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Sunday, December 19, 2010

Year-End Realtor Housekeeping

Statute of Limitations
for Deals

How long do you need to retain your files for closed deals?

Barring fraud, the statute of limitations for raising a complaint following a transaction is two years.

So, it's (well past) time to chuck paperwork and notes for those 2004 sales I've been hanging on to.

The one exception to the foregoing?


When a home I've sold is subsequently torn down -- or remodeled down to the studs -- there's no reason to keep the paperwork (closing documents like the HUD-1, the Seller's Disclosure, etc. are scanned in and available in Edina Realty's online archive indefinitely).

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