Answers - Real Estate

If you are a potential home buyer, you must understand the difference between seller, buyer and dual real estate agents. Using the wrong type of agent could affect the financial terms of the de

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

al and have significant legal implications. Read on to arm yourself with an understanding of the difference and how to use it to your advantage when buying a home.

There has been a significant

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

Examples of combination products may in

amount of talk over the past few years about buyer’s agents and seller’s agents. Real estate law has evolved to require that an agent list who they are representing. This is normally done earl

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

in the process through a disclosure document that you must sign that clarifies whether the agent is working for the buyer or seller. A seller’s agents represent the seller. Most real estate ag

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

ents who show and market houses are seller’s agents. They may be friendly to you as a potential buyer, show you multiple homes and help you through the offer process. However, they normally are

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

Combination pro

working for the seller and looking out for the interests of the seller. Conversely, buyer’s agents actually work for the buyer and have a fiduciary responsibility to look out for the interests

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

of the buyer. There are also dual agents, but we’ll come back to that in a moment.

Normally, this has nothing to do with who actually pays the agent. So, why does it matter? If you are the buy

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

er, it is important for you to use a buyer agent because of the financial, legal and ethical implications. A seller’s agent has a fiduciary responsibility to the seller not to you as the buyer.

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

This means during the negotiations a seller’s agent will be looking out for the interests of the seller. Here’s a real life example to help clarify. Suppose an agent discovers that the seller

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

ust relocate for a new job, has become highly motivated and is now willing to accept $15,000 under the listed price. If the agent is a buyer’s agent - working for you - he/she will be obligated

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

and probably excited to tell you this information. However, if the agent is the seller’s agent – working for the seller - he/she does not have to disclose this information to you and may withh

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

Following aspects would a

old the information initially in an effort to get the highest offer from you.

So then, what is a dual agent? Occasionally your will find an agent that says they are performing in a dual role;

dd to the challenges in developing combination products:

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

meaning they are acting as a buyer and seller agent. Be careful in this situation. As a buyer you may want to avoid a dual agent. Realistically, the dual agent cannot fully represent the buyer

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

's interests without adversely affecting the seller and visa versa. There are some excellent agents that can operate effectively in the dual role. However, as a buyer, you should realize the po

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

tential conflict. If you want the lowest price on a home, seek a good buyer's agent whose loyalties are aligned solely with you.

You may be wondering who actually pays for a buyer’s agent. Typ

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

cally the selling agent lists the property in the MLS ("multiple listing service") and agrees to split the commission with the agent who brings the buyer. In this scenario, the seller’s agent a

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

Professional from academic institutions, pharmaceutical industries, health care indust

nd the buyer’s agent split the real estate commission 50/50. This means that although the buyer’s agent is working for you, the seller is actually paying for the buyer’s agent. Occasionally y

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

ou may find a listing where the selling agent does not agree to split the commission with the agent who brings the buyer and in that case you would have to negotiate who will pay for the buyer'

.

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

agent.

Understanding the financial, legal and ethical implications of buyer, seller and dual agents is important to you as a home buyer. Before you start searching for a new home, find yourse

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

Companies that provide selfless information through particip

lf a good buyer’s agent with at least 10 years of experience in your market. They will be aligned with your interests and have the experience to help you negotiate the lowest price for the home

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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