Rehab Draw Instructions for National Title Solutions - image 461_Lakewood_Pa-022-160908-57d1761c5c04e on https://www.privatelendinggroups.com

Rehab Draw Instructions for National Title Solutions

461_Lakewood_Pa-022Attached you will find the necessary documents for the construction escrow. The Owner/Lender/General contractor will sign the agreement. The Owner(s) will sign the Personal Undertaking/Signature authorization. The Lender will sign the Lender’s initial title certification/Lender’s disbursement authorization. These can be sent to us before/with the first draw. We cannot disburse without these documents.

This is a breakdown of our process:

•Genera Contractor submits their completed sworn statement to owner, lender and Title Company for approval. The contractor’s statement must be signed and notarized. They can email to National Title.

•Owner completes the owner’s sworn statement approving the draw request from the GC. Their statement must also be signed and notarized.

• National Title will order a title update as an accommodation to make sure lender is in 1st lien position and no mechanic’s liens recorded.

•Lender gives ok to disburse draw to  National Title. Lender’s disbursement authorization is what will be needed to give date down endorsements back to the lender.

• National Title contacts the GC that the draw request is ready to disburse. It is up to the GC to notify the subcontractors that payout is ready. They will need to provide the subcontractors with the escrow number.

•The subcontractors will provide  National Title with the proper lien waivers in order to receive check. They can pick up their checks in any  National Title offices or they can mail original waiver to our Woodridge office. Ray Manuel rmanuel@ntsnational.com or Mike Marvin mmarvin@ntsnational.com phone: 630 778 0007

First Draw Include…

*Signed “Construction loan and disbursing agreement” from all parties.

*Signed Signature Authorization from the Owner.

*Lender’s Disbursement Authorization.

*Signed and notarized General Contractor’s Sworn Statement. (This may be excluded if Owner is acting as GC) *Address list for all subcontractors.

Subsequent Draws…

*Signed and notarized General Contractor’s Sworn Statement.

*Lender’s Disbursement Authorization.

*Address list for all subcontractors.

Final Draw…

*Signed and notarized Owner’s Sworn Statement.

*Signed and notarized General Contractor’s Sworn Statement.

*Address list for all subcontractors.

*Copies of all final waivers from subcontractors to be sent to us prior to the draw being disbursed. They can be sent to  National Title.

Typically our process takes 24 hours from when we receive the paperwork for the draw.

I have also attached examples of our waivers/statements if needed.

 

general sworn contractors statement 01 14

Waiver of Lien blank

rehab escrow agreement IL 07 14

 

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