What is the TRR/inspection period?
There is no such thing as a perfect house. There are items that break, wear out, or are just not perfect. It’s important that you anticipate imperfections as you enter into the purchase process and be reasonable about repairs you request.
In the purchase contract, we specify a beginning date—Time Reference Date—for our investigations period. Many times it defaults to the third day after the last signature. And then the actual investigations period can be 10 days or another time period specified.
During that time period, I strongly advise you to have the property inspected by a licensed professional home inspector, by a licensed pest control company for termites and/or other wood destroying insects, and by an insurance company to make sure the property will be insurable within your budget.
Your investigations, inspections and reviews may include:
- Items found in the seller’s Residential Property Condition Disclosure Statement. There are instances where the seller is exempt from providing a full disclosure, and in those cases, your inspections become even more critical.
- Flood, storm run off water, storm sewer backup or water history
- Psychologically impacted property and Megan’s Law
- Environmental risks including, but not limited to soil, air, water, hydrocarbon, chemical, carbon, asbestos, mold, radon gas, lead-based paint (Protect Your Family from Lead in Your Home pamphlet)
- Roof, structural members, roof decking, coverings and related components
- Structural inspection
- Fixtures, equipment and systems: all fixtures, equipment and systems relating to plumbing (including sewer/septic system and water supply), heating, cooling, electrical, built-in appliances, swimming pool, spa, sprinkler systems, and security systems
- Property use restrictions, building restrictions, easements, restrictive covenants, zoning ordinances and regulations, mandatory homeowner associations and dues
- Square footage verification may be desired. It’s my practice to not rely on any quoted square footage and therefore encourage you to measure the property or whatever it takes to be satisfied with the space you’re buying.
Separate the “nice-to-haves” from the major items—ones that if not taken care of—you cannot proceed. This isn’t the time to pick apart cosmetic and minor repairs that could just be part of normal wear and tear. Remember, this is different than purchasing a new home, and I’ll help you navigate through that.
Ultimately if you and the seller don’t reach an agreement within the time (usually 7 days) in the contract for them to complete all agreed treatments, repairs, or replacements prior to the closing date, the contract terminates and your earnest money deposit is to be returned.
In most cases, we successfully negotiate the TRR items and proceed toward closing!
Questions? Call me at (405) 585-6580 or email Steve@Soldonshawnee.com.