What is the TRR/investigations period?
In the contract, the buyer specifies a beginning date—Time Reference Date—for their 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 this time period, the buyer should take the opportunity to have your 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 their budget.
The investigations, inspections and reviews may include:
- Items found in your Residential Property Condition Disclosure Statement.
- 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 buyers to measure the rooms, the property exterior or whatever it takes to be satisfied with the space they’re buying.
If you and the buyer don’t reach an agreement within the time (usually 7 days) in the contract to complete all agreed treatments, repairs, or replacements prior to the closing date, the contract terminates and the buyer’s earnest money deposit is to be returned.
Questions? Call me at (405) 585-6580 or email Steve@SoldonShawnee.com.