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Real Estate Opinion Letter Fundamentals

Stay current in your understanding of the standards and expectations of real estate opinion letters.

This topic will provide an overview of the key issues encountered by counsel in issuing third-party closing opinion letters. The presentation will identify available opinion resources and provide guidance on both substantive and process issues. The approach will be pragmatic and designed to provide opinion issuers with practical, useable advice on dealing with what is an often a difficult and stressful task for counsel not conversant in opinion practice.

Runtime: 93 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

Ethical Considerations in Issuing Third-Party Legal Opinions

Firm Opinion Letter Policies and Procedures

What Opinions Should You Give?

Opinion Resources; Forms

Opinion Due Diligence

Substantive Opinions

  • Core Opinions

- Entity Opinions (Entity Status, Power, Authorization, Execution and Delivery)

- Enforceability Opinion

  • Other Opinions

- Form of Security Documents

- No Breach or Violation

- No Violation of Law

- Choice of Law

- Usury

Inappropriate Opinion Requests

Limitations-Assumptions, Exclusions and Qualifications

Local Counsel Issues

Governing Law Issues

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on July 12, 2018.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • This program may qualify for 2.0 credit hours through the Colorado Supreme Court Board of Continuing Legal and Judicial Education through reciprocity. This course is accredited in other jurisdictions such as New Jersey. To receive CLE credit for this program, a home study affidavit must be submitted to the Supreme Court Board of Continuing Legal and Judicial Education.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of self-study CLE credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Charles L. Menges

Charles L. Menges

McGuireWoods, LLP

  • Partner in the Richmond, Virginia office of McGuireWoods LLP
  • Counsels clients on business transactions, primarily in the real estate industry and in the banking and finance sector
  • Co-chairs the Opinion Committee of McGuireWoods
  • Vice-chair and member of the Attorneys’ Opinions Committee of the American College of Real Estate Lawyers (ACREL)
  • Representative of the Business Law Section of the Virginia Bar Association
  • Member of the Board of Directors of the Working Group on Legal Opinions Foundation (WGLO)
  • Immediate past chair and current member of the Committee on Legal Opinions in Real Estate Transactions of the Section of Real Property, Probate, Trust and Estate Law of the American Bar Association (RPTE)
  • Member of the Legal Opinions Committee of the ABA’s Business Law Section (BLS)
  • Served on working groups that have prepared or are preparing various reports on opinion practice
  • Received his undergraduate degree from the College of William and Mary and his law degree from the University of Virginia School of Law
  • Frequent lecturer on opinion practice
David L. Miller

David L. Miller

Pillsbury Winthrop Shaw Pittman LLP

  • Pillsbury Winthrop Shaw Pittman LLP
  • Partner in Northern Virginia with the international law firm Pillsbury Winthrop Shaw Pittman LLP
  • Frequent author, editor, and speaker on legal opinion letters in real estate transactions
  • Reporter for the Real Estate Finance Opinion Report of 2012 by a joint committee of members of the American Bar Association, American College of Real Estate Lawyers, and American College of Mortgage Attorneys
  • Extensive experience in public-private partnerships, and in financings, debt offerings, private equity, development, joint ventures, and purchase, sale, and leasing
  • Several transactions have received “Deal of the Year” awards from industry publications and organizations
  • Recognized by Chambers USA, Real Estate – Northern Virginia (2007 – 2017), Best Lawyers, Real Estate Law (2006 – 2018) and The Legal 500 U.S., Real Estate Transactions & Finance (2007, 2015, 2017)
  • Fellow, American College of Real Estate Lawyers, former chair of ACREL Attorneys Opinions Committee, former chair of the American Bar Association Committee on Legal Opinions in Real Estate Transactions, and former Vice Chair of the Steering Committee of the District of Columbia Bar Real Estate, Housing and Land Use Section
  • Former member of the board of directors of the Appleseed Foundation, a nonprofit network of public interest justice centers, and of The Langley School in McLean, Virginia
  • Can be contacted at 703-770-7925 or [email protected]
Lydia C. Stefanowicz

Lydia C. Stefanowicz

Greenbaum, Rowe, Smith & Davis LLP

  • Partner with the law firm of Greenbaum, Rowe, Smith & Davis LLP in New Jersey
  • Concentrates her legal practice in the areas of commercial lending and real estate finance provides counsel to both lenders and borrowers in real estate acquisition, construction, permanent mortgage (including CMBS) and mezzanine financings.
  • Listed in (1) The Best Lawyers in America© (a trademark of Woodward/White, Inc.) in the Real Estate Law and Public Finance Law practice areas; (2) New Jersey Super Lawyers (a Thompson Reuters business) in the Banking and Real Estate practice areas; and (3) Who’s Who Legal – Real Estate (a publication of Law Business Research Ltd.)
  • Fellow of the American College of Real Estate Lawyers (ACREL), as well as a Fellow of the American College of Mortgage Attorneys (ACMA)
  • Extensive experience in the context of her financing practice in drafting and negotiating and drafting third-party closing opinions, including as New Jersey or New York local counsel addition
  • Chair of ACREL’s Attorneys’ Opinions Committee, and former co-Chair (2010-2016) of ACMA’s Opinions Committee;
  • A member of the Joint Drafting Committee for each of the Real Estate Finance Opinion Report of 2012, the report on Local Counsel Opinion Letters in Real Estate Transactions (2016), and the currently pending report on Uniform Commercial Code Opinions in Real Estate Finance Transaction Opinion Letters
  • ACMA’s designated representative to the Working Group on Legal Opinions (WGLO)
  • Regularly speaks and writes on opinion practice topics, including as the author of an on-going column entitled “In My Opinion . . .” in the newsletter of the New Jersey State Bar Association Business Law Section
  • J.D. from the University of Virginia School of Law, and a B.A., summa cum laude, from New York University
  • Admitted to practice in the States of New York and New Jersey.
  • Can be contacted at [email protected] or (973) 535-1600
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401555
Published 2018
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