Answers - Real Estate

Congratulations! You have a contract to sell your house. You are looking at that sales price and thinking what a large number it is. However, that sales price is not the amount you will be taking home from the closing. Wha

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

t will be deducted from that price?

1. Real estate agent fee – before you put your property up for sale, you will probably have retained the services of a real estate agent who will help you sell your house. You will have si

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

Examples of combination products may in

ned a contract with the real estate agent which lists the fee that the agent will charge.

2. Attorney fee – a seller in certain parts of the country will retain a lawyer to represent him in the sale of real estate. In other

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

tates, the real estate broker and title company will perform some of the functions of an attorney that are not considered practicing law, i.e., completing a pre-printed Contract of Sale and preparing for and attending the clos

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

ng. An attorney protects the seller’s interests at every step of the transaction. Attorneys fees generally range from $750 to $950.

3. Grantor transfer fee – Some of the states require the seller to pay a transfer fee on ev

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

Combination pro

ry property he/she sells, whether or not it is a personal residence. The fee is based on the sales price of the property and the rate may goes up at various sales prices.

4. Mortgage and related fees – If you have a mortgage

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

on your property, the amount of the mortgage (plus any unpaid interest plus any late fees) will be deducted from your sales price. Prior to the closing, you will request a payoff statement from your lender that will set forth

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

the amount that is necessary to pay the entire mortgage. If your mortgage lender has been escrowing money for the payment of your real estate taxes and homeowner’s insurance, they may deduct the escrow account funds from the

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

total amount due. Other lenders send you a refund check after they have received the check for the payoff of the mortgage. The settlement agent may charge you a fee for obtaining the Discharge (or Satisfaction) of Mortgage.

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

This fee is approximately $75.00; there may be an additional charge for overnight mail to send the check paying off the mortgage to the lender and record the Discharge of Mortgage.

5. Home inspection repairs – the buyer will

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

ypically retain a home inspector to look through your entire house (roof to foundation) to find any structural problems or problems with the heating, cooling and electrical systems. The home inspector will send a written repo

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

Following aspects would a

t to the buyer’s attorney or real estate agent who will forward a copy to your attorney or real estate agent with a request that you make certain repairs. Certain repairs must be made only because if this buyer raises it as a

dd to the challenges in developing combination products:

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

issue, every buyer will raise it as an issue. These types of repairs include problems with the roof, termites, mold, boiler, water heater and abandoned oil tanks. How much will these repairs cost? Your real estate agent wi

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

l help you find expert contractors who will give you an estimate as to how much it will cost to make the repairs. Your attorney or real estate agent will negotiate on your behalf which repairs you will do or whether you will

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

give the buyer a credit against the balance of the purchase price due at closing.

6. Real estate taxes/sewer fees – you have paid your real estate taxes when they became due, perhaps quarterly, semi-annually, or once a year.

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

When you sell your house, the buyer reimburses you for the taxes you prepaid, calculated from the closing date to the date on which the next tax payment is due. Occasionally, the closing is scheduled for a date before the ta

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

Professional from academic institutions, pharmaceutical industries, health care indust

es have been paid. If you haven’t paid the taxes by the closing date, the buyer pays the taxes and you reimburse the buyer. Some towns charge a separate sewer fee that is also subject to reimbursement by the buyer or the sel

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

er, depending on when the sewer fee is due and whether it was paid before the closing.

7. Homeowner association fees – this fee is charged when the property is a condominium or in a planned community. The fee that has been a

.

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

ready paid by the seller is allocated between the seller and the buyer according to the closing date. If the seller has not paid the homeowner association fee before the closing date, the seller will owe the buyer for a portio

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

Companies that provide selfless information through particip

of the fee.

Unfortunately, the closing expenses always seem to be higher than what a seller expects. Your attorney or real estate agent will be able to guide you through the process so that you will not be totally surprised

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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Answers - Real Estate Sellers' Closing Costs

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