Page 18 - Boca Club News - February '23

Page 18, Boca Club News
Legal: Attorney’s Opinions
Medical Matters from page 17

success rate, depending on the prevalent stain any given
developing a universal Flu vaccine that will cover more than in Lieu of Title Policies for Loans
year. Recently, it has been reported that scientists are close to

20 different strains of the virus. The oral drug Paxlovid, when
taken early within days of contracting COVID and continued By Michael J Posner, Esq., a partner One of the goals they outlined in those plans is a push
for five days, has proven effective in alleviating symptoms, in Ward Damon P.L. a mid-sized to reduce closing costs, especially for low-income
although in some people a rebound phenomenon has occurred. real estate and business-oriented borrowers,” said Diane Tomb, the CEO of the American
As with the Flu, the vaccines and boosters are by far the best law firm serving all of Florida, Land Title Association. One of the leading players in the
approach. with offices in Palm Beach and AOL market is Voxtur, and they claim on their website that
Myth: The Flu vaccine is associated with autism. Even Lee County. They specialize in real their product can save consumers up to an entire mortgage
today, many mothers continue to refuse Flu shots for their estate law and can assist sellers and payment.
children despite a multitude of large studies—one of which purchaser with closing and financing AOLs that are issued in lieu of a title policy must
involved 5,000 children—that concluded absolutely no such of residential and commercial real meet the following guidelines: The attorney issuing the
link was found. estate including remote closings. They can be reached at title opinion letter must be licensed to practice law in the
Myth: There are a wide variety of over-the-counter (561) 594-1452 or at mjposner@warddamon.com. jurisdiction where the subject property is located and must
cough medicines that are hyped as effective in relieving Ever since the great fire in Chicago of 1873 destroyed be insured against malpractice in rendering opinions of
coughing. The reality is that, unless they contain codeine most private land records (resulting in the creation of title in an amount commonly prevailing in the jurisdiction.
which is available only by prescription, they are essentially Chicago Title Insurance Company), and accelerating with The attorney title opinion letter must be addressed to
ineffective. Decongestants may afford some relief if the cough the rising homeownership after World War II, the issuance the lender and all successors in interest of the lender; be
is caused by a nasal drip. of title insurance in connection with purchases and commonly accepted in the area where the subject property
Myth: For many years it was generally accepted that mortgages has become the standard operating procedure is located; provide gap coverage for the duration between
gastrointestinal ulcers were caused by eating spicy foods for virtually all closings. the loan closing and recordation of the mortgage; list all
and by anxiety. Antacids were the mainstay of treatment. We The procedure has become standardized over the years: other liens and state they are subordinate; and state the title
now know that these ulcers are caused by an infection with a buyer or borrower will contract with a title company or condition of the property is acceptable and the mortgage
a bacterium, Helicobacter Pylori, and there is a hereditary an attorney who is an agent of a title underwriter in order constitutes a lien of the required priority on a fee simple
propensity for this bacterium to be present. Modern treatment to obtain a title commitment to ascertain the status of a estate in the property.
involves at least two different antibiotics at once plus proton particular property’s title. In most counties in Florida, the Therefore, the attorneys, their law firm and their
pump inhibitors, such as Prilosec, Nexium and Prevacid, which seller is obligated to provide a title commitment to a buyer malpractice insurance carrier become the substitute of the
stop acid production in the stomach. and the buyer’s lender (at the buyer’s cost) to show that title insurance company should there be any title defect
Myth: Preventive angioplasty and stents saves lives. the seller has clear title. that would necessitate payment of a claim or defending a
The fact is that in asymptomatic people, even with narrowing In Miami-Dade and Broward counties, the buyer title action. There is the risk, of course, that attorneys die
of coronary arteries, for fewer than 70 percent performing is obligated to obtain their own title commitment for or retire, and malpractice insurance is no longer available
an angioplasty or putting in a stent does not prevent a future themselves and their lender. This is due to the fact that while title defects may not be discovered for many years
heart attack or prolong life. It is widely reported that 50% those two counties previously had an abstract basis for after the issuance of the AOL.
of all such procedures are unnecessary. On the other hand, delivering evidence of title, but this system ended almost Companies like Voxtur hope to avoid these issues
these procedures are indeed very effective in treating patients 30 years ago. by providing an additional level of coverage through a
with symptoms of angina, and in this situation in preventing Recently, Fannie Mae and the Veteran’s Administration Mortgage Service Providers Errors & Omissions insurance
an impending heart attack. In people who have significant have promulgated guidelines to allow acceptance of policy in addition to the attorney’s own malpractice
narrowing of the carotid arteries, an endarterectomy or a stent attorney opinion letters (AOL) in lieu of title insurance coverage. This, of course, adds to the cost of the product,
can prevent a stroke. policies for certain mortgage loan products. Excluded since attorneys must share fees with Voxtur to be covered
Myth: High systolic and diastolic blood pressures are loans include loans to condominiums, co-ops and as a Voxtur-approved law firm.
equally involved with heart disease and strokes. Actually, properties subject to restrictive covenants (which would The problem ultimately is that the cost savings will
for example in people under 50, a systolic blood pressure of indicate that properties in homeowner’s associations are really not benefit those of low- to moderate-income
140 and a diastolic pressure of 100 or higher are associated also excluded). In addition, companies that provide a because the fees are fixed for the AOL, whereas the title
with a significant risk of these diseases, and treatment to mechanism for AOLs cap coverage at $1,000,000. fees for loans are based on the loan amount. In September,
successfully bring both numbers down to 120 over 70 is The basis for the promulgation of this rule is cost savings United Wholesale Mortgage, the largest wholesale lender
important. However, in seniors it is the systolic blood pressure to borrowers. In Florida, title insurance premiums are based in the country, announced that it would be launching AOLs,
that assumes greater importance and should be reduced to on the purchase or loan amount. The first $100,000 in value which it claimed could save borrowers up to $1,100 on
less than 130. Lowering it too much can result in orthostatic is assessed at $5.75 per $1,000 of coverage. From $100,000- purchase loans and about $800 on refis. This “savings” is
hypotension (low blood pressure) with dizziness, fainting and $1,000,000 the cost is assessed at $5.00 per $1,000 of far less than what was originally promised, and given the
serious falls possibly leading to bone fractures and concussions. coverage. For example, the cost of a $75,000 policy would claims risk, it’s unclear if many lenders will really want to
In these older people, careful monitoring is essential to achieve be $431.25. A $375,000 policy would cost $1,950. However, take the risk for these savings. In addition, with the loan
a proper balance and to be certain that they are taking their a policy issued to a lender as part of a purchase only costs policy fee being only $25 for purchase loans, and with
medications as prescribed. $25 as part of a simultaneous issue. substitution rates lowering title premium costs for many
Myth: We should drink eight glasses of water a day in “The intent was to promote affordable and sustainable refis, the actual savings may be small to nothing at all, or
order to avoid dehydration. Actually, what we need is the housing opportunities for more households nationwide. may even cost more due to the new risk.
equivalent of eight glasses of fluid a day. Juices, tea, coffee,
milk and many foods are good sources of water. One must
avoid over-hydration, which can dilute electrolytes such as
sodium and potassium and lead to leg edema and swelling of
brain cells that can burst and cause death. During exercise it
is wise to take something like Gatorade, which supplies both
water and electrolytes that are lost with excessive sweating.
Myth: It is alleged that prior to exercise stretching NoN-Toxic cancer immunotherapy
prevents injury to muscles and reduces soreness. While
it does improve range of motion, coordination, balance and
posture, it has been shown that it is much better to stretch after
exercise, when the muscles are warmed up. Available NoW
Myth: Until July 2021, it was generally recommended
that all adults over 40, and especially seniors over 60, take Safe and Effective!
a low-dose aspirin (81mg) daily as a means of preventing
a heart attack and stroke. However, in a large multinational
study reported in the American College of Cardiology and the This is the Original Immunotherapy that
American Heart Association in July 2021, and echoed as well
by the U.S. preventive task force, it was concluded that for most balances and optimizes your immune system to
people—including seniors without known heart disease or who fight almost any type of cancer.
were not at high risk—there was a lack of any significant benefit
from aspirin. Importantly, daily ingestion of even low-dose
aspirin has been shown to significantly increase the chance of Hundreds of successes over the years.
bleeding into the GI tract and brain–especially in seniors, which
can be fatal. Continuously available since 1977
As a result, it is now recommended that people over 40—
and especially seniors over 60 who are at low risk of heart in Freeport, Grand Bahama Island
attacks and strokes and who are on statins—should not take
low-dose aspirin. Similarly, those same individuals who are
presently taking aspirin should stop because the risk of serious See our website for more info:
bleeding outweighs any limited benefit. On the other hand,
for people who have known heart disease or are at high risk www.Quantumimmunotherapy.net
from diabetes, untreated hypertension, obesity, smoking and
uncontrolled LDL cholesterol levels, for them taking daily or call for more information: Toll-free number (561) 766-0878
low-dose aspirin makes sense as it may help to prevent blood
clots that can cause a heart attack or stroke; but the risk of Email: Quantimmuno@gmail.com
bleeding is still a concern and must be monitored.