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Real Estate Expert
Real Estate Expert, Lawyer
Category: Real Estate Law
Satisfied Customers: 1974
Experience:  Specialize in all phases of commerical and residential real estate transactions
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I am a real estate broker How long do i have to keep my real

Customer Question

I am a real estate broker How long do i have to keep my real estate records - regular files and escrow files.
Submitted: 9 years ago.
Category: Real Estate Law
Expert:  Real Estate Expert replied 9 years ago.

HelloCustomer

 

The time period to keep records depends on why they are being maintained. Generally records should be retained for as long as possible, but for no less than four years. There is no single, simple rule establishing the minimum time to retain records. Record retention periods must be determined on a case by case basis, after completing a cost/benefit analysis. The cost to retain the records must be weighed against the likelihood that they will be needed. Think about why the records are being kept. Are you legally required to keep them? Do you have a business need for them? Focusing on the issues you are most concerned about is an important part of the cost/benefit analysis. One factor to consider is the applicable time limitations that may apply to claims relating to the records.

 

Generally, retain records for at least four years and if the cost to store the records isn't excessive.

 

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Thank you.

Customer: replied 9 years ago.
There are real legal time limits in the real estate law for the District of Columbia. I just don't have access to the books.

Please reply.
Expert:  Real Estate Expert replied 9 years ago.
Im sorry I could not find the specific time limits for the District of Columbia. I will have to opt out of this question and let another expert handle it.