Local Counsel Opinions in Real Estate Finance Transactions
Strategies for Maximizing Efficiency and Reducing Risks for Opinion Givers
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will provide counsel with tools for drafting local counsel opinions for real estate finance transactions, referencing recent published opinion reports. The panel will also discuss ethical considerations and liability risks associated with the rendering of local counsel opinions and best practices for reducing such risks.
- Defining the scope of engagement of local counsel.
- Document Review and Due Diligence—including ethical considerations relating to recommended changes to the draft loan documents under the law of the opinion jurisdiction.
- Substantive Opinion Issues:
- Opinion Requests:
- Entity Opinions
- Usury and Enforceability Opinions
- Choice of Law Opinions
- Non Contravention and No Violation of Applicable Law Opinions
- No Litigation Opinions
- Assumptions, Qualifications and Exceptions
- Reliance Wording
- Opinion Requests:
- The relevance of “customary practice” and published opinion reports, in particular the American Bar Association/American College of Real Estate Lawyers/American College of Mortgage Attorneys Real Estate Financing Opinion Report and Local Counsel Opinion Supplement.
- Theories of opinion-giver liability and best practices for minimizing liability risk.
The panel will review these and other critical issues:
- What are the roles and responsibilities of the local and lead counsel in providing their respective opinions?
- What guidance do published opinion reports provide with regard to local counsel opinions?
- What due diligence steps are critical for counsel preparing commercial real estate finance opinion letters to minimize risks and liabilities?
Mr. Prince has over 36 years’ experience in transactional real estate, real estate finance, and commercial asset... | Read More
Mr. Prince has over 36 years’ experience in transactional real estate, real estate finance, and commercial asset based lending. He represents a broad variety of institutional and private developers, equity investors and lenders, on transactions involving properties throughout the United States. He is recognized as an expert in the area of legal opinions and regularly renders both lead and local counsel opinions on significant transactions involving his law firm’s clients. He is a fellow of the American College of Mortgage Attorneys and serves as co-chair of that organization’s opinion committee. He also serves as chair of his law firm’s opinion committee and as a law firm representative to the Working Group on Legal Opinions.Close
Gordon L. Gerson
Gerson Law Firm
Mr. Gerson emphasizes real estate and business transactions, real estate financing, and loan recovery in his... | Read More
Mr. Gerson emphasizes real estate and business transactions, real estate financing, and loan recovery in his practice. He represents large financial institutions, life insurance companies, and private lenders in his commercial real estate financing practice in making loans secured by commercial or multifamily real estate, represents lenders originating Fannie Mae or Freddie Mac multifamily loans, and represent lenders in foreclosure, receiverships, bankruptcy and other collection actions. He represents private investors in purchase or sale of undeveloped property and developed property, represents lenders in loan portfolio sales, represents private investors in note purchases. He also represents shopping center and other property owners in all matters lease related.Close