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How long do i keep real estate records

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How long should you keep documents relating to real estate?

Keep Home Sales Records for as Long as You Own the Property + 3 Years

Home sale closing documents, including closing statement As long as you own the property + 3 years
Deed to the house As long as you own the property
Builder's warranty or service contract for new home Until the warranty period ends

Should you keep your closing documents forever?

You should hold onto your Closing Disclosure, deed and promissory note as long as you have a mortgage loan. These documents tell you important information about your loan and property – you may want to refer to them later.

How long should real estate agents keep records of files for purchase deals that never closed escrow?

The DRE requires that transaction files be retained for three years. This retention period begins as of the date of the closing of the transaction, or if there is no closing from the date of the listing.

What records do I need to keep and for how long?

To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

What papers to save and what to throw away?

Although they're not necessarily financial documents, you should retain Social Security cards, ID cards, passports, shot records, birth and death certificates, marriage licenses, business licenses, and adoption papers indefinitely. Also, keep these financial documents: Records of paid mortgages and deeds.

How long should you keep documents relating to the purchase and sale of real estate?

Seven years

Real estate sale documents should be kept for at least seven years after the date of the sale. I keep my documents forever in the cloud.

Frequently Asked Questions

Should I keep old mortgage documents after paying off?

Generally speaking, it's safe to toss out the monthly statements from your lender, but you'll want to hold onto anything relating to the original mortgage contract and terms (the promissory note or deed of trust, the closing disclosure) for at least as long as you own your home.

How long should you keep monthly statements and bills?

A good rule of thumb is to keep your monthly statements for the current year, and then shred them once you've reconciled them with an annual statement. The exception is any statement needed for tax purposes – those get grouped into the “keep for seven years” category.

How many years must a broker retain all documentation relating to real estate activity?

A licensed broker must retain for three years copies of all listings, deposit receipts, canceled checks, trust account records, and other documents executed by or obtained by the broker in connection with any transaction for which a license is required.

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