The walkthrough with the Buyer provides an opportunity to bring a phase to a close. For instance, when you walk the project with the Buyer following the Framing phase, you can pick up any framing problems or changes that need to be made, and then PUT THAT PHASE BEHIND YOU.
You will explain to the Buyer that after each walkthrough, the expectation is that the phase is complete. Any framing changes after the Framing walkthrough will be considered a specification change and will add to the cost of the project. The same will be true for each of the phase walkthroughs.
EACH WALKTHROUGH MARKS THE END OF THAT PHASE.
These walkthrough forms can be used in conjunction with the NOTICE OF ACCEPTANCE found in the Client Management Documents platform. The combination of the NOTICE OF ACCEPTANCE and the phase walkthrough leads to the DRAW REQUEST which is submitted to the Buyer and the Lender.
The benefit of this process is obvious. With the NOTICE OF ACCEPTANCE from the Buyer in hand, there should be no confusion, and no stalling, in funding the DRAW REQUEST on the part of the Lender.