A Practice Note discussing the role of opinion letters in Pennsylvania commercial real estate loans. Intended for both borrower's counsel and lender's counsel, it offers guidance on drafting, reviewing, and negotiating real estate opinion letters in Pennsylvania. This Note describes a typical set of legal opinions delivered by Pennsylvania counsel in a commercial real estate loan transaction secured by real property in Pennsylvania. This Note also discusses common assumptions, qualifications, and exceptions typically included in the opinion letter by the law firm rendering the legal opinion.