Charles E. Porterfield

Attorney at Law

212 South Tryon Street, Suite 960

Charlotte, NC 28281

Telephone (704) 338-9979
Facsimile (704) 372-2339

 

Western North Carolina Real Estate Fund
124 College St.
Asheville, NC 28801

Re: Securities Offering

To Whom It May Concern:

As counsel to Western North Carolina Real Estate Fund, a North Carolina Corporation (the "Company"), in connection with the preparation and filing by the company of a registration statement (the "Registration Statement") if required, under the Securities Act of 1933, and the prospectus (the "Prospectus") included therein relating to the public offering by the Company of 100,000 shares (the "Shares") of the Company's common stock, par value $10.00 per share (the "Common Stock"), and in rendering the opinion set forth below, I have examined original copies  or certified, conformed or photostatic copies of corporate records of the Company and such certificates of public officials, drafts of the Underwriting Agreement relating to the offering, and copies identified to my satisfaction of such other documents as I deemed relevant and necessary  as a basis for the opinion hereinafter set forth.

In all such examinations, I have assumed the genuineness of all signatures, the authenticity of documents submitted to me as originals and the conformity to the originals of all  documents submitted to me certified, conformed or photostatic copies.  As to various questions of material fact to this opinion, I have relied upon statements and certificates of officers and representatives   of the Company.

On the basis of the foregoing and my examination of such questions of law as I deemed relevant, I am of the opinion that all the outstanding shares of capital stock of the company have been duly authorized and validity issued and not subject to any preemptive or similar rights.

I note that I am a member of the bar of the State of North Carolina and my opinion is limited to matters governed by the federal laws of the United States, and the general corporation laws of the State of North Carolina. Furthermore, I hereby consent to your filing a copy of this opinion as an Exhibit to the Prospectus and Registration Statement.

Very truly yours,

Charles E. Porterfield

CEP/tr

C: Mr. Les Smith
File