Just Answers - Real Estate

In a real estate transaction, a touchy issue is how much trust the seller has in a buyer. The existence of

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

a good faith deposit helps put a seller at rest.

Good Faith Deposit

If you are selling your home, condomi

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

Examples of combination products may in

nium or other real estate, you should always require a buyer to make a good faith deposit. The good faith d

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

eposit simply establishes that the buyer is serious and, to some extent, has the financial capacity to foll

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

ow through on the purchase.

The amount of the good faith deposit is dependent upon the agreed sale price o

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

Combination pro

f the real estate. Although percentages vary from state to state, a cash deposit equal to three percent of

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

the sales price is typical. For instance, the deposit would be $9,000 for home selling at a price of $300,0

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

0. As with most transactions, this percentage is negotiable. I don’t recommend that you accept anything les

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

s than two percent.

Once the buyer and seller agree to the amount of the good faith deposit, you have to f

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

igure out what to do with the deposit. Importantly, the seller should not hold the deposit as doing so coul

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

d make the buyer very uncomfortable. Instead, the money should be deposited with a third party and held “in

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

Following aspects would a

trust.” Potential third parties include escrow and title insurance companies as well as an attorney if you

dd to the challenges in developing combination products:

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

r state requires their involvement.

A good faith deposit acts like an insurance option for a seller. Movin

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

g through escrow can take 30 to 60 days, during which the property is off the market. The good faith deposi

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

essentially compensates the seller for this time in the event the buyer is unable to follow through on the

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

purchase of the property.

Depending on the laws in your state, a buyer who can’t close will lose the depo

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

Professional from academic institutions, pharmaceutical industries, health care indust

sit. Typically, the only exception to this is when the seller allows language indicating the deposit will b

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

e returned if the buyer can’t get a home loan. Of course, including such language can open the seller up to

.

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

repeated frustration when bad credit buyers repeatedly fail to get funding.

Good faith deposits are a fun

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

Companies that provide selfless information through particip

damental part of a real estate transaction. Buyers should expect to pay them and sellers should demand them

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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In a competitive environment, marketing is an integral part of a business and requires significant effort to reach out to people. Businesses employ various media like TV, radio, print, etc to promote their products and services. Through these media, businesses pull people to attract attention, elicit interest and finally buy their products and services.

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