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If you are selling your home for sale by owner, the contractual issues that arise with offers and counter offers may confuse you. Here

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

is a basic guide to contracts.

The Basics of Contracts for FSBO Sellers

A contract is an agreement between two or more parties to d

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

Examples of combination products may in

o something. In the contract, each party agrees to do something, known as “consideration”, in exchange for the other party also taking

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

some action.

If we consider a home loan, the nature of a contract becomes pretty clear. If I apply for a home loan from a bank and a

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

approved, a written contract is issued that both parties sign. Two things happen with that thick contract. The bank agrees to lend me

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

Combination pro

money. In consideration of this money, I agree to make monthly payments to pay back the loan. Obviously, other items such as maintain

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

ing homeowners insurance are included, but this is the basic idea.

As a FSBO seller, you will get offers on your home at some point f

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

om potential buyers. The offer is not a binding contract, but can become one. The offer is simply a statement of what the buyer is pro

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

mising to do if you accept the offer, to wit, the buyer is promising to pay $300,000 or whatever for you home. You can make the offer

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

binding on both parties by accepting the offer as evidenced by your signature. Alternatively, you can reject the offer and counter-off

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

r with alternative terms that are usually price-oriented. In such a situation, your counter-offer is binding on you if the potential b

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

Following aspects would a

uyer accepts it.

There are two key points to keep in mind with this process. First, the offers must be in writing. Courts hate to dea

dd to the challenges in developing combination products:

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

l with “oral” contracts and will rarely enforce them. Any offer for you home must be in writing or the potential buyer is just screwin

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

g around. Always keep in mind that everything should be in writing when dealing with real estate transactions. If it is not, then the

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

ubject covered by the oral offers is going to be very hard to enforce on the other party.

The second issue that will arise is the “go

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

od till” clause. Neither you nor the buyer wants the offer process to hang over your head for weeks or months. As such, each offer/cou

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

Professional from academic institutions, pharmaceutical industries, health care indust

nter-offer should contain a good till clause. This clause says here is what I am offering, but you must accept it by this date and tim

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

. If you do not, this offer will expire and no longer be binding on the party making it. Always include this language in any offer you

.

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

make. It is customarily contained within offer/counter-offer forms.

As a FSBO seller, you should understand the basics of the contra

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

Companies that provide selfless information through particip

ct process. If you are uncomfortable with it, a real estate lawyer can help you and for much less than paying a real estate commission

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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When we apply for and take out a mortgage on our property we are normally in good health and fully employed otherwise the mortgage company would not have entertained us. However, rarely in life is our path smooth and straight and at a time of unemployment or bad health, the last thing we would want to worry about is losing our home. This is where mortgage payment protection insurance comes into its own.

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