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Opinions of Counsel in Real Estate Finance Transactions

Assumptions, Qualifications, Limitations and Factual Certificates That Reduce Risks for Opinion Givers

Recording of a 90-minute premium CLE webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Thursday, November 14, 2019

Recorded event now available

or call 1-800-926-7926

This CLE course will prepare counsel to draft third-party opinions for real estate finance transactions. The panel will cover the opinions required--including authority, enforceability, and property-related opinions--and the assumptions, limitations, and qualifications that counsel should include to limit exposure.


Commercial real estate loan transactions secured by real estate are often conditioned upon a third-party opinion letter. This letter outlines the opinion giver's professional judgment on myriad legal issues related to the transaction as well as assumptions, limitations, and use of the letter.

When rendering a third-party opinion, practitioners must ensure the accuracy and completeness of their opinion. Counsel preparing opinion letters face potential liabilities if the opinion is defective and negligence can be shown.

Certain assumptions and qualifications, as well as client certificates as to factual matters, can be employed to limit counsel's exposure. The ABA Real Estate Finance Opinion Report provides a format that reflects customary practices generally accepted nationwide. The ABA's recently released Statement of Opinion Practices adds some additional points for consideration.

Listen as our authoritative panel explains best practices when drafting third-party opinion letters for commercial real estate finance transactions. The panel will discuss potential liabilities involved in rendering opinions and strategies for counsel to reduce risk in providing opinion letters.



  1. Preparing commercial real estate finance opinions
    1. Range of opinions
    2. Assumptions
    3. Limitations
    4. Use of the opinion letter
  2. The ABA Opinion Report
  3. Potential risks of liability and protections for opinion preparer


The panel will review these and other key issues:

  • What are the general responsibilities of the opinion giver?
  • What guidance does the Opinion Report provide for those involved in the opinion process?
  • What are due diligence steps critical for counsel preparing commercial real estate finance opinion letters to minimize risks and liabilities?
  • What assumptions, qualifications, and limitations should counsel consider to limit the scope of opinions?


Bordy, Michael
Michael J. Bordy

Michael J. Bordy, A.P.L.C.

Mr. Bordy is a transactional attorney who has 26 years of experience handling a variety of issues in business,...  |  Read More

Stein, Scott
Scott J. Stein

Stein Law PLC,

Mr. Stein focuses his practice on real estate, sales, leasing and development, corporate transactions, structuring and...  |  Read More

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