« Back to Glossary Index

A site inspection is an on-site review of the progress of construction/renovation by a local inspector in order to make a determination as to whether the work or materials for which draw funds have been requested has actually been completed or are on site. The loan administration Vendor will order a site inspection from a local inspector each time a draw request is received. An additional site inspection prior to releasing the final draw; this inspection will be made by the property appraiser to ensure the construction/renovation was completed as originally planned. Inspections typically will be conducted 24-48 hours after the Vendor receives the draw request. The local jurisdiction may also require inspections at various points during the construction or renovation process.

« Back to Glossary Index

Pin It on Pinterest