done for years, and I don't believe that most buyers and/or sellers understa

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

nd that they no longer have any representation.

Do you see how this quickly becomes a "conflict of interest"?

So, when agents advertise that they are "buyer's agents", be sure to check and see if the company t

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ey work for takes any listings. True Exclusive Buyer's Agencies do not take any listings. They work exclusively for buyers without this conflict of interest.

What are the Benefits of using an Exclusive Buyer'

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

s Agent? First and foremost, is the absence of this conflict of interest. There's no "bonus" for selling company listings. There's no motivation to push any particular property. They are free to focus on you

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

real estate needs.

They usually function as "consultants"...guiding and educating you on the process of your new home purchase. They can be your eyes, ears and legs, especially if you are relocating from anot

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

er town. Most exclusive buyers agents will preview homes for you, look much deeper into the background of the home as well as tell you the negative points about the home (as well as the good points).

How are t

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

hey paid? Buyer's Agents are usually paid from the transaction. They normally split the commission that the seller and listing agent have already agreed upon. The listing firm simply pays the buyer's agent at

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

closing. If the buyer decides to remove even this tie to the seller, they can choose to work out a compensation agreement directly with the buyer's agent. The law requires that a buyer's agent agreement be in

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

writing, and this is one of the issued discussed at that time.

There are many wonderful Realtors...that do a really good job. But, the conflict of interest is something that is there anytime they show a listin

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

that belongs to their firm. Legally, there are ways around this problem...but you should be aware that the problem exists. And decide if you want to take that chance...or hire someone to represent you - 100%

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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