This will give you an idea of how the process works when it comes to the payment schedule for the bank from the builder.
This is a sample. Different builders /banks may be somewhat different.
1. 10% Upon completion and installation of the french drain and installation and acceptable operation of on lot water supply. The french drain must remain uncovered until it is inspected by the banks inspector.
Before the draw is issued,th properly signed and notarized excavator's affidavit a survey performed by a surveyor and an acceptable flow and quality water tests must be provided. The survey must show all property line demensions,all building demensions,and the dememsions between the building and the property lines.
2. 25% When the dwelling is fully framed and when the roof is papered in and windows set.
3. 15% When rough plumbing including supply,waste and vent lines,and bath tub and shower bases is installedd: rough wiring is completed and interior insulation is installed.
5. 10% When all interior surfaces are finished and ready for paint or wall coverings, and the roof is complete.
6. 10% When the furnace is pumbing fixtures and hot water tank is installed; kitchen cabinets and appliances are installed;electrical fixtures are installed; interior and exterior wood trim complete;linoleum and tile work are complete.
7. 15% the entire structure has been completed in every respect;all road installation cotemplated in the loan approval is complete; all utilities are installed; connected sources of supply, and in operation; and the house is cleaned and ready for occupancy.
note: In order to facilate the work,payment draws under this payment schedule may be made out of sequence, but n partial disbursment will be made.
