What Does a Construction Disbursement Department Do?
A construction disbursement office disburses loan proceeds or other funds for the construction of a project.
Hogan Land Title Company’s Construction Disbursement department collects invoices and disburses payments pursuant to pay requests submitted by the property owner and contractor for new construction projects.
The construction disbursement department will work directly with your contractor, or if you are managing the project yourself, they will work with you to get you the tools you need to begin the disbursing process.
If you are working with a lender, the construction disbursement department will work directly with the lender to request funds on approved draws and will be there to manage any questions that your lender may have on a draw request.
What are the benefits of using a Construction Disbursement department?
Peace of mind knowing that your contractor and subcontractors have been paid on time during the construction process
Lien waivers are provided with each payment that is made on your construction project
The filing of 1099s for applicable payouts as required by the IRS at the end of each year
Having access to disbursing reports, copies of every individual invoice, and proof of payment in one place
Having a professional disbursing agent that pays meticulous detail to the examination of draws to confirm that proper invoices are attached for payouts and reimbursements
Having a record of all payouts to ensure that there are no duplicate payments made to vendors
Assistance with the filing of a Notice Of Intended Sale
How Hogan Land Title Helps Your Company
Hogan Land Title Company provides access to many of the forms needed for this process on our website. See below for links to Draw Request forms, Lien Waiver forms, W9 forms, and Notice of Intended Sale forms.
Click here to access our online Draw Request form:
Click here to access our online Lien Waiver:
Click here to access our W9 form:
Click here to access our online Notice of Intended Sale: