Top Adding - Real Estate

Why have title insurance in the first place? Because it protects one of the most important investments you will ever make...your home or investment in real estate! And because your lender will re

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

quire it.

When preparing for your real estate closing, the closing agent will conduct a "title search", which means that they search the courthouse records for the chain of title on the property y

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

Examples of combination products may in

ou are purchasing. Some of the things they look for include:

Any outstanding liens or judgments on the property
Any unpaid taxes, special assessments or homeowners association char

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

Zoning violations

Fraud

Easements

Mistakes in any recorded documents

Forged or improper information on deeds, releases or wills

Any undisclosed heirs

Because

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

your lender is providing the money for your purchase, they want to be sure that the property is free of encumbrances.

There are two main types of Title Insurance:

Lender's (or Loan)

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

Combination pro

olicy - This policy is issued in the amount of the loan and protects the lender's interest in the property in case of any problem or defect with the title. This coverage is typically paid for

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

by the seller of the property as part of giving the new buyer a clear title. One exception to this will be in the purchase of new construction. Most builders don't like to pay title insurance, so

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

when you are considering the purchase of a brand new home, be prepared for this extra expense. This policy does not protect the buyer.

Owner's Policy - This policy provides protection

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

for and is usually paid for by the homebuyer. I always ask for a "simultaneous issue" because the title company will provide this coverage for a very small one-time fee if it is purchased at the

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

ime of closing. The normal cost will be in the $35-$50 range. This policy will protect the buyer for as long as they (or their heirs) own the property...and will pay any legal fees involved in de

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

fending the claim.

What is an "Enhanced Policy"? And why do I ask for one in the purchase contract?

Because as your Exclusive Buyer's Agent, I want to provide all the protection I c

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

Following aspects would a

an to my homebuyer clients! Here are some of the additional benefits of having an enhanced policy:

Value added protection - The policy amount automatically increases (over 5 yea

dd to the challenges in developing combination products:

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

s) up to 150% of the original policy.

Post policy coverage - In the event of any liens being placed on the property after the policy is issued due to unpaid labor and materials not auth

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

orized by the homeowner, adverse possession or forgery.

Additional insured - Provides coverage for anyone who inherits title from the insured, including a spouse who might be awarded ti

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

le in a divorce or the beneficiaries of the trust after death of the insured.

Zoning Law violations - Coverage in the event that the land was not properly zoned.

Encroachments
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
b> - Coverage in case the homeowner is forced to remove existing structures which were located on the property at the time of policy issue...but encroach onto a neighbor's property. Also provides
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
rotection in the event a neighbor builds a structure (other than a fence) on the homeowner's property after the policy is issued.

Easements - Provides coverage if the homeowner is requi

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

red to remove existing structures because they encroach into an easement or setback line. Also provides for any damage caused by use or maintenance of an easement.
Water and Mineral Rights

.

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

damage - Coverage for damage to existing improvements and landscaping due to exercise of existing mineral rights.

There are more benefits (and also some restrictions) on the enhanced poli

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

Companies that provide selfless information through particip

cies, but certainly worth the effort. The cost is minimal compared to the potential cost of any claims that could arise. Be sure to consider this type of coverage when you purchase your next 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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Top Adding - Enhanced Title Insurance - Who Needs It?

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