Legal Opinion in Commercial Transactions

Practice Point

Legal Opinion in Commercial Transactions

Recommended forms of legal opinions for commercial transactions are now available on CLEBC’s website.

These forms have been developed over the past 40 years by a group of lawyers (called the “Solicitors Legal Opinion Committee”) from many of the law firms advising clients in transactional commercial transactions. The opinions are available for download in Word format. This page also contains some agreed protocols on providing legal opinions.

The opinions are to provide guidance to British Columbia lawyers who are asked to provide closing opinions in commercial transactions. Use of the recommended forms will assist lawyers in completing commercial transactions by providing guidance on the accepted legal practice standards.

The current recommended forms of opinion are for use in the following transactions:

  • Standard form for use with standard form documents
  • Commercial transaction
  • Real estate, no bare trustee
  • Real estate, bare trustee
  • Personal Property Security
  • Foreign Law
  • Limited Partnership

In addition, the webpage contains statements by the committee on

  • Solicitors’ Legal Opinions Committee Standard Form Security Instruments, SLOC has broadened the application of the statement to all “standard form documents”.
  • The Silverado Accord, including Certain Guidelines
  • Suggested Protocols for Virtual Closings – July 2014
  • Due Diligence Checklist [in process]
  • Notes re Standard Opinions