Construction Draws, Finals & Disaster Inspections

Why are Construction Draw inspections important?

Anyone who’s involved in a construction loan wants to make sure the process of building a new home runs smoothly. In a construction draw inspection, a certified inspector comes out and inspects the construction site. They’re looking to show where the project is in relation to the timeline that was set out, they’re checking the accuracy compared to the original draw request, and they’re looking at the budget.

The inspector will speak to the homeowners and contractors on site for additional information to include in the report. This inspection is necessary for funds to be dispersed at various stages of the construction project.

If the homeowner is financing the project, the inspections are used to ensure that the subcontractors are paid for work performed and adds another layer of accountability in the construction process.

If the construction is financed by a lender, the lender will use the inspector as their eyes and ears on the project site. The inspector has additional lender specific requirements to include in their reports.

Understanding the terms of construction can be difficult. For instance: Notice to the owner (NTO)
Per 2017 Florida Statutes-A material man or laborer, either of whom is not in privity with the owner, or a subcontractor or sub-subcontractor who complies with the provisions of this part and is subject to the limitations thereof, has a lien on the real property improved for any money that is owed to him or her for labor, services, or materials furnished in accordance with his or her contract and with the direct contract and for any unpaid finance charges due under the lienor’s contract.

Translated: A notice to the owner building or improving a home that the contractor being sent (subcontractor) is working under your general contractor, usually a subcontractor or supplier not dealing directly with the owner, that if for some reason you pay your general contractor and the contractor does not pay the subcontractor,then you will need to pay him for his services.

Basically, the draw inspection’s responsibility is to help track change orders, ensure that percent to budgets are in order, and finally that the contractors are paid for work completed per county inspections and contracted agreements.

This is an easy part of the process of building a home that is often overlooked and can cost as much as the construction of the home to remedy. We may complete these inspections for Appraisal Management Companies, Lenders, Banks, Realtors, Builders, Contractors, and Homeowners.

We take pride in our professional, high-quality reports and our quick, efficient turn times. We are willing to work around your builders, sellers or homeowners to complete these inspections for you.

‘Give us a call today with any questions you might have and also check out our ‘Praise’ page and see what others are saying about Kathy Homan and the ‘Appraisals of Southwest Florida.’

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