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Draw Inspection Report Prepared For:Client Info Inspection Address:AddressReport Date:Date Project #U40500P(Date) (Client Information) Re:(Project Information)Subject:Draw Inspection Report for Draw

How to fill out draw inspection report

How to fill out a draw inspection report:

1. Begin by gathering all the necessary information. This includes the borrower's name, loan number, property address, and any relevant contact information.
2. Conduct a thorough inspection of the property. Take note of any completed construction milestones, such as the completion of a foundation or framing, and document their progress in the report.
3. Include detailed descriptions and photographs of the construction or renovation work that has been completed. This will provide evidence of progress and help validate any requested draw payments.
4. Clearly indicate the percentage of completion for each milestone or construction phase. This is typically expressed as a decimal or a percentage, and it should accurately reflect the progress made on the project.
5. In addition to documenting completed work, also note any potential issues or concerns that may impact the project's timeline or budget. This could include construction delays, cost overruns, or deviations from the approved plans.
6. Include any necessary supporting documentation, such as invoices, receipts, or lien waivers, to verify the legitimacy of the construction expenses.
7. Once the draw inspection report is complete, review it for accuracy and completeness. Make sure all required information and documentation are included and that the report is organized and easy to understand.

Who needs a draw inspection report?

1. Lenders: Draw inspection reports are commonly required by lenders to determine the progress of construction projects and release funds according to an agreed-upon draw schedule.
2. Borrowers: Borrowers who are receiving construction or renovation loans will often need to provide draw inspection reports to keep their lenders informed about the progress of their projects.
3. Contractors: Contractors involved in construction projects may also need draw inspection reports to demonstrate the completion of work and request payment from lenders or clients.

In summary, filling out a draw inspection report involves gathering information, conducting a thorough inspection, documenting completed work, indicating the percentage of completion, highlighting any issues or concerns, including supporting documentation, and reviewing the report for accuracy. Lenders, borrowers, and contractors are the main parties who typically require draw inspection reports.

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What is draw inspection report?

A draw inspection report is a document that verifies the completion of construction work milestones and release of funds from a construction loan.

Who is required to file draw inspection report?

The lender or financial institution providing the construction loan is typically required to file the draw inspection report.

How to fill out draw inspection report?

The draw inspection report is typically filled out by a qualified inspector who visits the construction site to verify completed work and provide necessary documentation.

What is the purpose of draw inspection report?

The purpose of the draw inspection report is to ensure that funds from the construction loan are being used appropriately and that construction milestones are being met.

What information must be reported on draw inspection report?

The draw inspection report must include details on completed construction work, release of funds, any deviations from the original plan, and compliance with building codes and regulations.