Answers - Real Estate

The first thing you need to do if you’re interested in living in Mexico is decide where you want to live. A variety of options are available fr

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

om ocean beach front property to condos, villas, vacation homes, rental property, etc. Depending on your choice, you’ll need to follow a few st

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

Examples of combination products may in

eps to successfully own or obtain the rights to your dream property. A Playa Del Carmen professional Mexico real estate agent can guide you in

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

the right direction.

It is important to note the only legal way a foreigner can own real estate in the Restricted Zone, is through a bank trus

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

t. A Mexican bank can act as trustee on your behalf and while the bank will actually legally own the property, all rights to the property belon

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

Combination pro

g to you, the buyer. You will still be able to make repairs, rent or sell the property as if you owned it directly. Again, your Playa Del Carme

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

n realtor can provide more information on this process.

Before making an offer, make sure the seller legally owns the property and is in the l

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

egal position to sell the property. Don’t rely on verbal confirmations, insist on documentation.

1) The seller must be able to provide a copy

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

of the public deed stating legal title of the property.

2) They must also have a lien certificate with a legal description of the property.

H

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

ire a lawyer to guide you through the buying process. They can review conditions, identify any problems, give you advice, formalize the transac

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

tion etc. When you hire a lawyer, make sure they are licensed to practice law in Mexico. Lawyers registered in other countries must fulfill loc

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

Following aspects would a

al prerequisites to practice law in Mexico.

After you have confirmed the seller is legally able to sell the property, make an offer to the sel

dd to the challenges in developing combination products:

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

ler. The offer should be in writing – both Spanish and English and is often referred to as a Promise to Buy. An offer usually includes a 5-10%

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

deposit. If the seller accepts the offer, the buyer forwards the deposit to the public notary or closing agent. Your Playa Del Carmen professio

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

nal Mexico real estate agent can refer you to a public notary or closing agent in your area.

All deposits made during the buying process go to

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

the public notary or the closing agent. Never give money directly to the seller. When the contracts are signed in front of the public notary,

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

Professional from academic institutions, pharmaceutical industries, health care indust

money and property then change hands. The closing process involves registering wills, property appraisals and title searches. Normally, the buy

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

er pays the closing costs, notary fees and other expenses. Once the transaction has been completed, the property transfer should take no more t

.

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

han 45 days.

Buying real estate in Mexico is a complicated process that requires planning. Once you’ve decided on an area in Mexico, your loca

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

Companies that provide selfless information through particip

l Mexico realtor can provide a list of available properties as well as additional information on the caveats of real estate ownership in Mexico

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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With schools running on such tight budgets these days many schools are faced with the problems of cutting out programs because of lack of funds.

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Answers - Buy a Piece of Paradise in Mexico

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