In my 5th year now and have been running deals more-or-less independently since year 2. I’ve been accepting more and more things post-closing (original signature pages when we have scans, final opinions when drafts have been signed off on, final amendments to org docs when forms have been approved, etc.). Am I getting sloppy or just able to exercise reasonable judgment at this point?

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It’s a fine line.

I mean, electronic signatures are generally enforceable, so as long as you have original signatures on deeds and other documents that need to be recorded, promissory notes and other instruments where originals are actually required, there’s no issue there.

Amendments to org docs is closer to the line. As a practical matter, this has a low likelihood of biting you in the ass. But it could create a situation where you have a technical default under loan docs immediately upon closing. That’s a bad practice in my worldview. It might be something you can live with in order to get a quarter or year end closing, but that should be a calculated decision each and every time and avoided if reasonably possible.

Opinion letters could be placed in the same category, which is a bigger deal depending on which party you represent. But no one actually sued on opinion letters, so it’s not as big a deal.

I think the calculation should be “what happens if this never happens” more than “what is the likelihood that this never happens.” Two very different things, and an important distinction.

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I think all of those are acceptable as long as your borrower's counsel has been fairly responsive. Fifth year was about when I started making more judgment calls and it's worked out. :)

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