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LandAmerica Commercial Services facilitates the disbursement of construction loans on single and multi-site commercial transactions, as well as condominium projects. Our construction disbursement services have served the lending industry for almost a decade. Our services include:
Examination of the construction package including:
- General contractor contracts
- Subcontractor contracts
- General project budget
- AIA 702 and 703 budget forms
Research of lien laws for each construction state package including:
- Preliminary lien notice requirements
- Notice of Commencement requirements
- Notice of Completion requirements
- Statutory lien language and forms
- Statutory lien perfection/timing
Review of escrow package including:
- Title date
- Escrow instructions
- Endorsement requests
Disbursement of construction draws including:
- Ordering and reviewing title updates
- Examining draw documents including general contractor AIA 702 and 703 forms, invoices for soft/hard costs, and equipment
- Reviewing lien waivers
- Disbursing funds according to lender’s instructions
- Issuance of title policy endorsement
For more detailed information, please call Steve Stokes at (619) 686-6000 or contact us through this website.
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