This service ensures that all documents and budget information the Borrower has provided are sufficient to validate the work proposed. We suggest that this be done as a prerequisite to closing on any construction loan.
This service is provided during construction and is used to track construction progress and the release of funds. This review does not determine compliance with any building codes or other governmental regulations. It is the Owner’s and his professional consultants’ and contractors’ responsibility to ensure compliance with all local building codes and other governmental regulations.
A typical review includes the following:
Review of contracts, plans and specifications along with the construction budget to determine if they are adequate to complete the project.
Preparation of a detailed report describing the work and indicating weather the budget is adequate or identify any deficiencies in the budget as it relates to the construction documents provided.
Please Note That:
» This review does not determine compliance with any building codes or other governmental regulations. It is the Owner’s and his professional consultants’ and contractors’ responsibility to ensure compliance with all local building codes and other governmental regulations. The Owner and his professional Consultants’ and Contractors’ also must schedule and obtain all Town, State, and or Federal approvals and inspections necessary for the completion and occupancy of the structure.
» Haight & Associates is acting on behalf of the Lending Institution and the Lending institution is the only party entitled to rely on our services.
A typical review includes the following:
Upon receiving a request for fund disbursement Haight & Associates will review the borrowers request and schedule a site visit. Site visits will occur within 48 hours of proper notice.
Site Visit Includes:
» Status review of construction, work in place
» Written report which includes a budget analysis and photo log of work completed at the time of visit.
» Budget review, by line item, as well as an assessment of the work completed and the budget to complete. Discrepancies are identified in writing to the lending institution.
Haight & Associates also collects mechanic lien waivers from the general contractor and each subcontractor who has provided material and or services to the project. We also recommend an Owner’s affidavit for each draw.
