Real Estate Codes
The ABA real estate codes covering three transaction types as separate sub-sets: Purchase and Sale, Commercial Leasing, and Finance. A committee draft, presented with that status.
UTBMS real estate codes cover three transaction types as separate sub-sets sharing one architecture: Purchase and Sale, Commercial Leasing, and Finance.
Each sub-set follows the deal arc from preliminary terms through post-closing, isolates specialist diligence into per-discipline task codes, and reserves a custom range. The sets double as budget templates. This is a current ABA committee draft, marked subject to Section approval, and it is presented here with that status. Every code is searchable alongside all sets at the UTBMS code database.
Real estate transactions are staged and specialist-heavy in the same way deals are, so the same legal spend management discipline applies: staging purchase, leasing, and finance work by phase makes each transaction type budgetable and comparable across the portfolio.
What are real estate codes used for?
Real estate codes classify work by transaction type first, then by deal stage within it. Purchase and Sale, Commercial Leasing, and Finance each get their own sub-set following the same arc from preliminary terms to post-closing, with specialist diligence broken out by discipline.
Because the sets double as budget templates, the natural review signal is budget-to-actual: each transaction type has an expected shape, and stages that run heavier than the template suggests are the ones worth a closer look.
What does each real estate code cover?
PSA00: Preliminary Deal TermsABA draft
Letters of intent, confidentiality agreements, and structuring advice.
When to use this code: Use for pre-agreement work.
Patterns reviewers commonly see: Preliminary cost on transactions that never sign.
What invoice review checks: Dead-deal cost tracking at the portfolio level.
PSB00: Matter OrganizationABA draft
Non-clerical project management of the transaction.
When to use this code: Use for deal management.
Patterns reviewers commonly see: Coordination share running high, the P100 pattern.
What invoice review checks: Percentage of deal fees across comparable transactions.
PSC10: Purchase and Sale AgreementABA draft
Drafting, negotiating, and amending the purchase and sale agreement and business-terms documents.
When to use this code: Use for the principal agreement.
Patterns reviewers commonly see: Turn volume on market-standard provisions.
What invoice review checks: Rounds and hours per turn against comparable deals.
PSC20: Ancillary DocumentsABA draft
Deeds, assignments, mortgages, and other closing and ancillary documents.
When to use this code: Use for ancillary documents.
Patterns reviewers commonly see: Standard instruments at bespoke drafting depth.
What invoice review checks: Per-document unit cost against precedent.
PSC30: FinanceABA draft
Reviewing and negotiating acquisition financing documents.
When to use this code: Use for finance workstream within a purchase.
Patterns reviewers commonly see: Overlap with a standalone finance matter under the F codes.
What invoice review checks: One coding regime per financing, chosen at matter opening.
PSD00: Local Counsel MattersABA draft
Coordinating with local counsel, distributing and revising documents.
When to use this code: Use for local counsel coordination.
Patterns reviewers commonly see: Coordination billed on both lead and local invoices, the A107 pattern.
What invoice review checks: Cross-invoice reconciliation where local counsel bills separately.
PSE10: Due Diligence and Disclosure SchedulesABA draft
Ordering and reviewing non-real-estate diligence such as liens, litigation, and background checks.
When to use this code: Use for general diligence.
Patterns reviewers commonly see: Diligence scope beyond the risk profile.
What invoice review checks: Scope tiering by deal size and risk.
PSE20: Real Estate Due Diligence and Title ReviewABA draft
Title insurance, surveys, and real estate diligence and negotiations.
When to use this code: Use for title and survey work.
Patterns reviewers commonly see: Title review cost varying widely per property.
What invoice review checks: Per-property title review unit cost.
PSE30: Regulatory and Specialty Matters (header)ABA draft
Header for specialist diligence; time bills to the specific specialist codes.
When to use this code: Do not bill here.
Patterns reviewers commonly see: Any volume at the header.
What invoice review checks: Per-se rule, as with MF00.
PSE31: EnvironmentalABA draft
Environmental diligence and permit transfer matters.
When to use this code: Specialist code.
Patterns reviewers commonly see: Full workups on low-risk properties.
What invoice review checks: Scope against property profile.
PSE32: Tax/ERISAABA draft
Tax structuring, diligence, and negotiation of tax provisions.
When to use this code: Specialist code.
Patterns reviewers commonly see: Repeated structuring on repeat patterns.
What invoice review checks: Declining cost on repeat structures.
PSE33: Land UseABA draft
Zoning review and land use diligence.
When to use this code: Specialist code.
Patterns reviewers commonly see: Zoning research repeated per parcel in the same jurisdiction.
What invoice review checks: Jurisdiction-level reuse.
PSE34: Bankruptcy MattersABA draft
Fraudulent transfer, preference, and consolidation advice in the transaction.
When to use this code: Specialist code.
Patterns reviewers commonly see: Specialist depth without a distress trigger.
What invoice review checks: Trigger-based engagement of the specialty.
PSF00: Opinion MattersABA draft
Opinion requirements, preparation, and review.
When to use this code: Use for opinion work.
Patterns reviewers commonly see: Opinion negotiation cycles extending beyond customary qualifications.
What invoice review checks: Cost per opinion against market-standard forms.
PSG00: Closing MattersABA draft
Closing execution work.
When to use this code: Use for closing.
Patterns reviewers commonly see: Closing surges from deferred work.
What invoice review checks: Closing cost per deal size, the P600 benchmark.
PSH00: Post-ClosingABA draft
Title policy review, closing sets, and post-closing negotiations.
When to use this code: Use for defined post-closing work.
Patterns reviewers commonly see: Open-ended post-closing tails.
What invoice review checks: An end date, with new work as new matters.
LA00: Preliminary Deal TermsABA draft
Letters of intent, confidentiality agreements, and structuring advice for the lease.
When to use this code: Use for pre-lease work.
Patterns reviewers commonly see: Preliminary cost on leases that never sign.
What invoice review checks: Dead-deal tracking.
LB00: Matter OrganizationABA draft
Non-clerical project management of the leasing matter.
When to use this code: Use for matter management.
Patterns reviewers commonly see: High coordination share.
What invoice review checks: Percentage benchmark.
LC10: Lease AgreementABA draft
Drafting, negotiating, and amending the lease agreement.
When to use this code: Use for the principal lease.
Patterns reviewers commonly see: Form-lease negotiations at bespoke depth for standard tenancies.
What invoice review checks: Hours per lease by deal type; leasing portfolios are prime flat-fee territory.
LC20: Ancillary DocumentsABA draft
Assignments, indemnities, work letters, and other ancillary lease documents.
When to use this code: Use for ancillaries.
Patterns reviewers commonly see: Standard instruments at drafting depth.
What invoice review checks: Per-document unit cost.
LC30: SNDAs/EstoppelsABA draft
Preparation and negotiation of SNDAs and estoppel certificates.
When to use this code: Use for SNDA and estoppel work.
Patterns reviewers commonly see: Per-certificate cost on portfolio-scale estoppel programs.
What invoice review checks: Unit cost per certificate; at portfolio volume this is a managed-service candidate.
LD00: Local Counsel MattersABA draft
Local counsel coordination on the lease.
When to use this code: Use for local counsel work.
Patterns reviewers commonly see: Dual-invoice coordination.
What invoice review checks: Cross-invoice reconciliation.
LE10: Due Diligence and Disclosure SchedulesABA draft
General diligence including liens, litigation, and background checks.
When to use this code: Use for general lease diligence.
Patterns reviewers commonly see: Scope beyond tenancy risk.
What invoice review checks: Risk-tiered scope.
LE20: Title ReviewABA draft
Title insurance, surveys, and real estate diligence for the lease.
When to use this code: Use for title work.
Patterns reviewers commonly see: Per-property variance.
What invoice review checks: Unit cost per property.
LE30: Regulatory and Specialty Matters (header)ABA draft
Specialist header; bill the specific codes.
When to use this code: Do not bill here.
Patterns reviewers commonly see: Header volume.
What invoice review checks: Per-se rule.
LE31: EnvironmentalABA draft
Environmental diligence for the lease.
When to use this code: Specialist code.
Patterns reviewers commonly see: Full workups on office-use tenancies.
What invoice review checks: Use-based scope.
LE32: Tax/ERISAABA draft
Tax matters in the lease transaction.
When to use this code: Specialist code.
Patterns reviewers commonly see: Repeat structuring.
What invoice review checks: Repeat-pattern cost decline.
LE33: Land UseABA draft
Zoning review for the tenancy.
When to use this code: Specialist code.
Patterns reviewers commonly see: Per-parcel repetition.
What invoice review checks: Jurisdiction reuse.
LF00: Opinion MattersABA draft
Opinion work on the lease.
When to use this code: Use for opinions.
Patterns reviewers commonly see: Non-customary opinion cycles.
What invoice review checks: Cost per opinion.
LG00: Closing MattersABA draft
Lease closing work.
When to use this code: Use for closing.
Patterns reviewers commonly see: Deferred-work surges.
What invoice review checks: Closing benchmark.
LH00: Post-ClosingABA draft
Post-closing lease matters including closing sets.
When to use this code: Use for defined post-closing work.
Patterns reviewers commonly see: Open tails.
What invoice review checks: End-date discipline.
FA00: Preliminary Deal TermsABA draft
Letters of intent, confidentiality, and structuring advice on the financing.
When to use this code: Use for pre-agreement financing work.
Patterns reviewers commonly see: Dead-deal cost.
What invoice review checks: Portfolio tracking.
FB00: Matter OrganizationABA draft
Non-clerical project management of the financing.
When to use this code: Use for matter management.
Patterns reviewers commonly see: Coordination share.
What invoice review checks: Percentage benchmark.
FC10: Loan/Credit AgreementsABA draft
Drafting, negotiating, and amending the credit or loan agreement and principal loan documents.
When to use this code: Use for principal loan documents.
Patterns reviewers commonly see: Turn volume on market-standard provisions.
What invoice review checks: Rounds and hours per turn by facility type.
FC20: Ancillary DocumentsABA draft
Mortgages, assignments, indemnities, and other closing documents.
When to use this code: Use for ancillaries.
Patterns reviewers commonly see: Standard security instruments at bespoke depth.
What invoice review checks: Per-instrument unit cost.
FD00: Local Counsel MattersABA draft
Local counsel coordination on the financing.
When to use this code: Use for local counsel work.
Patterns reviewers commonly see: Dual-invoice coordination across collateral jurisdictions.
What invoice review checks: Cross-invoice reconciliation; multi-state collateral makes this material.
FE10: Non-Real Estate Due Diligence and Entity MattersABA draft
Liens, litigation, background checks, and entity diligence.
When to use this code: Use for general and entity diligence.
Patterns reviewers commonly see: Entity diligence repeated across facilities for the same borrower group.
What invoice review checks: Borrower-group reuse.
FE20: Real Estate Due Diligence and Title ReviewABA draft
Title, surveys, and title instrument preparation.
When to use this code: Use for title work.
Patterns reviewers commonly see: Per-property variance across the collateral pool.
What invoice review checks: Unit cost per collateral property.
FE30: Regulatory and Specialty Matters (header)ABA draft
Specialist header; bill the specific codes.
When to use this code: Do not bill here.
Patterns reviewers commonly see: Header volume.
What invoice review checks: Per-se rule.
FE31: EnvironmentalABA draft
Environmental diligence on collateral.
When to use this code: Specialist code.
Patterns reviewers commonly see: Full workups across low-risk collateral.
What invoice review checks: Risk-tiered scope per property.
FE32: Tax/ERISAABA draft
Tax matters in the financing.
When to use this code: Specialist code.
Patterns reviewers commonly see: Repeat structuring.
What invoice review checks: Repeat-pattern decline.
FE33: Land UseABA draft
Zoning and permit review on collateral.
When to use this code: Specialist code.
Patterns reviewers commonly see: Per-parcel repetition.
What invoice review checks: Jurisdiction reuse.
FE34: BankruptcyABA draft
Fraudulent transfer, preference, and consolidation advice on the financing.
When to use this code: Specialist code.
Patterns reviewers commonly see: Depth without a distress trigger.
What invoice review checks: Trigger-based engagement.
FF00: Opinion MattersABA draft
Opinion requirements, preparation, review, and negotiation.
When to use this code: Use for opinions, a heavier workstream in finance than other RE types.
Patterns reviewers commonly see: Opinion negotiation beyond customary forms.
What invoice review checks: Cost per opinion by facility type.
FG10: Client Closing RequirementsABA draft
Lender conformance letters, deal summaries, and disclosures.
When to use this code: Use for lender-client closing deliverables.
Patterns reviewers commonly see: Per-deal summary cost on standardized lending programs.
What invoice review checks: Unit cost per closing package; program lending should show template economics.
FG20: Closing MattersABA draft
Closing execution.
When to use this code: Use for closing.
Patterns reviewers commonly see: Deferred-work surges.
What invoice review checks: Closing benchmark.
FH00: Post-ClosingABA draft
Post-closing matters including title policies and closing sets.
When to use this code: Use for defined post-closing work.
Patterns reviewers commonly see: Open tails.
What invoice review checks: End-date discipline.
How should legal departments use real estate codes in invoice review?
Real estate review is staging and budget-to-actual work across three transaction types. Use each sub-set as the budget template it was designed to be, track stages against that template, and watch specialist diligence, which is where scope and cost vary most. Keep the three transaction types separate, since their economics differ.
Running these as live budget templates rather than static code lists depends on the eBilling system, which is where legal technology implementation matters: loading the sub-sets as templates lets a department budget each transaction type up front and track actuals against it automatically.
How do Real Estate Codes support legal spend management?
Real Estate Codes only deliver value inside a program that enforces them. Our legal spend management and enterprise legal management hubs cover how coded invoices become spend control, and our guides to matter budgets, what to put in outside counsel billing guidelines, and building a legal spend management program go deeper on the review programs, guidelines, and eBilling rules that put UTBMS coding to work.
Bottom Line
The real estate codes bring staged, budget-template discipline to three distinct transaction types under one architecture. Coded consistently, they make purchase, leasing, and finance work budgetable and comparable, with specialist diligence broken out where cost concentrates. The draft status means confirming the current version before implementation.
Treat each real estate sub-set as the budget template it was built to be, and purchase, leasing, and finance work becomes budgetable and comparable.
Frequently asked questions
What are UTBMS real estate codes used for?
They structure real estate transactions across three sub-sets, Purchase and Sale, Commercial Leasing, and Finance, each following the deal arc from preliminary terms through post-closing. The sets double as budget templates, so they support both coding and budgeting by transaction type.
Why are there three separate real estate sub-sets?
Purchase and sale, commercial leasing, and finance transactions follow different arcs and have different specialist diligence needs, so each gets its own sub-set under a shared architecture. Keeping them separate keeps budgeting and cost comparison meaningful within each transaction type.
Are the real estate codes a final standard?
They are a current ABA committee draft, structured as combined code sets and budget templates and marked subject to Section approval. This page presents them as the current draft standard with that status stated, so confirm the current version before implementing them.
How should real estate codes be used in invoice review?
Use each sub-set as a budget template, track stages against it, and pay particular attention to specialist diligence where scope varies most. Each code below lists the patterns reviewers commonly see and what invoice review checks.
How do UTBMS codes relate to outside counsel billing guidelines and legal spend management?
UTBMS codes are the shared vocabulary that outside counsel billing guidelines and a legal spend management program depend on. Guidelines define what each code should and should not contain, the eBilling system enforces those rules, and consistent coding is what makes spend analytics and cross-firm benchmarking possible. Without agreed codes, guidelines cannot be enforced and spend data cannot be compared.
About this reference
UTBMS code sets are standards published by their respective bodies, including the ABA, the LEDES Oversight Committee, UTBMS.com, the CBA, DRI, the Judiciaries of England and Wales, and the Yerra Global KM Expert Group. All copyrights and trademarks are the property of their respective owners; Swiftwater & Company is not affiliated with or endorsed by any of them.
Code identifiers follow the published standards, while all descriptions and annotations are original Swiftwater commentary, developed with human expertise, proprietary consulting knowledge, and AI assistance.
This is general reference material, not legal advice. Standards are revised over time, so confirm the current version with the originating body before implementing.
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