Wow I couldn't be more thankful everyone is talking me through this!
I did watch them repot the plant at the market. They removed soil around the rootball like you are describing, purpleinopp, and filled in with new soil around it. Maybe I can figure out what soil they used and if it was indeed mostly peat.
What is perlite?
Yes the pot has a hole where water can come out and a collecting tray.
I am trying to attach photos of the full plant but for some reason garden.org isn't allowing me as a new member. I will try back in a few days. Thank you!