Top Adding - Real Estate

Good question; there is no simple yes or no answer to this one. The earnest money submitted with the offer is meant to cement the deal and enable the buyer and seller to enter into a contract for the sale of the house. Most offers and contracts do state

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

that the buyer will forfeit the earnest money if they do not perform as stipulated. In other words, if the buyer backs out, they lose their deposit. However, and it’s a big however, there are a lot of things to consider here.

Nearly all buyers suffer fr

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

Examples of combination products may in

m “buyer’s remorse” at some point after the offer is accepted. The majority of the time this occurs in the first ten days. The important thing to remember is that, in most instances, this is a fleeting stage and in a short period of time they will get ov

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

r it. The ones that don’t are the problem. In my twenty plus years as a Realtor®, I have experienced this about 2% of the time. In these cases I have found it advisable for the seller to agree to cancel the transaction and move on.

Buyers have many oppo

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

tunities to get out of a contract in a “legit” manner. Most offers have an inspection contingency clause and if you don’t agree to correct the items discovered (not those you have disclosed prior or those that are obvious with a prudent visual inspection

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

Combination pro

, then they have the right to back out. There are also legally mandated disclosures in most States and if the buyer has not been given them before entering into the contract and acknowledged them, the buyer can cancel when they are presented with the dis

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

losures due to non-disclosure of items affecting the property. Doesn’t matter what the disclosures are, they weren’t given prior to the contract! If the buyer can’t get the loan within the terms stipulated in their offer (maybe interest rates went up) th

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

n no deal, as the offer likely had a financing contingency. Any of the contingency clauses not removed in a timely manner can also give them the reason they need. What if the appraisal came in low? What if you don’t live up to your side of the contract o

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

act within the timeframes specified?

So, what to do? If you have used a Realtor® or followed along in the manual “FSBO: You CAN Do It” (fsboyoucandoit.com), if you are a For Sale By Owner, then you would have previously removed almost all the circumsta

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

ces listed above. What you are left with is a buyer who wants to renege on the deal for no good reason. Maybe they saw another house they liked better. Maybe they were just too scared to complete the sale as it put them way out of their comfort range. Wh

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

tever the reason, they want out and they want their deposit back. You feel that you have a legitimate claim on that money as you took your house off the market and have suffered a financial hardship by not having the sale close as planned. Should you tr

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

Following aspects would a

y to hold the buyers to the contract or have them forfeit their deposit? My advice on this would be NO! Have the buyer sign a cancellation agreement, instruct the escrow holder to return their money and cancel the contract immediately.

If you don’t agre

dd to the challenges in developing combination products:

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

to cancel, you will likely find yourself in an unwelcome situation. But, you upheld your end of the contract and they didn’t, so they were in the wrong. Yes, that’s true, but if you still want to sell your house in any kind of timely manner and not spen

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

a fortune on legal fees, then you have to let go. If you don’t give the buyer their money back, they will probably not agree to cancel the contract. Even though you are in the right, the buyer could file a “lis pendens” (lawsuit pending) on your propert

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

, or file a small claims action to recover their money. If this happens, you will not be able to obtain title insurance and, in effect, you will not be able to close a deal with another buyer until the matter is resolved in the courts. I had a seller onc

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

who was so incensed by a buyer who just wanted out (he was extremely rude and insulting when she didn’t agree) that she refused to sign cancellation instructions and release the buyer’s deposit. Needless to say, the buyer sued for the return of his earn

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

Professional from academic institutions, pharmaceutical industries, health care indust

st money ($10,000). My seller decided she was not going to give in on principle as she was in the right. Her house was now effectively off the market as the prior “sale” had not been cancelled. It took almost nine months and about $20,000 in legal fees t

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

resolve. She won in court and got to keep the deposit but by this time there had been a spike in interest rates and the market had slowed down. Her listing had expired during this time and I was not willing to re-list the property as, had she listened 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

me in the first place and just let go and got on with it, the house would most likely have “sold” again within a couple of weeks. Also, if you do try to make the buyer go through with the sale, I would bet that the deal would collapse at some later poin

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

Companies that provide selfless information through particip

in the escrow period due to some other action, or inaction, on the buyer’s part and you would have lost all that time off the market.

This article is not intended to be legal advice. For legal advice always consult the appropriate licensed professional

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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