What is the TRR/inspection period?
In the contract, we specify a beginning date—Time Reference Date—for our investigations period. Many times it defaults to the third day after the last date of signatures. And then the actual investigations period can be 10 days or another time period agreed upon.
During that time period, you are advised to have the property inspected by a home inspector, by a 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
- 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 by you. It’s my practice to not rely on any quoted square footage and therefore encourage you to measure the property to satisfy yourself.
If you and the seller don’t reach an agreement within the time 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.