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Delaware Third-Party Legal Opinions On Remedies In Real Estate Financing Transactions: A Primer

2018

This article is intended as a primer for Delaware lawyers who render third-party legal opinions in real estate finance transactions and for use by lawyers who represent clients receiving third-party legal opinions from Delaware counsel in a financing transaction secured by real estate located in the State of Delaware. This article was informed by various reports on opinion practices that have been issued over the years by state bar associations, national bar groups and specialty associations, and, in particular, reflects the topical organization and treatment of certain opinion issues as found in the so-called Florida Report. The Florida Report presents a very clear, detailed and useful approach to opinion practice and therefore can serve as a model for other states to follow should they wish to issue their own report, though of course the law of each jurisdiction may differ on specific opinion topics. This article is not intended to be a treatise on the subject of third-party legal opinions, but only to provide practical guidance. Accordingly, while the authors state certain preferences on how to address opinion topics and express opinions on how opinion practice should be, the reader should understand that some issues are open to debate among opinion practitioners across the country.

Click on the link below to read some of the more important basic principles and guidelines that govern opinion practice nationally and in Delaware.