Managing the minutiae of construction disbursement
Nothing slows a construction project - or a closing - like late payments to subcontractors, contractors and suppliers. That’s why you should entrust the management of construction draws to Runkel Abstract & Title Company.
With nearly a century’s worth of experience at hand, we understand the intricacies of construction draws. Our role? Ensuring the work gets done, interested parties get paid, the project remains in budget, and you bring closure to your construction project.
Our construction disbursement services:
- Review the contractor’s cost breakdown document to ensure the correct funds are paid to the proper parties.
- Examine requests for draws to determine if requests are within the limits noted in the cost breakdown document.
- Make on-site visits to ensure work has been completed.
- Report completion of the work to the bank and request a draw for payment.
- Issue pending disbursement endorsement to lender.
- Deliver payments to contractors and subcontractors.
- Collect lien waivers from contractors, subcontractors and suppliers.
- Search the title before each draw to see if construction liens have been filed and, if so, notify the owner and lender.
- Collect and review the general contractor’s completion affidavit.
- File the necessary 1099s for income disbursement.
Prompt payment. On-site inspections. Timely closures. Construction draw services from Runkel.