Answers - Real Estate

The information in this article will help you understand what to expect when selling your 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 cale

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

ndar.

1. Choose a real estate agent. Choose an agent you trust who is knowledgeable about your neighborhood. It is helpful to choose an agent who also works with buyers so he or she can look at your home through a buyer's eyes

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

Examples of combination products may in

Your agent will market your property, set up showings, write the contract for you, and help you negotiate with the buyers. Your agent will also be able to give you recommendations on which contractors to hire for the termite i

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

spection (also called the CL-100 report) and for any necessary repairs. Your agent will help set up the closing and facilitate the closing with the buyer's attorney. (Time frame: approximately 3-6 months before the date you wan

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 to sell)

2. Make your home shine. Ask your agent what you can do to improve your home's appearance to buyers. He or she may suggest de-cluttering, cleaning, painting, etc. If any repairs need to be made (ex. fixing a leak, r

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

Combination pro

placing an inoperable oven), now is the time. You can save time and money by making repairs before a buyer inspects your home. Your home has only one first impression, so make it good! (Time frame: before listing your home or a

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

soon as possible after listing your home)

3. Show your home. Allowing easy access to your home is essential. Homes sell faster when a seller requires little or no notice to see the home. This can be hard with pets, but make i

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

t as easy as possible for the buyers to come on short notice. Your home will be shown more often if you make showing your home easy. Also, if you are home when the buyers arrive, say hello and then leave for a bit (even if it's

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

just for a quick walk around the neighborhood). Your home will sell itself, so do not feel like you need to sell it. When owners are present, buyers feel uncomfortable and feel like they're being watched. (Time frame: as soon a

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

your home is listed)

4. Buyer writes a contract. The buyer writes a contract with his or her agent. The buyer's agent sends the offer to your listing agent as soon as possible. Your agent presents the offer to you and advises

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

you on how to negotiate. After both parties have signed that they agree to the terms of the contract, it is considered a ratified contract. The buyer will then write a check for earnest money showing his or her commitment to bu

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

Following aspects would a

ying your home. If the buyer defaults on the contract, the seller gets to keep the earnest money (and vice versa). The buyer and seller negotiate how much money will be put down for the earnest money deposit. (Time frame: earne

dd to the challenges in developing combination products:

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

t money is collected within 48 hours of contract ratification)

5. Choose a closing attorney. According to South Carolina law, attorneys must oversee all closings. The attorney will prepare the deed for you. Most people choose

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

o use the same attorney that the buyer is using to facilitate the closing process. In cases where there is more than one seller, you need to inform the closing attorney if one of the sellers will not be present at the closing.

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

You can give another person authority to sign for you through a document known as Power of Attorney. (Time Frame: as soon as the contract is written)

6. Buyer conducts a home inspection. Getting a professional home inspection

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

nsures that the home is structurally sound and is free of leaks. Inspectors also check to make sure that all systems in the home are running properly. The home inspection is a buyer's expense. (Time frame: approximately within

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

Professional from academic institutions, pharmaceutical industries, health care indust

weeks of ratifying the purchase contract)

7. Buyer writes a repair 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 fo

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

r the seller to repair. The repairs will be negotiated in contract form 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 a termi

.

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

e inspection. Sellers will typically be responsible for getting a Wood Infestation and Termite Inspection, which is also called a CL-100 report. Before closing, the home must be clear of termites, wood rot, and high moisture co

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

Companies that provide selfless information through particip

tent because these conditions affect the structure of the home. Typically, the seller pays for the inspection and for any needed repairs that show up on the CL-100 report. (Time frame: approximately 1-2 weeks before the 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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