CPR 254

CPR 254

If a lawyer owns real property which he is selling or has a beneficial interest in a corporation, partnership or other entity which is selling real property, it is unethical for him or a member of his law firm to certify title or issue a title opinion in connection with the sales transaction.

If a lawyer is purchasing real property or has a beneficial interest in a corporation, partnership or other entity which is purchasing real property or obtaining a loan on real property, then either he or a member of his law firm may certify title or issue a title opinion in connection with the purchase or loan at the request of, or for the benefit of, an institutional lender, a title insurance company or the purchasing entity, if the attorney fully discloses his beneficial interest to all parties to whom he is certifying the title.

For purposes of this opinion, "member of a law firm" includes either a partner or associates therein. Having a ‘beneficial interest" includes ownership as an individual or cotenant, but does not include equity ownership in a publicly held corporation, savings and loan association or credit union.

This opinion is a modification of CPR 236 and CPR 246.