Answers - Real Estate

The information in this article will help you understand what to expect when buying a home. We have put the information in a step-by-step format and have included a time frame for each step so that you can mark it in a calendar.

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

1. Get pre-approved. Obtain pre-approval for a home loan before beginning your home search. Before writing a contract on a home, you will need to get a letter of pre-approval from your lender specific to the home you are buying to

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

Examples of combination products may in

attach to the purchasing contract. This is free. (Time frame: before you begin the home search)

2. Choose a real estate agent. This is a free service for buyers. Your agent will write the contract for you and help you negotiate

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

with the sellers. Your agent will also be able to give you recommendations on what lender, attorney, insurance agent, and home inspector to hire. Also, your agent will help you set up appointments with the attorney, home inspector

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

and any contractors you may need. (Time frame: approximately 1-2 months before move-in date)

3. Find a home and write a contract. It normally takes 30 to 45 days from the time you find a home to close on it and move in. When you

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

Combination pro

find the home you want, you'll write a contract. If you have a real estate agent, he or she will write the contract for you and help you negotiate with the sellers. (Time frame: approximately 30-45 days before move-in date)

4. G

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

ive earnest money. After the purchasing contract has been ratified (meaning both parties have signed and agreed to the terms of the contract), you will write a check for earnest money showing the seller you are serious about purch

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

sing. This money will be placed in an escrow account and will be credited to the buyer at closing. The amount of earnest money is determined by the buyer and the seller. There is no standard amount. (Time frame: within 48 hours of

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

ratifying the purchase contract)

5. Choose a lender. There are many different kinds of loans. Although you can get a 0% down loan, it is good to shop around with 2 or 3 lenders to see what loans are available and to compare rate

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

s and closing costs. Make sure to get a "good faith estimate" of closing costs from the lender before committing to the loan. If you cannot get a loan before the specified date on the contract, then you are not obligated to purcha

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

e the home, and you will get your earnest money back in full.(Time frame: as soon as the contract to purchase is written)

6. Conduct a home inspection. Choosing a home inspector is optional. You do not have to conduct a home insp

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

Following aspects would a

ection. However, it is a good idea to make sure that the home is structurally sound and that all major systems in the home are running properly. (Time frame: within about 2 weeks of ratifying the purchase contract)

7. Write a rep

dd to the challenges in developing combination products:

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

air list. Getting the home repaired is optional. If the buyer is dissatisfied with the home inspection, the buyer's real estate agent will make a list of items for the seller to repair. These items will be negotiated in contract f

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

orm between the buyer and the seller. (Time frame: within 48 hours of the last day for inspection, which is specified in the purchase contract)

8. Get home insurance. Most homes will require purchasing hazard insurance (fire and

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

welling insurance). If the home is in a flood plain, flood insurance will also be required. Some condos and townhomes collect the insurance through Home Owners Association dues or Regime fees. Ask your real estate agent or your in

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

surance company what type of insurance your home requires. (Time frame: at least 2 weeks before closing)

9. Make a final walk-thru. This walk-thru allows buyers to inspect any last minute repairs the seller has made to the proper

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

Professional from academic institutions, pharmaceutical industries, health care indust

ty. This walk-thru is the buyer's last chance before closing to examine the condition of the property. (Time frame: a day before the closing, but sometimes the day of closing)

10. Wire funds or get a certified check for the closi

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

g. About 24 hours before the closing date, you will receive a call telling you how much money you will need to bring to the closing. You will then need to get a certified check payable to the attorney's office. If you are from out

.

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

of town, you may need to wire funds to the attorney's office a day or two before closing. In this case, ask the attorney's office for wiring instructions. Bring your checkbook and driver's license to the closing with you, just in

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

Companies that provide selfless information through particip

case. Total closing costs (lender's fees, attorney's fees, title company's fees, and insurance, other closing costs) will be approximately 3% of the purchase price of the home. (Time frame: approximately 24-48 hrs. before closing

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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Poor credit unsecured loan is an opportunity for bad credit borrowers like tenants or non- homeowners to access much needed financial support. Your bad credit will not come in the way of the loan, provided some conditions are met. The article makes you more aware of the ways to avail the loan in an easy manner.

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Answers - The Home Buying Process

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