In one sentence
A document certifying that construction is complete enough for the property to be used for its intended purpose.
The longer version
Substantial completion marks the point where a project is finished enough to occupy and operate, even if minor punch-list items remain. It triggers important milestones: final draws, the start of warranties, and conversion of construction to permanent financing.
Lenders confirm substantial completion through the architect's certificate and inspection before releasing final construction funds or converting a forward commitment.
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