draw

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draw

(1) A request that a lender advance funds under a construction or other future-advances loan.

(2) A periodic request by a contractor or subcontractor for a portion of the contract price for a job, usually according to the percentage of completion of the work and the cost of materials and labor.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.